Dear Community,
Do you have experience how we can get an MT103 bank payment format from IFS in a standard way?
I found only the MT101 format, and MT103 is a bit different.
Or no other workaround this is a development task?
Thank you very much in advance for any advise!
Kind regards,
Balazs
Hope you're doing well.
The MT103 format is an interbank clearing message used by banks for individual payment instructions during cross-border wire transfers. From an IFS perspective, this format isn’t relevant, as IFS users don’t handle interbank clearing messages.
In contrast, the MT101 format is used for payment initiation. For example, you can use MT101 to instruct your bank to settle a supplier invoice, applicable for both domestic and foreign payments. However, none of the IFS versions (core solution) currently support the MT101 format.
Solution:
I highly recommend to avoid adopting MT messages at this time since SWIFT has mandated a migration to ISO 20022. All the banks are required to transition from MT to MX (XML) messages by November 2025. Although there is no fixed deadline for corporates, many banks may soon ask their customers to move to the ISO 20022 standard, as maintaining both systems in parallel is costly.
Replacements for MT Messages:
MT101 - replaced by PAIN.001 (version 3 or version 9).
MT103 - replaced by PACS.008.
Hope this clarifies things!
Hi Eranda,
Thank you so much for the heads-up regarding the MT format expiry. I’ve brought this to the attention of our UK team and will try to encourage them to adopt the ISO20022 format.
Kind regards,
Balazs
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