What is an MT103 message?

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An MT103 is a standardized SWIFT message used for making international wire transfers, specifically for single customer credit transfers. It contains detailed information about the transaction, including the parties involved and the payment details. Here's a breakdown of the structure of an MT103 message and what each line or field typically represents:

{1:} Basic Header Block
Contains information about the message type and sender.
{2:} Application Header Block
Indicates the message destination and delivery options.
{3:} User Header Block (optional)
Contains additional header information, like message priority.
{4:} Text Block
This is the main body of the MT103 message, containing the transaction details. Each field within this block is identified by a unique number and tag. Here are some key fields:

:20: Transaction Reference Number
A unique reference number assigned by the sender to identify the transaction.
:23B: Bank Operation Code
Indicates the type of operation, usually "CRED" for credit transfer.
:32A: Value Date/Currency/Interbank Settled Amount
Specifies the value date (when the funds should be available), the currency, and the amount to be transferred.
:50A/B/K: Ordering Customer
Provides details about the sender of the funds. ":50A" is used for account numbers, ":50B" for address details, and ":50K" for general details.
:52A/D: Ordering Institution (optional)
Identifies the bank that initiated the transaction, if different from the sender's bank.
:53A/B: Sender's Correspondent (optional)
Details about the intermediary bank used by the sender's bank.
:54A/B: Receiver's Correspondent (optional)
Information about the intermediary bank used by the receiver's bank.
:56A/D: Intermediary Institution (optional)
Identifies an intermediary bank in the payment chain, if applicable.
:57A/B/D: Account With Institution
Details about the bank where the beneficiary holds an account.
:59: Beneficiary
Specifies the name and account number of the beneficiary receiving the funds.
:70: Remittance Information
Additional information for the beneficiary, often used for invoice or payment references.
:71A: Details of Charges
Indicates who is responsible for the transfer charges (e.g., SHA for shared, BEN for beneficiary, OUR for sender).
:72: Sender to Receiver Information (optional)
Free-format field for additional instructions or information from the sender to the receiver.
{5:} Trailer Block
Contains security and control information for the message.

Here's an example of an MT103 message with these fields populated:

{1:F01BANKBEBBAXXX0000000000}
{2:I103BANKDEFFXXXXN}
{4:
:20:1234567890123456
:23B:CRED
:32A:240805EUR10000,
:50K:/1234567890
JOHN DOE
123 STREET NAME
CITY COUNTRY
:57A:BANKUS33XXX
:59:/9876543210
JANE SMITH
456 AVENUE NAME
CITY COUNTRY
:70:INVOICE 4567
:71A:SHA}

{1}: Basic Header with sender's information.
{2}: Application Header with the message type and destination.
{4:...}: Text Block with transaction details:
:20:1234567890123456: Unique transaction reference.
:23B: Bank operation code indicating a credit transfer.
:32A:240805EUR10000,: Value date (Aug 5, 2024), currency (EUR), and amount (€10,000).
:50K:/1234567890...: Sender's account and details.
:57A: Beneficiary's bank SWIFT code.
:59:/9876543210...: Beneficiary's account and details.
:70: Remittance information.
:71A: Details of charges indicating shared costs.

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