What is MT103-MT202?

Answer 1

MT103 and MT202 are types of SWIFT message formats used in international financial transactions. An MT103 is a customer credit transfer message, primarily used for individual payments, providing detailed information about the transaction and ensuring traceability. In contrast, an MT202 is a bank-to-bank transfer message, used for settling transactions between financial institutions, typically for transfers that do not require detailed information about the individual payment. Together, they facilitate the smooth flow of funds across borders in the global banking system.