niceideas.ch (Comments)

Re: Dissecting SWIFT Message Types involved in payments

Yannick — Mon, 8 Apr 2024 20:30:08 -0400

Thanks Jerome for this great article. I have been struggling to find clear and comprehensive info on SWIFT messages and their business usages

Re: Periodic Table of Agile Principles and Practices

Chait Kumar — Wed, 17 Jan 2024 00:10:17 -0500

Amazing..Is there any way I can get an editable version of the same?

Re: Modern Information System Architectures

Pradyumna — Mon, 17 Apr 2023 06:29:40 -0400

Great article !!! Great walkthrough of the entire timeline of how IS developed over the years

Re: Artificial Intelligence and fraud prevention with Netguardians' CTO, Jérôme Kehrli

Samuel Sutcliffe — Tue, 31 Jan 2023 06:20:12 -0500

I very much enjoyed listening to this Jerome, thank you!

Re: Dissecting SWIFT Message Types involved in payments

Ameer Ansari — Sun, 11 Dec 2022 04:54:56 -0500

Nice explanation.. But under 2.2.1.3 MT103 Example3: forwarded serial message, the receiving bank BBPOFRXA54B will not come to know about BXYZCHZZ80A, which had received the funds from BCVSCHZU12A and forwarded it to BNPSFRZA93B (which is a sender here). Is Field 72 required here with code /INS/? For example, 72:/INS/BXYZCHZZ80A

Re: Dissecting SWIFT Message Types involved in payments

Gayatri — Tue, 15 Mar 2022 15:05:03 -0400

Wonderful article on MT103 and MT202COV. I tried to locate you on LinkedIn but in vain, nevertheless shared your article over a discussion. :). Need an info: For sanctions screening of Correspondent banking scenario, what would be mandatory fields to be screened to avoid ML and TF risks? Cheers, Gayatri.

Re: Dissecting SWIFT Message Types involved in payments

Pulkit Singhai — Thu, 3 Feb 2022 15:49:55 -0500

Hello, Question: How do the bank fund their Vostros with other banks? Suppose Bank INR Mumbai maitains a INR vostro of Citibank NY. How exactly will Citi fund it? Will Citi send a MT202 to Bank INR Mumbai? Which account will be debited at Bank INR Mumbai, before it credits Citi's Vostro?

Re: Dissecting SWIFT Message Types involved in payments

Amresh — Fri, 10 Sep 2021 13:41:11 -0400

Hey Jerome, Really it's showing the hidden truth of transaction flow in payment system. I am very excited to look forward, regarding ISO20022 format messaging system. Thanks a lot for sharing this post.

Re: Dissecting SWIFT Message Types involved in payments

Adithya — Fri, 6 Aug 2021 07:59:59 -0400

Hey Jerome, I have referred many articles to understand swift messages and its working mechanism, none of it can match the quality of the content and examples which you have given here...thanks for this well written article

Re: Dissecting SWIFT Message Types involved in payments

Arnold — Thu, 29 Jul 2021 11:16:27 -0400

Hi Jerome. Thank you for this article! You start your MT101 Example 1 with a fund transfer request of 50K CHF. How are exchange rates handled? In the MT101 message itself, I can only find a 500K EUR amount.

Re: Dissecting SWIFT Message Types involved in payments

SAN — Mon, 12 Jul 2021 09:49:16 -0400

very good article!!

Re: Dissecting SWIFT Message Types involved in payments

chaitanya kumar — Wed, 30 Jun 2021 12:26:58 -0400

Hi Jerome,first of all thanks for such a wonderful article on SWIFT payments. Appreciate your efforts for taking multiple business cases and giving such a clear explanation. This really helped me to get the concepts cleared for the MT series messages at tag level. Keep the good work coming up more. If possible please come up with the article on SWIFT MT to ISO 20022 MX mapping.

Re: Java rocks !

Venkat — Sat, 5 Jun 2021 11:05:05 -0400

Figured out the issue... we need to reset the limit after rewind method as below, else if any time because of character limit if the read limit is 9, then it try to use same for next flow.
bBuffer.limit(byteLimit);

Re: Java rocks !

Venkat — Sat, 5 Jun 2021 08:18:07 -0400

missed to tell that I used buffer size of 10 instead of 500

Re: Java rocks !

Venkat — Sat, 5 Jun 2021 08:13:26 -0400

When I try with test data as "ABCकखगघङD" instead of splitting into 2 tokens, the current code splitted into 3. Output [ABCकख, गघङ, D] But the last character D is single byte char and can fit into second token.

Re: Deciphering the Bangladesh bank heist

NN — Sat, 22 May 2021 10:56:14 -0400

Thank you, this was a great writeup. I'm still confused on why it wasn't harder to launder the funds. $81M seems like a lot to lose track of. Did the attackers spread the money among many accounts at the casino? If not, does the casino not collect any identification for who takes out large withdrawals in chips? If the transfer to the Sri Lankan charity had worked out, could the Sri Lankan bank have reversed the transfer? If not, what would have prevented them from doing so? I understand if the money is withdrawn as cash it's "gone" but it seems really difficult to withdraw $20M in cash without collecting identification.

Re: Dissecting SWIFT Message Types involved in payments

Javier — Thu, 25 Mar 2021 08:07:46 -0400

Congratulations Jerome! It is a very well explained and very clarifying article. Considering the current trend of migration to ISO20022, could I challenge you to come up with an article between MT and MX mapping?

Re: Dissecting SWIFT Message Types involved in payments

Elisa — Wed, 18 Nov 2020 20:24:53 -0500

Thanks for this article, it helped me better understand these messages for a professional certification

Re: Dissecting SWIFT Message Types involved in payments

Poonam Gupta — Tue, 10 Nov 2020 10:29:06 -0500

Very Informative . Can you please cover other FAST payments Faster Payments Services, CHAPS, BACS mainly Payment Domain areas more in detail as - Payment domain dig in details and concepts

Re: The Lean Startup - A focus on Practices

Carlos Cerqueira — Sat, 24 Oct 2020 03:53:11 -0400

Great article, this is very well summarized and explained, congrats. I'll give it to my students as it is one fo the best articles I have read about these topics. Just a side note, to clarify the 4 books chronology. The 1sr edition of the book "The Four Steps to the Epiphany", by Steve Blank was published in 2003 (https://www.goodreads.com/work/editions/748633-the-four-steps-to-the-epiphany-successful-strategies-for-startups-that). Eric Ries was Steve's Blank student and Lean Startup book is a continuation of the ideas in The Four Steps to the Epiphany". (https://steveblank.com/2010/04/29/teaching-customer-development-and-the-lean-startup-–-topological-homeomorphism/)

Re: Dissecting SWIFT Message Types involved in payments

amit — Mon, 28 Sep 2020 11:22:26 -0400

Hello Jerome, Thanks for the information!! I have one query : If sender doesn't have a direct account relationship with a Beneficiary institution in the currency of transfer then on what basis a payment system will decide whether to used a "Serial" or "Direct/cover" method..... Is it based on RMA? Thanks

Re: The Search for Product-Market Fit

Mike Griffiths — Sun, 23 Aug 2020 13:11:50 -0400

Great article, thanks. This is a well-written synthesis of many important concepts, all brought together in a logical flow, with a consistent voice and clear graphics - nice work.

Re: Dissecting SWIFT Message Types involved in payments

Gaurav — Thu, 13 Aug 2020 12:49:34 -0400

In example 3 of MT103 How sender bank will know about the intermediary bank('BNP') i.e. F56. Does this bank has any relationship with BNP, if YES then instead of routing through bank 'XYZ' should BCV bank directly routes MT103 to BNP rather through XYZ. If NO then what is the mechanism or routing idea used by BCV to identify F56 value ?

Re: Deciphering the Bangladesh bank heist

Jerome Kehrli — Mon, 20 Jul 2020 15:03:47 -0400

Yeah you have a point, I should reformulate. Both paragraph are actually true and relate to different perspective. It is true that the SWIFT network has not been compromised and it behaves as expected. The Bangladesh Central Bank Systems have been compromises and it's through these banks systems that the hackers managed to issue fraudulent SWIFT messages to the network. Nevertheless, the result is still that there have been fraudulent messages sent to the SWIFT network, and that is very worrying since before the Bangladesh bank case, everyone would have deem it impossible. That's what I meant with the first paragraph. Hope it clarifies things.

Re: Deciphering the Bangladesh bank heist

Efroim Rosenberg — Thu, 16 Jul 2020 05:52:06 -0400

The following 2 paragraphs contradict each other: Perhaps the most troubling aspect of the whole episode was that the hackers managed to hack into the SWIFT software. SWIFT, lies at the heart of the global financial system and is a network which connects majority of the world's financial institutions and enables them to send and receive financial information about financial transactions. However, It was the bank's own systems and controls that were compromised, not the SWIFT network connection software. The SWIFT software behaved as it was intended to, but was not operated by the intended person or process. This was really a bank problem, not a SWIFT problem. The swift software was not hacked, contrary to the first paragraph.

Re: Java - Create enum instances dynamically

dzc — Sun, 7 Jun 2020 22:27:05 -0400

thanks

Re: Dissecting SWIFT Message Types involved in payments

John Simon — Thu, 23 Apr 2020 10:01:39 -0400

Hi Jerome, This is truly straight forward easy to understand article. Most of the information I was looking for was here. Thanks!

Re: Java - Create enum instances dynamically

Jonatas Laet — Thu, 20 Feb 2020 16:28:06 -0500

@caspar, how is the code after doing that you've said "You just need to add two parameters..."?

Re: Dissecting SWIFT Message Types involved in payments

Shola — Tue, 12 Nov 2019 13:56:10 -0500

Hey Jerome, great write up , quite interesting and very explanatory. i observed a little mix up on the examples on MT202. you represented field 53B as receivers correspondence instead of sender correspondence in examples 1 & 2 , but beyond that you demonstrated a good knowledge of these areas. Keep up the good work.

Re: Dissecting SWIFT Message Types involved in payments

Archana — Sat, 12 Oct 2019 08:08:17 -0400

Hello Jerome, This content is rich with examples and functionality explained amazingly. I googled a lot to understand MT101 and MT103. But I got all my doubts solved by your explanation. Thanks a lot....