SWIFT MT103
WHAT IS SWIFT CODE MT103?
An MT103 is an international standard message format that banks, and financial institutions use in the SWIFT network in order to instruct a transfer of funds from one customer to another customer, and one which many people will have utilized without even knowing it. For most bank customers, they are known not as MT-103’s at all, but rather as wire transfers, telegraphic transfers, or SWIFT transfers. A SWIFT MT-103 is used by the bank when its customers wish to make payment to customers of another bank in another country.
WHY IS THE MT103 IMPORTANT?
The MT103 is important because it serves as proof of payment, much like a transaction receipt. Once a recipient bank received the MT103, instructions are given to credit the relevant accounts with the appropriate funds, ensuring secure and reliable international telegraphic transfers.
In addition, the MT103 provides comprehensive and transparent information that can reduce delays and frustrations, particularly with international transfers. It also simplifies payment tracking and offers visibility to all parties involved.
WHAT ARE MT103 FIELDS AND WHAT DO THEY REFER TO?
Below are the fields of an MT103 message. Each field corresponds to a detail about the particular payment i.e the value date and currency.
|
FIELD |
FIELD 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) |
|
: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 (Payment Reference) |
|
:71A |
Details
of Charges (BEN / OUR / SHA) |
|
:72 |
Sender
to Receiver Information |
|
:77B |
Regulatory
Reporting |
Feel free to contact us for any further clarifications and assistance, we look forward to receiving your LOI/ICPO to begin cooperation.
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Website:
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https://gngroupsupplies.blogspot.com
.
‼️WhatsApp:
http://www.wasap.my/601466675779/OilPetroleum
.
E-mel:
gngroup.sb@gmail.com
admin@gngroupsupplies.com
sales.gngroupsb@gmail.com
.
Website:
https://www.gngroupsupplies.com/
https://gngroupsupplies.blogspot.com