MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer.
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Specification of SWIFT MT[edit]
SWIFT messages consist of five blocks of the data including three headers, message content, and a trailer. Message types are crucial to identifying content.
Below are different SWIFT message types
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 | Travelers cheques |
MT9xx | Cash management and customer status |
All SWIFT messages include the literal 'MT' (Message Type). This is followed by a three-digit number that denotes the message category, group and type. Consider the example MT103:
The first digit (1) represents the category. A category denotes messages that relate to particular financial instruments or services such as cash transfer (1), treasury (3), or cash management (9). The category denoted by 1 is cash transfer.
The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a financial institution transfer.
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The third digit (3) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 3 is a notification.[1]
MT103 fields[edit]
Below are the fields of an MT103 message. These fields are referred to as tags.
Tag | Name |
---|---|
20 | Transaction reference number |
23B | Bank operation code |
32A | Value date / currency / interbank settled |
33B | Currency / original ordered amount |
50A, F or K | Ordering customer (payer) or address of the remitter. |
52A or D | Ordering institution (payer's bank) |
53A, B or D | Sender's correspondent (bank) |
54A, B or D | Receiver's correspondent (bank) |
56A, C or D | Intermediary (bank) |
59 or 59A | Beneficiary |
57A, B, C or D | Account with institution (beneficiary's bank) |
70 | Remittance information |
71A | Details of charges (OUR/SHA/BEN) |
72 | Sender to receiver information |
77B | Regulatory reporting |
In the above table, tags 52, 53, 54, 56, and 57 preferably contain ISO 9362 Business Identifier Codes (BICs), whereas tags 50 and 59 preferably contain an account number or a BIC.
As per SWIFT standards, the account number is to be in IBAN (International Bank Account Number) format or in BBAN format (for domestic payments).[2]
References[edit]
- ^'Standards document centre'. SWIFT. 2015-08-25. Retrieved 2016-04-29.
- ^'SWIFT Message Type Reference'. SWIFT Integration Projects. Oracle. Retrieved 2016-04-29.
Mt103 Manual Download Sender
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