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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.
Wiki User
∙ 12y ago
Wiki User
∙ 9y agoA SWIFT MT 123 is a type of message transfer for the purpose of sending money from one bank to another. The 123 denotes how many messages were sent by the use of a special code.
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