MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer.
Contents
Specification of SWIFT MT
SWIFT messages consist of five blocks of the data including three headers, message content, and a trailer. Message types are crucial to identifying content.
Below are different SWIFT message types
All SWIFT messages include the literal "MT" (Message Type). This is followed by a three-digit number that denotes the message category, group and type. Consider the following example, which is an order to buy or sell via a third party:
In our case of MT103,
The first digit (1) represents the category. A category denotes messages that relate to particular financial instruments or services such as Cash Transfer(1), Treasury (3), or Cash Management (9). The category denoted by 1 is Cash Transfer.
The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.
The third digit (3) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 3 is a notification.
MT103 Fields
Below are the fields of an MT 103 message . These fields are referred to as tags.
In the above table, tags 52,53,54,56,57 are represented preferably with Business Identifier Codes , shortly BIC; whereas , the tags 50, 59 can be represented preferably with account number or BIC.