Payment messages are simply payment instructions from one institution to another in a formatted way. ACH, SWIFT, SEPA are all payment methods, some localized, some international.
At Synapse we use SWIFT for International payments and ACH or FedWire for domestic payments.
When you send or receive an international payment as an individual, an MT103 will be created.
What does an MT103 look like?
Requesting an MT103?
As an MT103 is a payment instruction between multiple banks, some of which are often International, you'll need to supply the following information in order for our team to be able to investigate and retrieve the MT103. The information includes:
- Date of the transaction (i.e. DD/MM/YYY)
- Synapse Transaction ID (usually a id that looks like this: 61ddd4d3f63d459627e23bf1)
- Sender's details
- Receiver's details
- Amount of the transaction (i.e. $1,502.21).
- What is the request for? (i.e do you wish to recall the transaction?)