ISO 20022: Survival Guide

ISO 20022: Survival Guide | 4 MT Message History MT messages were first introduced in the 1970s, this was a time when storage and bandwidth were pricy and hard to come by. Hence, MT messages were designed to be small and carry minimal data for easier processing. However, as the financial markets have evolved, and issues such as internet speed dwindle, demand for more data has skyrocketed. Most firms have been forced to customize the MT messages – at least to some degree – to cover their needs MT :72:/INTA/BCITITMMXXX /INTA/BARCIE22XXX /SVCLVL/Single Euro Payments Area /LOCINS/Cash Concentration Intragro //up /REC/Instruction number 1Instructi+ Example: A good example is the extension of field 72 in an MT103, to cater for the relevant payment information that doesn’t fit in the standard fields of the message. MX PmtTpInf> <SvcLvl> <Prtry> Single Euro Payments Area </Prtry> </SvcLvl> <LclInstrm> <Prtry> Cash Concentration Intragroup </ Prtry> </LclInstrm> </PmtTpInf> <IntrmyAgt2> <FinInstnId><BICFI> BCITITMMXXX </BICFI> </FinInstnId> </IntrmyAgt2> <IntrmyAgt3> <FinInstnId> <BICFI> BARCIE22XXX </BICFI> </FinInstnId> </IntrmyAgt3> <InstrForNxtAgt> <InstrInf> Instruction number 1 </InstrInf> </InstrForNxtAgt> <InstrForNxtAgt> <InstrInf> Instruction number 2 </InstrInf> </InstrForNxtAgt