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Definition of a MT103

The MT103 is a “Single Customer Credit Transfer”. It is specifically used for cash transfers and is a standardised swift message format. Banks use this message to make payments to each other from anywhere in the world, providing they are members of Society for Worldwide Interbank Financial Telecommunications, (Swift).

The Difference Between a MT103 and a MT10323

The MT10323 has ceased to exist, however when in use there was no real difference between a MT103 and a MT10323. The 23 was a field within the MT103 message format. Field 23 was only used at the request of the remitter. It was a simple code instructing the receiving bank on how to effect payment. For example, the receiving bank maybe requested to “pay against passport”, or upon receipt “telephone the beneficiary”.

It should be noted that some individuals and companies still refer to field 23 as a conditional field, e.g. payment should be made against documents. This is and was incorrect. The MT 103 is a unconditional payment and any such messages that were entered into field 23 would be ignored and the beneficiary’s account would still be credited.

Such individuals and companies that still refer to MT10323 are basically scammers at worst and ignorant at best and should be avoided at all times.