SWIFT Money Transfer: Difference between revisions
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'''MT103''' is a [[Society for Worldwide Interbank Financial Telecommunication|SWIFT]] payment message type/format used for cash transfer specifically for cross border/international [[wire transfer]]. |
'''MT103''' is a [[Society for Worldwide Interbank Financial Telecommunication|SWIFT]] payment message type/format used for cash transfer specifically for cross border/international [[wire transfer]]. |
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== Specification of SWIFT MT == |
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SWIFT messages consist of five blocks of the data including three headers, message content, and a trailer. Message types are crucial to identifying content. |
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Below are different SWIFT message types |
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{| class="wikitable" |
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!Message type |
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!Description |
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|- |
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|<tt>MT0xx</tt> |
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|System messages |
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|- |
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|<tt>MT1xx</tt> |
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|Customer payments and cheques |
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|- |
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|<tt>MT2xx</tt> |
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|Financial institution transfers |
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|- |
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|<tt>MT3xx</tt> |
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|Treasury markets |
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|- |
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|<tt>MT4xx</tt> |
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|Collection and cash letters |
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|- |
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|<tt>MT5xx</tt> |
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|Securities markets |
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|- |
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|<tt>MT6xx</tt> |
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|Treasury markets – metals and syndications |
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|- |
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|<tt>MT7xx</tt> |
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|Documentary credits and guarantees |
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|- |
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|<tt>MT8xx</tt> |
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|Travelers cheques |
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|- |
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|<tt>MT9xx</tt> |
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|Cash management and customer status |
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|} |
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All SWIFT messages include the literal "<tt>MT</tt>" (Message Type). This is followed by a three-digit number that denotes the message category, group and type. Consider the example <tt>MT103</tt>: |
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The first digit (<tt>1</tt>) represents the category. A category denotes messages that relate to particular financial instruments or services such as cash transfer (<tt>1</tt>), treasury (<tt>3</tt>), or cash management (<tt>9</tt>). The category denoted by <tt>1</tt> is cash transfer. |
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The second digit (<tt>0</tt>) represents a group of related parts in a transaction life cycle. The group indicated by <tt>0</tt> is a financial institution transfer. |
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The third digit (<tt>3</tt>) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by <tt>3</tt> is a notification.<ref>{{Cite web|url=https://www.swift.com/standards/standards-resources|title=Standards document centre|date=2015-08-25|website=SWIFT|access-date=2016-04-29}}</ref> |
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== MT103 fields == |
== MT103 fields == |
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Revision as of 14:44, 22 June 2020
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.
| Tag | 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) or address of the remitter. |
| 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 4x35 |
| 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, and 57 preferably contain ISO 9362 Business Identifier Codes (BICs), whereas tags 50 and 59 preferably contain an account number or a BIC.
As per SWIFT standards, the account number is to be in IBAN (International Bank Account Number) format or in BBAN format (for domestic payments).[1]
References
- ^ "SWIFT Message Type Reference". SWIFT Integration Projects. Oracle. Retrieved 2016-04-29.