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What is an MT103 SWIFT Message?

By May 3, 2024May 12th, 2024No Comments

The daily volume of SWIFT payments soared to nearly 50 million messages by the close of 2022*, a testament to its widespread adoption and efficiency. Remarkably, Swift processes 89% of cross-border payments within just one hour*, showcasing its commitment to swift and reliable transactions across its extensive network spanning over 200 countries and connecting billions of accounts and thousands of institutions. It’s this combination of speed, security, and global reach that solidifies Swift’s position as the preeminent payment network for sending money internationally or domestically.

When a payment is submitted and dispatched via the Swift network, an MT103 Swift message is generated. This message holds key payment data that financial institutions can  recognise, facilitating seamless tracking and verification of payment delivery. Consequently, MT103 messages can be offered to suppliers as a proof of payment as it can be verified by the receiving bank.

In delving deeper into the structure of an MT103 message, it typically comprises around 12 or more fields, each housing specific payment information crucial to the transaction. For instance, within field “:32A,” you can find the value date of the payment usually in the format YYMMDD , offering valuable insight into when the payment is expected to arrive. This  organization of data within the MT103 message streamlines the payment process, enhancing transparency and efficiency in international payments.

What_is_an_MT103_SWIFT

MT103 Fields and what they mean:

:20

Transaction receipt number generated by the financial institution, it could look like this “20210705-FCVKLV”

:23B

Bank Operation Code for example “CRED” which is a credit transfer that involves no specific Swift service level.

:32A

This field is split into three subfields which are Value Date expressed as YYMMDD, the currency code of the payment for example “USD” for US Dollars and lastly the interbank settled amount of the specified currency that has been transferred, so if the field 32A says “240503USD10000,00” this would indicate that 10,000 US Dollars was dispatched with a value date of the 3rd of May 2024.

:33B

Currency / Original Ordered Amount is the amount of currency that has been originally dispatched before any intermediary bank fees are taken.

:50A, F or K

Ordering Customer (Payer) which includes information such as the person or company’s name and address.

:52A or D

The SWIFT code of the sender’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

The beneficiary SWIFT code.

:59 or 59A

Beneficiary account number

:70

The payment reference selected by the sender for example this could be an invoice number.

:71A

Details of Charges “BEN”, “OUR” or “SHA”

:72

Sender to Receiver Information

How can I get a copy of the MT103 message?

Your financial institution will be able to provide you with the MT103 message if your payment was dispatched on the SWIFT network. Specifically, you can log into your Rutland FX account and search for the payment reference number, then click through to the payment. There, you will see a screen like the one above, which is the MT103. You can then copy it and provide it to your payee.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.

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