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The MT103 is a document that is generated at the completion of an international wire transfer process. This is a SWIFT message used in telegraphic transfers (TT) from one bank to another (usually a foreign bank).
If you're sending money and choose SWIFT as payment option, your MT103 document will be available on your send money history.
MT103 can be used for:
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Customer Credit Transfers: MT103 is primarily used for international wire transfers between banks on behalf of their customers. It includes detailed information about the payment, including the amount, currency, sender, and recipient details.
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Proof of Payment: Banks and financial institutions use MT103 messages as proof of payment for customers, providing a clear trail of the transaction.
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Settlement Instructions: The message contains all necessary details for the settlement of the payment, ensuring that the funds reach the correct beneficiary.
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Compliance and Tracking: MT103 messages facilitate compliance with anti-money laundering (AML) regulations and enable tracking of the payment throughout the transaction process.
Check out our blog article related to MT103 in this link.