Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organisation dedicated to the promotion and development of standardized global interactivity for financial transactions.

The society operates financial messaging service for items such as letters of credit, payments, and securities transactions between member banks, securities houses and other qualified financial institutions worldwide. SWIFT's key function is to deliver these messages quickly and securely.

Member organisations create messages in a number of formats (MT100 to MT999), dependent on purpose, that are then forwarded to SWIFT for delivery to the recipient member organisation

SWIFT MT-103’s are the most commonly used form of SWIFT communication, and are normally used to make payment to customers of another bank in another country.

Corporates often confuse the MT103 with the MT101, which they would use themselves when initiating a payment through SWIFT.

Whilst the MT103 is a standard message format, much of the content is flexible as banks have differing requirements as to the information they require to process payments. Because it is so flexible, it does not promote Straight Through Processing and has been generally superseded by the MT103+ message.

In order for an MT103 and MT103+ message to be correctly interpreted by the receiving bank, the bank details contained within the file including IBAN and BIC details must be correct, in order for the transfer to take place correctly. 

Experian Payment’s Bank Wizard can help promote straight through processing by:

·          Validating the bank account details, whether domestic or BIC and IBAN format prior to submission.

·          Converting domestic bank account details to BIC and IBAN format so that payments can be made in to Europe at the cheapest rate and support the validation requirements of an MT103 and MT103+ message. 

Download the Bank Wizard brochure

Experian Payments Global Gateway SWIFT for Corporates module is the single payments hub that:

  • Allows communication with your banks through a single gateway
  • Automates your processes thereby reducing cost, risk and fraud
  • Improves cash position visibility
  • Simplifies operations by automatically transforming back office format to the SWIFT standard

Download the Experian Payments Global Gateway brochure

Download the SWIFT for corporates module data sheet