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.
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.
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.
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An MT 103 is an authenticated swift message whereby an orderer or ordering institution gives instructions to pay a beneficiary.
MT 742 is sent by the claiming bank to the reimbursing bank.
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 103 plus is a subset of MT 103 * Used for STP * Only the option A is used with certain fields
Field 50 is used to indicate the name and address of the ordering party of the outgoing payment
MT 103-23 ex MT 100-72 Payment is CONDITIONAL PAYMENT ORDER that give condition that money only paid when certain requirements or conditions are fulfilled. for more information and to avoid confused by con or scam pls contact: ademolam.ajibade@yahoo.com
MT 103 and MT 400 are different types of bank transfers. The MT 400 is an advice of payment, and the 103 is a single customer credit transfer.