Here’s an explanation of the Swift MT -

SWIFT or Society for Worldwide Interbank Financial Telecommunication provides a network to allow financial and non-financial institutions (e.g. corporates) to transfer financial transactions through a ‘financial message’.

MT – is an acronym for Message Type.

The first digit represents the category. A category denotes messages that relate to particular financial instruments or services such as Precious Metals (6), Treasury (3), or Travelers Checks (8), Documentary Credits and Guarantees (7).

The second digit represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.

The third digit is the type that denotes the specific message. There are several hundred message types across the categories..

Overview of SWIFT MT Categories:
Message Type Description
MT0xx System Messages
MT1xx Customer Payments and Cheques
MT2xx Financial Institution Transfers
MT3xx Treasury Markets
MT4xx Collection and Cash Letters
MT5xx Securities Markets
MT6xx Treasury Markets – Metals and Syndications
MT7xx Documentary Credits and Guarantees
MT8xx Travellers Cheques
MT9xx Cash Management and Customer Status

Examples of MT 700 series:
MT 700: Issue of a Documentary Credit

MT 701: Issue of a Documentary Credit

MT 705: Pre-Advice of a Documentary Credit

MT 707: Amendment to a Documentary Credit

MT 710: Advice of a Third Bank’s Documentary Credit

MT 711: Advice of a Third Bank’s Documentary Credit

MT 720: Transfer of a Documentary Credit

MT 721: Transfer of a Documentary Credit

MT 730: Acknowledgement

MT 732: Advice of Discharge

MT 734: Advice of Refusal

MT 740: Authorisation to Reimburse

MT 742: Reimbursement Claim

MT 747: Amendment to an Authorisation to Reimburse

MT 750: Advice of Discrepancy

MT 752: Authorisation to Pay, Accept or Negotiate

MT 754: Advice of Payment/Acceptance/Negotiation

MT 756: Advice of Reimbursement or Payment

MT 760: Guarantee

MT 767: Guarantee Amendment

MT 768: Acknowledgement of a Guarantee Message

MT 769: Advice of Reduction or Release

MT 790: Advice of Charges, Interest, and Other Adjustments

MT 791: Request for Payment of Charges, Interest, and Other Expenses

MT 792: Request for Cancellation

MT 795: Queries

MT 796: Answers

MT 798: Proprietary Message

MT 799: Free Format Message

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It is my experience to see a 700 series MT to be a minimum of $ 1,000,000

This would be a good start for WWF to

• get the financials completed,
• get us listed on the CNSX
• and complete the feasibility study

I hope this is the first of many many installments