MT103
MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer.
Specification of SWIFT MT
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 |
Treasuryy 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 following example, which is an order to buy or sell via a third party:
In our case of 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.
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
Below are the fields of an MT 103 message . These fields are referred to as tags.
| Field | Field Name | |
| :20 | Transaction Reference Number | |
| :23B | Bank Operation Code | |
| :32A | Value Date / Currency / Inter bank Settled | |
| :33B | Currency / Original Ordered Amount | |
| :50A, F or K | Ordering Customer (Payer) | |
| :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) | |
| :57A, B, C or D | Account with Institution (Beneficiary's Bank) | |
| :59 or 59A | Beneficiary | |
| :70 | Remittance Information | |
| :71A | Details of Charges (OUR/SHA/BEN) | |
| :72 | Sender to Receiver Information | |
| :77B | Regulatory Reporting |
In the above table, tags 52,53,54,56,57 are represented preferably with Business Identifier Codes , shortly BIC; whereas , the tags 50, 59 can be represented preferably with account number or BIC.[2]
References
- ↑ "Standards document centre". SWIFT. 2015-08-25. Retrieved 2016-04-29.
- ↑ "SWIFT Message Type Reference (SWIFT Integration Projects)". docs.oracle.com. Retrieved 2016-04-29.