MT103 Are they the real thing??

  • flying pig
  • 16/12/08 31/05/09
  • a depositor
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Posted: Thu, 22/01/2009 - 17:50

[ng: reposted from elsewhere]

flying pig

I am sorry that this not really approprate here but it is something DAG should know and I am not sure how to get this aired!.

Did anyone receive a MT103.

Alledgedly several which have been provided by KSFIOM are not genuine MT103's at all and are therefore useless . If you have one check with your bank or post them here without the details. (I assume that this is possible) If you do not have one ask now. I intend to.


adambw

Am I being dumb? Please explain what an MT103 is. Thanks.


steveservaes

a proof that funds have been conclusively remitted from one bank to another


manx-person

Not quite.

An MT103 is the format name of an authenticated (SWIFT) message that a bank sends to another requesting it to effect a payment on its behalf to a customer (usually) by the debit of the (nostro) account it holds at the (correspondent) bank.

It is proof that an instruction has been made to make the payment.

The actual payments are made by another systems BACS or CHAPS in the case of the UK. The MT103 is (usually) automatically (straight thru' processing) converted into a BACS or a CHAPS payment in the correspondent banks systems,

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Thanks

  • adambw
  • 13/10/08 31/08/10
  • a depositor
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  • Fri, 23/01/2009 - 04:46

Thanks.