MT103 SWIFT

Tag: Finance

  • MT103 Vs. SWIFT GPI: What’s the Difference?

    MT103 Vs. SWIFT GPI: What’s the Difference?

    Many have been asking us the difference between MT103 and SWIFT GPI Automatic, learn MT103 and SWIFT GPI difference this article.

    GET MT103 SWIFT PAYMENT SOFTWARE WITH GPI AUTOMATIC ENABLED NOW!

    MT103 AND SWIFT GPI DIFFERENCE

    It is worth noting that SWIFT gpi is a newer initiative to modernise cross-border payments. MT103 is a message (a document) confirming the payment was sent. SWIFT gpi, on the other hand, is a tracking system/network upgrade that allows end-to-end visibility in real time.

    If we use a courier analogy, MT103 is like your shipment receipt and tracking number, whereas SWIFT gpi is the online tracking system you plug that number into, to see exactly where the package (payment) is.

    Many banks now embed the UETR from SWIFT gpi into the MT103 message itself, effectively linking the two. The table below summarises it:

    Features And What It Is

    • SWIFT GPI: Real-time payment tracking across banks (status updates)
    • MT103: Confirmation of payment sent (receipt with details)

    What Is Generated ?

    • SWIFT GPI: Throughout the payment journey (continuous updates)
    • MT103: At the time the payment is initiated (one-time message)

    What Info Does It Include?

    • SWIFT GPI: Yes – updates like “in transit”, “credited” etc., often via UETR
    • MT103: Contains reference numbers (including UETR) and all details, which can be used to track manually

    The User Access

    • SWIFT GPI: Banks (and sometimes customers through portals) can check live status
    • MT103: Customers use it for proof and can give it to banks to trace a payment manually

    MT103 is like your proof that something was sent (and gives you the reference to track it), and SWIFT gpi is the technology that can show you exactly where it is in transit. If your bank supports SWIFT gpi, you may not even need to request an MT103 to know the status – some banks let you see the progress via online banking. But if not, having the MT103 and contacting the bank is the way to trace the payment.

    For more information or inquiry kindly contact our support.

  • What Information Is on an MT103?

    What Information Is on an MT103?

    Many people have frequently asked “what information is on an MT103?” Well, The MT103 adheres to a standardised format that includes specific information to ensure the validity of the document.

    What Information Is on an MT103?

    Asking of What Information Is on an MT103, the information includes the sender and recipient’s information, the payment amount, and any additional information or instructions. It’s important that the message is accurate and complete to ensure the payment processes correctly.

    Here is the common information included in an MT103:

    • Payment reference, which is a unique identifier for the transaction.
    • Name, address, and account details of the individual or company sending the money. The sender may be called the remitter or the ordering customer.
    • Name, address, and account details of the individual or company receiving the money. The receiver is called the beneficiary.
    • The sending bank’s code
    • The receiving bank’s code
    • Settlement date
    • The amount of money being sent
    • The currency in which the money is being sent
    • The date the transfer was initiated
    • The payment route between the banks
    • Intermediary bank details (if applicable).
    • Details of fees
    • Who pays the fee, which can be the sender, the receiver, or a shared arrangement between both.

    Example Of MT103 Document

    The appearance of an MT103 that the customer gets after the request can vary by bank, but it must include a SWIFT payment message that provides tracking information for the payment destination.

    What Information Is on an MT103?

    Here’s an example of what an MT103 might look like.

    How to Read the MT103

    The format of MT103 documents can differ from one bank to another. You might find some MT103 documents straightforward to read, while others use predominantly banking abbreviations.

    To help you understand them better, here is a simplified breakdown of the references and abbreviations you may find on MT103 documents.

    MT103 Mandatory Tags

    • TAG 20: Sender’s reference or transaction reference number, it’s Unique identifier to reference the transaction.
    • TAG 23B: Bank operation code,  Describes the type of banking operation:

    CRED: Standard transfer, most popular and economical option, but the slowest.

    SPAY: Transfer via SWIFT Pay Service Level. Faster than CRED but may have additional fees.

    SSTD: Transfer via SWIFT Standard Service Level. Balanced speed and cost.

    SPRI: Transfer via SWIFT Priority Service Level. Fastest option with the highest fees.

    • TAG 32A: Value date/currency/interbank settled amount, Shown as date-currency-amount. For example, 250624USD2000 means a USD 2,000 payment was made on 25 June 2024. The date may differ slightly from your original transfer request due to bank processing times.
    • TAG 50A, F or K: ordering customer, The payer’s details, usually the account, identifier code, name, and address.
    • TAG 59, 59A or F: beneficiary customer, The payee’s details, usually the account, name, address and identifier code.
    • TAG 71A: Details of Charges, This field indicates who will cover the costs of the SWIFT transfer:

    BEN: The beneficiary covers all fees.

    OUR: The sender covers all fees.

    SHA: Fees are shared between the sender and the beneficiary.

    Kindly note that tags 50 and 59 may use IBAN format if the accounts involved are in countries that use IBAN, e.g., most of Europe.

    MT103 Optional Tags

    Optional tags are fields that the sender can choose to add. They offer extra information, but not including them does not hinder the processing of the transaction. These include the followings:

    Processing & Instruction Codes

    • 13C – Time Indication: Specifies processing times. Example: /SNDTIME/ (debit time at the sender’s bank) or /RNCTIME/ (credit time at the recipient’s bank).
    • 23E – Instruction Code: Specifies special processing instructions, such as /CHQB/ (pay by cheque), /CORT/ (corporate trade payment), or /SDVA/ (same-day processing).

    Currency & Exchange Details

    • 26T – Transaction Type Code: Indicates the purpose (e.g., salary, pension, dividend).
    • 33B – Instructed Amount: If included, shows the amount requested by the customer before any conversion or deductions.
    • 36 – Exchange Rate: The currency conversion rate applied.

    Bank & Intermediary Details

    • 51A – Sending Institution: Identifies the sender’s bank.
    • 52A – Ordering Institution: If different from the sender’s bank.
    • 53A – Sender’s Correspondent: The bank where the sender reimburses the receiver.
    • 54A – Receiver’s Correspondent: The bank where the recipient can access funds.
    • 55A – Additional Reimbursement Institution: Additional bank involved in processing the transfer.
    • 56A – Intermediary Institution: A middle bank that helps process the payment.
    • 57A – Account With Institution: The final bank managing the recipient’s account

    Tags 52 – 57 primarily use BICs (Business Identifier Codes) to identify the involved banks.

    Payment & Fee Breakdown

    • 70 – Remittance Information: Notes or reference details for the recipient.
    • 71F – Sender’s Charges: Fees deducted by the sender’s bank.
    • 71G – Receiver’s Charges: Fees deducted by the recipient’s bank.
    • 72 – Sender to Receiver Information: Additional messages between banks.
    • 77B – Regulatory Reporting: Compliance codes for banking authorities.

    I hope this article “What Information Is on an MT103?” is helpful, to get the mt103 software click here.

  • 5 Steps to Obtain an MT103 Document

    5 Steps to Obtain an MT103 Document

    The steps to obtain an mt103 document are outlined on this article including how to do mt103 swift payment,

    To perform an MT103 Swift Payment, you must first initiate an international payment through your bank or a financial institution that uses the SWIFT network, as this process automatically generates the MT103 message. After the payment is made, you request the MT103 document from your bank, as it is typically not provided unless requested. The process and cost for obtaining the document vary by institution, with some charging a fee while others offer it for free. 

    Steps to Obtain an MT103 Document

    1. Initiate a SWIFT Payment: Make an international transfer through your bank or a fintech company that processes SWIFT payments. The MT103 is generated automatically in the banking system once the payment is initiated.
    2. Request the MT103: Contact your bank or financial institution to request the MT103 document. This can often be done through their online banking service or by contacting customer support.
    3. Provide Details: You may need to provide details such as the date of the transaction, sender’s reference number, and other transaction-specific information.
    4. Receive the Document: Once requested, your bank will retrieve and provide the MT103 document, though this can take several business days.

    Key Information on MT103 Documents

    Purpose: The MT103 is a standardized SWIFT message that serves as confirmation of a payment made from your bank and contains detailed information about the transaction. 

    Tracking: The MT103 contains a unique identifier called the UETR (Universal End-to-End Transaction Reference) code, which helps in tracing the payment throughout the entire chain of banks involved. 

    When To Request: You might request an MT103 if your funds are delayed, if you need to review the transfer details, or for compliance purposes. 

    Take A Look At The Following Video

    YouTube player

    How Does MT103 Work?

    When you initiate an international transaction, such as a telegraphic transfer or wire transfer, the software will prepare an MT103 document that includes all necessary payment details. These details include, but are not limited to:

    • Your name
    • Your recipient’s name
    • Address
    • Amount
    • Currency
    • SWIFT/BIC code.

    The MT103 payment system securely sends this document through the SWIFT network, the dedicated messaging platform of it for financial institutions.

    The beneficiary’s bank receives the MT103, verifies the information, and upon confirmation, credits the recipient’s account with the transferred funds, deducting fees as applicable. This is why you need the MT103 SWIFT payment software to personally use it for your benefit.

  • How P2P Crypto Traders Lose Millions To Flash Funds Scam

    How P2P Crypto Traders Lose Millions To Flash Funds Scam

    Here is how how P2P crypto traders lose millions to flash funds scam, a cyber criminal will download a crypto exchange app, most of them use Binance, Inflowbit, Kucoin, Kraken or Bitget and more.

    After they downloaded this app they will buy verified crypto exchange account and they will login with the info and open trade to buy crypto in the P2P section, any victim that comes forward to sell to them, they will flash their account with the exact amount generated on the P2P platform for the order, the victim will confirm payment and release the digital asset to the scammer.

    How P2P Crypto Traders Lose Millions To Flash Funds Scam

    The MT103 Flash Payment will fail after the designated time of hibernation, this will trigger bank’s security system to flag the customer’s account as fraud, the bank will then go ahead to make decision which will lead to the victim losing their digital asset sold and their account closed for fraud;

    Have it on mind there are two types of Flash Funds and the following are the breakdown.

    Two (2) Types Of Flash Funds

    There are two types of fraudulent payments and they vary just like there are different types of swift messaging ranging from 103 to 202 types and more, it depends on what is being targeted or scammer’s needs,

    How Many Types Of Flash Funds Exist?

    Only two types of flash funds exist, Fake Bank Alert that is commonly done by text and phone number and Flash Payment that us done with MT103 Swift Payment System Flash Enabled.

    What’s The Difference Between Flash Funds And Fake Bank Alert?

    The difference between Fake Bank Alert and Flash Funds is clear, it is not something anyone can be confused of, learn more on the difference between flash funds and fake bank alert here.

    MT103 Swift Payment System Flash Enabled

    This means, it is not mere fake bank alert because for any scammer to do flash funds transaction they will need just the receiver’s basic bank details that is required for normal bank transfers (to receive payment).

    Kindly take note, they don’t need any of the following details!

    • Receiver’s phone number
    • Receiver’s email address
    • Knowledge of receiver’s current balance

    MT103 Swift Payment System With Flash Enabled will handle the rest, just receiver’s bank account details for receiving of payment is required, the cyber criminal will send exact amount agreed on wether is physical goods purchase or digital asset such as cryptocurrency, the payment will reflect on receiver’s bank account available balance and it will be updated to new balance,

    There will be no suspicion until business or transaction with the party is closed and they moved on, the victim will face bank problems for fraudulent activity accusation.

    The payment will be flagged and deemed suspicious and inauthentic transaction, some banks may tag it “Failed” then go on to add the customer on watch list,

    If you are an active P2P trader reading this article you must have experienced this before, in some cases receiving fraudulent money, you must have encountered this problem whereby your bank blocked your account for fraudulent activity or the payment you confirmed is nowhere to be found after you have released digital asset to the buyer and even if you report them to the exchange they can’t be traced because they withdraw the assets immediately after you released them and they will abandon that account, buy another one and start again.

    How MT103 Swift Flash Works

    Mt103 flash works by establishing hybernated prepayment in an encryption flow between receiver’s banking system and the MT swift (MFFS often use the JOIPsc or SVVER/PYTT protocols). All outflows from the system locks in a command for payment authenticity checking initiation to commence after a designated time frame.

    Does MT103 Swift Flash Require VPN?

    No VPN is required from the user of the software, all activities on the software are encrypted. The system automatically provides different IP every minute and points to different locations in the world that even if cracked you can’t be traced, this is to conceal in event of any attack to protect users.

    How To Get MT103 Swift Payment System

    Click Here To Get MT103 Swift Payment Software With Flash Funds Enabled.

    Any Additional Costs After Purchasing The MT103 Swift Payment Software?

    No, there is no additional cost, it’s one payment and full access is granted that will last for 12 months, for further inquiries on “How P2P Crypto Traders Lose Millions To Flash Funds Scam” kindly hit the contact button below and talk to our support.

  • Flash Funds And Fake Bank Alert Difference

    Flash Funds And Fake Bank Alert Difference

    Only two types of fraudulent payments exist, Fake Bank Alert that is commonly done by text and phone number and Flash Funds Payment that us done with MT103 Swift Payment System Flash Enabled.

    What’s The Difference Between Flash Funds And Fake Bank Alert?

    The difference between Fake Bank Alert and Flash Funds is clear, it is not something anyone can be confused of.

    Break Down Of Flash Funds And Fake Bank Alert Difference

    Fake Bank Alert: this means, it will be just mere fake credit alert and it won’t reflect on bank account available balance, it will not be anywhere near authentic enough to be convincing because for any scammer who wants to do fake bank alert to someone they are targeting as their victim, they will need to obtain the following informations;

    • Bank account details
    • Phone number (the correct one linked to the receiver’s bank account which the receiver use to receive bank alerts)
    • Email address (the correct email linked to receiver’s bank account)

    What Does The Scammer Need Above Information For?

    The scammer will need the above informations to use them and send the target the fake bank credit alert using fake bank alert platform, now take note;

    Even if the scammer is able to obtain the above details, what about the current figure that is in the target’s bank account as available balance? That’s where they will easily be caught and mission will fail instantly.

    In a clear explanation, you have one million pounds sterling (£1,000,000) in your bank account available balance and a scammer that wants to defraud you with fake bank alert sends you fake alert and you are seeing one hundred thousand as your bank available balance would you foolishly fall for such cheap scam? Ofcourse you will not,

    It will raise suspicion that will lead to thorough further check because the numbers don’t add up, learn more on how to detect fake bank alert here and stay informed.

    MT103 Swift Payment System Flash Enabled

    This means, it is not mere fake bank alert because for any scammer to do flash funds transaction they will need just the receiver’s basic bank details that is required for normal bank transfers (to receive payment).

    Kindly take note, they don’t need any of the following details!

    • Receiver’s phone number
    • Receiver’s email address
    • Knowledge of receiver’s current balance

    MT103 Swift Payment System With Flash Enabled will handle the rest, just receiver’s bank account details for receiving of payment is required, the cyber criminal will send exact amount agreed on wether is physical goods purchase or digital asset such as cryptocurrency, the payment will reflect on receiver’s bank account available balance and it will be updated to new balance,

    There will be no suspicion until business or transaction with the party is closed and they moved on, the victim will face bank problems for fraudulent activity accusation.

    For further inquiry kindly hit the contact button below and talk to our support.

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