What is a SWIFT MT103 message?
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 difference between MT 103 and MT 103 remit?
The differences with the core MT 103 are: MT 103 REMIT requires registration in the Extended Remittance Information message user group. The user header (block 3 of the message) must contain the code REMIT in field 119 ({3:{119:REMIT}}). MT 103 REMIT has no field 70 Remittance Information.
Is MT 103 irrevocable?
However, once payment is made on the instructions contained in an MT103, it is irrevocable and the obligation of the sending bank to reimburse the receiving bank is fully operative. If payment has not been made, there is no reason why a receiving bank should refuse a request for cancellation of the MT103.
What is the difference between MT102 and MT103?
MT102 has been designed for multi payment instructions between banks and financial institutions. MT103 has been designed for a single customer credit transfer.
What does MT stand for in SWIFT?
All SWIFT messages include the literal “MT” (message type/text). This is followed by a three-digit number that denotes the message category, group and type.
What is MT202 used for?
In order to speed up the payment process for customer credit transfers, in some cases, an additional cover payment message (MT202) is sent to an intermediary bank whereas the underlying customer credit transfer (MT103/MT103+) is sent directly to the beneficiary bank.
What is MT103 202 STP mode?
The MT 103 STP is a general use message, that is, no registration in a Message User Group is necessary to send and receive this message. It allows the exchange of single customer credit transfers using a restricted set of fields and format options of the core MT 103 to make it straight through processable.
What is FIN 103 single credit transfer?
2 MT 103 Single Customer Credit Transfer. This message type is sent by or on behalf of the financial institution of the ordering customer, directly or through (a) correspondent(s), to the financial institution of the beneficiary customer.