We analyzed the basic SWIFT MT103 message in the previous article. That message contained only mandatory fields. Many optional fields exist in the MT 103 Format Specifications. In this article, we will look at SWIFT MT103 message example with optional fields: The field 53a with option B, the field 70 and the field 71G.
The picture below shows the main actors and highlights the optional fields transported in the messages.
The table below contains information that is highlighted in the examples provided in the SWIFT Message Reference Guide. An additional column (comments) provides further explanation on the fields to ease their understanding.
I refer you to this page on the Field formatting rules and Character sets of SWIFT MT Messages. It is helpful to understand what 16x, 4!c and the format of the fields options mean.
Narratives and notes on this SWIFT MT103 Message
As usual, there is more in this SWIFT MT103 message example with optional fields than meets the eye. The following narrative and notes allow to get a deeper understanding of the message content.
Narrative and note 1
With this SWIFT MT103 message, sender (CRESCHZZ80A) is asking receiver (BNPAFRPP) to debit sender’s account and credit beneficiary account. The sender’s account that receiver should debit is specified in the field 53B. Field 53B (:53B:/12345678901) indicates the account number of the Sender, serviced by the Receiver, which is to be used for reimbursement in the transfer.
Note that the sender has opened many accounts with the receiver in EUR, the currency of the transfer. If the Field 53B contains an account that is not the currency of the transfer, an exception will be raised and the payment processing will stop or it can be automatically replaced with the correct account.
Narrative and note 2
There is no ordering institution (Tag 52a) in the SWIFT MT103 message. That means implicitly that the ordering customer is customer of the Sender.
Narrative and note 3
No correspondent is used neither on sender side (Tag 53A) nor on receiver side (Tag 54A) and No reimbursement party (Tags 56a and 57a) is indicated in the SWIFT MT103 message. It means
- there is a direct account relationship, in the currency of the transfer, between the Sender and the Receiver. Money will be taken from sender’s account and credited to the beneficiary.
- Beneficiary customer account (:59:/00012367493) is hold by the receiver.
You may wonder: what does the guy mean? This part is really not easy to understand when you start. You will get a better understanding with the next examples. I promise!. So just come back to the blog and check the new articles.
Narrative and note 4
The field 70 (:70:/INV/18042-090715) contains the remittance information. Usually the remittance information is generated by the beneficiary and sent to the ordering customer (or debtor). The beneficiary requests the debtor to provide it the payment message, so that the beneficiary can easily reconcile the payment with an invoice like in this case. The code INV means that 18042-090715 is an invoice reference.
Narrative and note 5
Details of charges (Tag 71A) is OUR. That means transaction charges are to be borne by the ordering customer. Sender sends instructed amount + charges.
Amount in F32A (EUR2960,47) = Amount in 33B (EUR2958,47) + charges in 71G (EUR2,50)
The receiving bank directly takes the prepaid charges from the settlement amount. The Beneficiary’s account is credited with the instructed amount.
This ends our analysis of SWIFT MT103 message example with optional fields. If you are interested in the sample SWIFT MT103 message with optional fields sent to SWIFT by the Sender (Credit Suisse) and received from SWIFT by the receiver (BNP PARIBAS), fill in the form below and submit. You will then receive a mail in your mailbox with the links to download the two sample files and get regular updates when new posts or videos are published.