More NewsSWIFT MT 103 Migration Successfully Completed

SWIFT MT 103 Migration Successfully Completed

Migration from SWIFT Message Type (MT) 100 to MT 103 was completed on 15 November. The changeover is designed to increase automation and transparency for Single Customer Credit Transfers. The two messages have operated in parallel over the past three years but, as of 16 November 2003, only the MT 103 is accepted on the SWIFT network. Responding to customer requirements to improve credit transfer messages and increase transparency in cross-border payments, SWIFT introduced MT 103 to replace its most widely used message, MT 100, which had reached its technical capacity. The new MT 103 fields require precise completion enabling stricter validation, resulting in increased end-to-end automation and thus improving STP rates and reducing message repair costs.

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