This article will address the topic of MT103, which has been the subject of debate and interest in different areas. MT103 has attracted great attention due to its relevance in today's society and its impact on various aspects of daily life. Throughout history, MT103 has played a fundamental role in the evolution of humanity, being the object of study and research in multiple disciplines. In this sense, different perspectives and approaches related to MT103 will be analyzed, with the aim of providing a comprehensive and enriching vision on this topic. Through a rigorous and critical analysis, the aim is to delve into the different aspects that characterize MT103, as well as its implications and repercussions today.
MT103 (Message Type 103) is a specific SWIFT message type/format used on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system to send for cross border/international wire transfer messages between financial institutions for customer cash transfers.
Below are the fields of an MT103 message. These fields are referred to as tags.
| Tag | Name |
|---|---|
| 20 | Transaction reference number (sender's reference) |
| 13C | Time Indication |
| 23B | Bank operation code |
| 23E | Instruction Code |
| 26T | Transaction Type Code |
| 32A | Value date / currency / interbank settled amount |
| 33B | Currency / original instructed amount |
| 36 | Exchange Rate |
| 50A, F or K | Ordering customer (payer) or address of the remitter. |
| 51A | Sending Institution |
| 52A or D | Ordering Institution (payer's bank) |
| 53A, B or D | Sender's Correspondent (bank) |
| 54A, B or D | Receiver's Correspondent (bank) |
| 55A, B or D | Third Reimbursement Institution (bank) |
| 56A, C or D | Intermediary Institution (bank) |
| 57A, B, C or D | Account With Institution (beneficiary's bank) |
| 59 or 59A | Beneficiary Customer 4x35 |
| 70 | Remittance Information |
| 71A | Details of charges (OUR/SHA/BEN) |
| 71F | Sender's Charges |
| 71G | Receiver's Charges |
| 72 | Sender to receiver information |
| 77B | Regulatory reporting |
In the above table, tags 52, 53, 54, 55, 56, and 57 preferably contain ISO 9362 Business Identifier Codes (BICs), whereas tags 50 and 59 preferably contain an account number or a BIC(Business Identifier Codes).
As per SWIFT standards, the account number is to be in IBAN (International Bank Account Number) format or in BBAN format (for domestic payments).