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.
An MT103 is a standardized 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 proof of payment and include all payment details such as date, amount, currency, sender, and recipient.
MT103s are also great for tracking payments that are missing or delayed because they show the route of the payment between the banks.
What does an MT103 look like?
Here is an example of an MT103.
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?)
What is an MT199?
MT199 is an Interbank Message used between two banks to transmit an SKR or a free format message engaging two banks’ readiness to move forward with a transaction, usually a private one.
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