What is an MT103 or MT199?


Payment messages are simply payment instructions from one institution to another in a formatted way. ACH, SWIFT, SEPA are all payment methods, some localised, 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. 


Overview MT103

An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via WIRE-INT.
MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.
MT103s are also great for tracing payments which are missing or delayed because they show the route of the payment between the banks.
All banks and financial institutions which make payments via SWIFT will have an MT103 for every payment, but they are unlikely to let you have them.

What does an MT103 look like?

Here is an example of an MT103.

What is an MT199?

MT199 means a is an Interbank Message used between two banks to transmit a SKR or a free format message engaging two bank’s readiness to move forward with a transaction, usually a private one.
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