MT103 as a standardized MESSAGE TYPE “MT” which is being used specifically for cross border/international wire transfer payment. SWIFT serves a co-operatives for banks that provide infrastructures and standard for the payment message, swift has a proprietary format called the MT message type. It is been globally recognized by financial institutions to initiate payment in the SWIFT PAYMENT SYSTEM for customers cash transfer.
MT103s are globally accepted as proofs of payment and include all payment details such as… date, amount, currency, sender and recipient All banks and financial operational institutions which makes payment via a SWIFT will have an MT103 for every payment initiated an also processed.
The fields of an MT103 message are listed below. Tags are the name given to these fields.
Read more about How an MT103 swift flash payment is done to any bank account
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But most of them are securely protected enough as not to let you have them or make use of them by yourself.
We also made this possible to use when using MT103 to make traces on all transaction an keep them tracked an which is why we have followed up with one of the most recently methods of tracking and keeping eyes on your transaction which is randomly called the SWIFT GPI
What is Swift GPI
SWIFT GPI (Global Payments Innovation) is a new initiative from SWIFT and was developed to improve the experience of making a payment via the SWIFT network for both customers and banks.
SWIFT gpi combines the traditional SWIFT messaging and banking system with a new set of rules
How does a Swift GPI work?
SWIFT GPI uses real-time tracking, end-to-end view of payments appreciations to the unique tracking codes which will enable a notification lifecycle of the settlement i.e. you will know when the payment has reached its destination.
If you require further assistance on how you can do this or keep tracks on your payment you can always do well to hit the button below for support from our support team.
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