25 February 2018
visit www.nextgenbanking.co.uk/

Swift completes migration to MT103

18 November 2003  |  23993 views  |  0 Swift

Financial messaging co-operative Swift is reporting a succesful community migration from legacy message type (MT) 100 to the new MT103, which holds out the promise of increased automation and transparency for correspondent banks sending single customer credit transfers.

Swift says 7200 customer transfer sending banks were involved in the migration.

The two messages types have operated in parallel over the past three years but only the MT103 is now accepted on the Swift network.

Swift introduced MT103 to replace MT100 - its most widely used message - in response to customer requests to improve credit transfer messages and increase transparency in cross-border payments.

The new message fields require precise completion resulting in stricter validation and increased end-to-end automation, improving STP rates and reducing message repair costs.

Nicola Boothby, MT103 programme manager, says: "Banks are already seeing the rewards of the STP benefits of MT 103, including the reduction of message costs."

Swift says the European banking industry is currently promoting the MT103 as the answer to cost pressures introduced by the EU Regulation 2560/2001 on cross border payments in euro.

In parallel, the message type complies with FATF anti-money laundering and national regulatory reporting requirements, as well as increasing transparency for compliance with the EC Directive 97/5/EC on credit transfers.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift names XML fund pilots

Swift names XML fund pilots

22 October 2003  |  4375 views  |  0 comments
Swift signs four market data vendors to corporate actions pilot

Swift signs four market data vendors to corporate actions pilot

21 October 2003  |  8580 views  |  0 comments
Swift acts to ease IP upgrade burden with new pricing package

Swift acts to ease IP upgrade burden with new pricing package

20 October 2003  |  3460 views  |  0 comments
Swift demonstrates real-time cash reporting

Swift demonstrates real-time cash reporting

20 October 2003  |  8649 views  |  0 comments
Swift renews Sprint contract

Swift renews Sprint contract

18 September 2003  |  2943 views  |  0 comments
Swift connects 200th country

Swift connects 200th country

09 September 2003  |  3952 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comvisit www.swift.com/your-needs/instant-paymentsRegister for the webinar

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12667 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10834 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
9333 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8713 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
8636 views comments | 11 tweets | 14 linkedin

Featured job

Basic c.£90K OTE c.£180K plus full benefits pac...
London based

Find your next job