MANUAL DOWNLOAD
A MANUAL DOWNLOAD IS NORMALLY PRESENTED IN THE FORM OF AN MT103/202 MANUAL DOWNLOAD IN SWIFT.
THIS TRANSACTION IS PLACED INTO SWIFT.COM BY THE SENDER BUT IS NOT PLACED ON THE RECEIVING BANKS LOCAL SWIFT, BUT RATHER IN THE GLOBAL SWIFT "CLOUD".
THIS MEANS THE TRANSACTION MUST BE SEARCHED BY THE RECEIVING BANK IN GLOBAL AND THEN DOWNLOADED WITH SEPARATE CODES NOT PRESENT ON THE TRANSMISSION SLIP.
OTHER KINDS OF MANUAL DOWNLOAD TRANSACTIONS ARE DTC AND IP/IP, AND SEMI AND MANUAL GPI.
IN GENERAL, STAY AWAY FROM MANUAL AS IT NORMALLY INDICATES SOME FORM OF RESTRICTED FUNDS THAT REQUIRE A RECEIVER TO "TAKE ACCOUNTABILITY" FOR THE
FUNDS, VIA THEIR PULLING (DOWNLOADING) OF THE FUNDS.
COMPARED TO A NON-MANUAL DOWNLOAD TRANSACTION SHOULD TERMINATE IN THE RECEIVERS SETTLEMENT ACCOUNT.
NON DOWNLOAD
MT103 NON-DOWNLOAD TRANSACTION SHOULD TERMINATE IN THE RECEIVERS SETTLEMENT ACCOUNT.
THIS TRANSACTION IS PLACED INTO SWIFT.COM BY THE SENDER AND IS PLACED ON THE RECEIVING BANKS LOCAL SWIFT
THIS TRANSACTION DOES NOT NEED TO BE SEARCHED BY THE RECEIVING BANK IN GLOBAL OR BE DOWNLOADED WITH SEPARATE CODES THAT ARE NOT PRESENT ON THE TRANSMISSION SLIP.
IN GENERAL, NON-DOWNLOAD FILES ARE LESS RISKY AND CAN BE QUICKLY STRUCTURED.
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