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Could anyone explain MT104

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Anonymous

∙ 15y ago
Updated: 9/17/2023

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What is MT104?

MT104 is a standard message format used in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network for transmitting payment instructions between financial institutions. It specifically facilitates the transfer of funds in a structured format, enabling banks to process transactions efficiently. Typically, MT104 messages are used for bulk payments, such as payroll or supplier payments, ensuring clarity and consistency in cross-border transactions.


What is difference between MT101 and MT104 Swift message?

Oh, dude, MT101 and MT104 Swift messages are like distant cousins at a family reunion. MT101 is a request for a transfer, kinda like asking your friend to spot you some cash. MT104, on the other hand, is a confirmation of a payment, like when your buddy finally pays you back. So, one's the ask, and the other's the "thanks, finally!"


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