What is MT103, and what is its purpose?
An MT103 is a standardized international payment message used within the SWIFT network. It serves as proof of payment for wire transfers and is commonly used to communicate payment details between banks.
Think of it as a "receipt" for international money transfers, ensuring that all the necessary information about the sender, receiver, and the transaction itself is included. It is especially useful for tracking payments and resolving disputes because it provides a detailed record of the transaction.
What information does an MT103 contain?
An MT103 includes specific fields that provide essential details about a transaction. Below is a table summarizing the key fields and their definition:
Field Number | Field Name |
:20 | Transaction Reference Number |
:32A | Value Date/Currency/Amount |
:33B | Currency/Amount of Charges |
:50A/B/C | Ordering Customer |
:52A/B/C | Ordering Institution |
:53A/B/C/D | Sender's Correspondent |
:54A/B/C/D | Receiver's Correspondent |
:56A/B/C | Intermediary Institution |
:57A/B/C | Account With Institution |
:59 | Beneficiary Customer |
:70 | Remittance Information |
:71A | Details of Charges (BEN / OUR / SHA) |
:72 | Sender to Receiver Information |
How to Download MT103/Transaction Receipts for Transfers from Aspire Multi-Currency Accounts?
Only the following users have the access to download the MT103 or transaction receipt:
All users who are granted permission to make or submit transfers (Admin, Finance with transfer rights users, and Finance with submit-only rights users).
Employees who are budget owners
To download a copy of the MT103 or transaction receipt, you may follow the steps by steps below.
On your Aspire dashboard, click "Transactions" in the left navigation bar (web app) or click "Transactions" and choose "Bills" (mobile app). Next, search for the relevant transaction.
If you're searching for a SWIFT transaction to download an MT103, you may filter down the transaction by following the format below:Source of Fund: Choose the relevant multi-currency account
Transaction Type: Debit Transaction
Select the transaction you are looking for
In the transaction details panel, click the "Download" button. You will be given the option to download the MT103 or transaction receipt
Note: You may not find the MT103 if the transaction is not a SWIFT transaction. Therefore, you can only download the transaction receipt.
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