What is an MT103?

Greater visibility and transparency over your international payments

The highest standard of information

Here at Money Mover, we value transparency and security above all else. Knowing where your money is at all times during the transaction process is a comfort and a convenience.

That is why we have given you direct access to the MT103 for every one of your payments made through Money Mover. 

What is an MT103?

We use SWIFT messaging to send our payment orders for all payments made via Money Mover. We use SWIFT because it is the internationally standardised messaging service, so every transaction between every financial institution is recorded in exactly the same way, providing all the details in a clear and transparent manner.

An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers.  An MT103 serves as a valid proof of payment including all the payment details such as payment date, amount, currency, sender and recipient details.

All banks and financial institutions which make payments via SWIFT will have an MT103 for every payment they make, but they are unlikely to provide them to you. 

How do I view my MT103?

Once your payment has been dispatched, you will be able to retrieve your MT103 by logging into your Money Mover account, selecting your completed payments and clicking 'View'. Your MT103 will appear at the bottom of the record. There's even a 'copy to clipboard' function so you can forward it to your recipient.

MT103 fields

Use the table below to view the definition of the MT103 fields 

Field

Field 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)

: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

:70

Remittance Information (Payment Reference)

:71A

Details of Charges (BEN / OUR / SHA)

:72

Sender to Receiver Information

:77B

Regulatory Reporting

Benefits of MT103s

Having direct access to MT103s for each of your payments gives you greater control and information.

icon-solve

Confirmation

You have confirmation that your payment has been sent, including all the important details such as recipient information and payment amount.

icon-customer

Evidence

Serves as a valid proof of payment, whether to send to a supplier to serve as proof of payment or to accounts payable for reconciliation purposes.

icon-globeTracking

An MT103 can help with payment location and tracking if the funds are held up in regional clearing banks on the way to your recipient.

Read our blog about SWIFT payments