SWIFT is a company that operates and manages a network that connects banks and other financial institutions. Through this network (Also-Known-As SWIFTnet) information can be exchanged using special crafted messages known as Message-Types (MT).
The MT 103 is a specific message format used mainly for transferring information about money between customers of different banks or other similar financial institutions (ie credit card operators).
Their website says:
In the MT portfolio for customer payments to be sent by financial institutions, the MT 103 and the MT 103+ are the de facto standards used in cross-border traffic for single customer credit transfers.
See the related questions for more information.
SWIFT MT-103 is a form of SWIFT Communication. The SWIFT MT-103 transaction is used in banks as wire and telegraphic transfers to a foreign country.
An MT 103 is a SWIFT banking code or message. The MT 103 typically means a wire transfer is about to be made as a form of payment.
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An MT 103 is an authenticated swift message whereby an orderer or ordering institution gives instructions to pay a beneficiary.
It is safe as the mechanics of money transfer is handled by SWIFT.
The KTT MT 103 is a SWIFT message type that is typically used for international wire transfers. According to the SWIFT website, as of November 2018, over 10,000 banks and financial institutions around the world were using the KTT MT 103.
MT 742 is sent by the claiming bank to the reimbursing bank.
One way to transfer money is from customer A through their bank to another bank across the world or across town.
MT103 is customer money transfer and more predominantly being used in banking field under swift modem. However field 71 is attached with charges.
Field 50 is used to indicate the name and address of the ordering party of the outgoing payment
The best way to track the status of a Swift MT103, or international wire transfer, is to contact the institution that was used to make the transfer. They will be able to provide updates on the status of your transfer.