MT103
Business & Finance abbreviation · Banking
| Stands for | SWIFT MT103 message (single customer credit transfer) |
|---|---|
| Categories | Business & Finance |
MT103 stands for SWIFT MT103 message (single customer credit transfer), a banking abbreviation.
Standard SWIFT message type used for international wire transfers between banks on behalf of a customer, containing details of the sender, beneficiary, amount, currency and charges. A copy of the MT103 serves as proof that a payment was sent.
Example: The supplier asked for the MT103 to confirm our bank had released the wire.
Usage notes
Field 71A shows who pays charges: OUR (sender), SHA (shared) or BEN (beneficiary). SWIFT has been migrating cross-border payments to the ISO 20022 standard, in which the equivalent message is pacs.008, with the coexistence period for cross-border MT payment messages scheduled to end in November 2025. Scammers sometimes send fake MT103s to make a nonexistent payment look real.
Related abbreviations
More banking abbreviations
- IMPS – Immediate Payment Service
- KYC – Know your customer
- LCR – Liquidity coverage ratio
- LDR – Loan-to-deposit ratio
- LLP – Loan loss provision
- LOC – Line of credit
- NACHA – Nacha (formerly National Automated Clearing House Association)
- NEFT – National Electronic Funds Transfer
- NII – Net interest income
- NIM – Net interest margin
- NPA – Non-performing asset
- NPL – Non-performing loan