What is swift MT103 format?

What is an MT103? An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

What is 52a in Swift?

The MT103 SWIFT message with optional fields 52a (Ordering institution) and 57a (Account with institution) was introduced in the previous article. We saw that many intermediaries are involved in the processing of that message.

What are the mandatory fields in MT103?

MT103 Formatting Requirements

What do the fields in a MT103 message mean?

MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer. MT103 fields Below are the fields of an MT103 message. These fields are referred to as tags.

What is field 57 in MT103 SWIFT message?

It is transported end to end. The Beneficiary customer account (:59F:/840735-592) is serviced by the Account with institution (OCBCSGSG). It was field 57 in the first message, but it is now Receiver of this message. The field 57 does not need to appear anymore

Is the Mt 103 field straight through processable?

It allows the exchange of single customer credit transfers using all MT 103 fields, except field 77T (Envelope Contents). The MT 103 can be straight through processable if the message is properly formatted according to pre-agreed bilateral/multilateral rules.

What are the format specifications for Swift MT103?

The SWIFT MT103 format specifications you find on the table below contains the fields that are found in the Block 4 or Text block of a SWIFT message. So it is only part of the information that is exchanged between senders and receivers over the SWIFT network.