The most commonly used form of SWIFT communication, they are normally used to make
payment to customers of another bank in another country. Corporates often confuse the MT103
with the MT101, which they would use themselves when initiating a payment through SWIFT.
Whilst the MT103 is a standard message format, much of the content is flexible as banks have
differing requirements as to the information they require to process payments. In order for a
SWIFT MT103 and MT103+ message to be correctly interpreted by the receiving bank, the bank
details contained within the file including IBAN and BIC details must be correct, in order for
the transfer to take place correctly.