MT799, MT999 definition

MT799, MT999 means a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more. Different formats may include bank letters, phone/fax verification, online account access, verification of deposit form (VOD), bank to bank Swift, Certificates of Deposit (CD's) and/or account statements. For beginners, both are classified by SWIFT as “free format message” , the difference is that for an MT799, banks must exchange a so called BKE authenticator… which means a test key is automatically coded into the sent message, and decoded at the receiving end. So, an MT799 is approved by two Bank Officers and thus is authenticated. An MT999 is the same as MT799, just without this test code, therefore its considered unauthenticated, and MT999 messages have no value whatsoever, unless confirmed via a separate test key. The MT999 is approved only by one Bank Officer.

Examples of MT799, MT999 in a sentence

  • While exports from these sectors were affected by the Global Financial Crisis in 2008-10, both have shown resilience and tenacity in the face of this difficulty and have demonstrated renewed growth since 2010.To review the full report and its findings, go to:www.mbie.govt.nz/what-we-do/business-growth-agenda/sectors- reports-series/high-technology-manufacturing-report.

  • Basically You Use This Format BANK SWIFT MESSAGES LIKE MT799, MT999 AND MT199 SIMPLE ...

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