MT103 is customer money transfer and more predominantly being used in banking field under swift modem. However field 71 is attached with charges.
The random capital letters spell out the secret messages
It's a stop payment instruction on a bank draft
SWIFT is an international financial transactions network, where transaction information is delivered in messages. Each message has a message type code, and MT515 is one such message type.
ICBPO is an agreement of payment between a buyer of a Bank instrument and the bank itself
Check this:http://www.swift.com/solutions/by_customer/corporates/score/SW4CORP_MT_MIGRATIONGUIDE_20090122_v1.0.pdf
An MT103 is a SWIFT message sent to make a transfer of funds. It is commonly known as a 'wire transfer' because the payment is made electronically (over a wire). There is no 'conditional' to an MT103. It will happen and is, by definition, unconditional.
I don't think an MT301 exists. An MT300 is an FX Confirmation and an MT103 is a confirmation for making a payment.
71F seems to reflect "Sender's charges" on an MT103, being a SWIFT Transfer Payment
MT103 and MT760 are international financial transaction code numbers. The code, MT103 SWIFT message is the most commonly used.
An MT-103 is a SWIFT document for making payments between banks. MT103 is an improved version of the original MT100 message used to make a single payment and can have a large number of options to describe exactly how the payment should be made. Because it is so flexible, it does not promote Straight Through Processing and has thus been generally superseded by the MT103+ message SWIFT is a company that operates and manages a network that connects banks and other financial institutions, somewhat like a private, secure internet. Through this network (a.k.a. SWIFTnet) information can be exchanged using special crafted messages known as Message-Types (MT).
An MT-103 is a SWIFT document for making payments between banks. MT103 is an improved version of the original MT100 message used to make a single payment and can have a large number of options to describe exactly how the payment should be made. Because it is so flexible, it does not promote Straight Through Processing and has thus been generally superseded by the MT103+ message SWIFT is a company that operates and manages a network that connects banks and other financial institutions, somewhat like a private, secure internet. Through this network (a.k.a. SWIFTnet) information can be exchanged using special crafted messages known as Message-Types (MT).
MT 101 -- Credit Transfer MT 104 -- Debit Transfer
The MT103/23 does NOT exist any longer. If you are being asked to use it it is a joke. MT103 is a NON-CONDITIONAL payment method. You CANNOT add conditions to it because it would effect the "pass-through" of the MT103. No bank will even accept it they just ignore it and pay the funds out as directed by the MT103 not the field 23 which is no longer in use. If you are being offered an MT103/23 option I would advise you to run. It is usually a sign that someone in the chain does not realise it is a scam or they hope that you do not as it used to be in use but not for this purpose. Why request a format that is no longer used and would be ignored even if you tried.
There is no such thing as a SWIFT MT999 transfer. A SWIFT MT999 is merely a means of communicating with another SWIFT party in much the same way as telex. As with telex, it is not "authenticated." By "MT" means money transfer. This is also done by SWIFT using message types MT202 and MT103. These messages are "authenticated" and bear an electronic signature to prove their origin. An authentication key has to be agreed and set up between the parties concerned, this is called RMA.
it is a conditional payment swift, with the conditions to release the payment clearly expressed
Types of MT103This is an extract from the SWIFT UHB, describing the scope of an MT103. The only three variations are MT103 (general use), MT103+ (straight through processing) and MT103 Extended Remittance.Does an MT103 23 exist?No, do not be fooled - MT103 23 does NOT exist. Field 23 is a field with the message type itself.MT 103 ScopeThis message type is sent by or on behalf of the financial institution of the ordering customer,directly or through (a) correspondent(s), to the financial institution of the beneficiary customer.It is used to convey a funds transfer instruction in which the ordering customer or thebeneficiary customer, or both, are non-financial institutions from the perspective of the Sender.This message may only be used for clean payment instructions. It must not be used to advise theremitting bank of a payment for a clean, eg, cheque, collection, nor to provide the cover for atransaction whose completion was advised separately, eg, via an MT 400.