June 23, 2024

Flash Funds Tools

SQR400 Flash | Bank Account Flashing Tools | MT103 LOG

MT103 Wire LOG | Direct Wire Transfer

4 min read

MT103 Wire LOG: At Flash Funds, Privacy and transparency are our top priorities. It is a comfort and convenience to always first hand information on the process and progress of your transaction when completed.

For this reason, we provide immediate access for any LOG purchased through our platform. Our MT103 has all login information. The balance may always be checked by users following a transaction.

For enquiry, click HERE to contact Developer. You can also use the WhatsApp Icon on your screen.

What is an MT103?

An MT103 is a standardized SWIFT payment message used specifically for cross border/international wire transfers.  We use SWIFT for all payments made via MT103s.

Our MT103 LOGs are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

Our MT103s are also great for tracing payments which are missing or delayed because they show the route of the payment between the banks.

OTP Bypass Feature Of Flash Funds

I’m a Flash Funds user – how do I view my MT103?

Once your payment has been dispatched, you can retrieve your MT103 by logging into your Flash Funds account, selecting your completed payments and clicking ‘View’. Your MT103 will appear at the bottom of the record. There’s even a ‘copy to clipboard’ function so you can forward it to your recipient.

MT103 fields

Use the table below to view the definition of the MT103 fields 

FieldField Name
:20Transaction Reference Number
:23BBank Operation Code
:32AValue Date / Currency / Interbank Settled
:33BCurrency / Original Ordered Amount
:50A, F or KOrdering Customer (Payer)
:52A or DOrdering Institution (Payer’s Bank)
:53A, B or DSender’s Correspondent (Bank)
:54A, B or DReceiver’s Correspondent (Bank)
:56A, C or DIntermediary (Bank)
:57A, B, C or DAccount with Institution (Beneficiary’s Bank)
:59 or 59ABeneficiary
:70Remittance Information (Payment Reference)
:71ADetails of Charges (BEN / OUR / SHA)
:72Sender to Receiver Information
:77BRegulatory Reporting

Benefits of MT103

Having direct access to MT103 Wire LOG for each of your payments gives you greater control and information.

MT103 Wire LOG
Confirmation

You have confirmation that your payment has been sent, including all the important details such as recipient information and payment amount.

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Evidence

Serves as a valid proof of payment, whether to send to a supplier to serve as proof of payment or to accounts payable for reconciliation purposes.

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Tracking

An MT103 Wire LOG can help with payment location and tracking if the funds are held up in regional clearing banks on the way to your recipient.

Sounds great! How do I get one and how much does it cost?

Below is a table that displays the price variation of the MT103 LOG. These prices are subjected to the balance on the LOG. If you’re a Flash Funds user, you get them instantly and for free with every payment you make with us!

MT103 Balance (USD)Price ( USD )
10,001 – 15,000500
15,001 – 20,000650
20,001 – 50,0001,200
50,001 – 75,0001,700
75,001 – 100,0002,000
100,001 – 150,0002,500
150,001 – 200,0003,000
200,001 – 400,0005,000
400,001 – 650,0006,500
650,001 – 1,000,00010,000

 Note: the prices listed above are for MT103 Wire LOGS and not Flash Funds Pro.

For enquiry, click HERE to contact Developer. You can also use the WhatsApp Icon on your screen.

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Richard

Hello thank you for your precious work and Tools. I have a question, on MT103 for CHAPS payment in GBP for both A and what happens when in field 57A sort code is written correctly but because of a system error banks identifies that creditor Bank is a different institution. Then on 59 shows beneficiary bank account, will funds still arrive ? Thanks

FREDHOM

HALLO CAN YOU SEND ME YOUR CONTACT PLEAESE I WANNA DISCUT WITH YOU

henkey

If debtor is having direct account relationship with the creditor bank then the above pciture of serial method is confusing , where i can see debtor is sending message to correspondent and not to creditor bank.
can you please explain ?

ola

Wow, that’s nice and clear analysis. Your platform and tools help me a lot since I only started with payments recently.

Thomas Grey

i saw a incoming message ,it’s

1) 52A and 53A same BIC contains Head Office BIC of Sender Bank
2) 54A hold a different bank BIC

could you please explain about this

MAY

Your Platform is a jewel for a beginner like us, you have explained things in simplified language with very good examples. Thanks a lot !

Gun dual

What if 53/54 are the same swift? How would that work for a cover cover payment? This is in regard to the last LOG i purchased from you.

Patricia

Hello thank you for your precious work. I have a question, on MT103 for CHAPS payment in GBP for both A and what happens when in field 57A sort code is written correctly but because of a system error banks identifies that creditor Bank is a different institution. Then on 59 shows beneficiary bank account, will funds still arrive ?

Susan

Nice article. Really worth reading. Thanks for sharing your knowledge and giving access to the MT103 LOG

I have a basic question: What are the benefits Cover method has over Serial method. As per my knowledge

– Overall cost reduction
– Early credit to privileged Customer (by satisfying set of rule)

However I heard there are some benefits in terms of Nostro recon. Do you have any details around it?

Joseph

Would it be fair to say that a 103 announcement will at least have a 53 present if not any other correspondents?
This is exactly the experience I had with the lad LOG I purchased.
Thanks.

John

Many thanks indeed for the very informative articles.

Just with regard to the above, is Field 53A used in the case of the Serial payment?

Is it soley geography that determines if acover message is used instead of a serial message.

Mark Dee

Do MT 103 Cover always uses Tag 53 and Tag 54 and MT 103 Serial always uses Tag 53 and Tag 56 to represent sender correspondent and receiver correspondent ? Or any of the pair of tags can be used in either message to represent the same.

Jessica

I have searched many places but no presentation as clear as this one after purchase of the LOG. Thank you.

Jamil

Please help me with the below doubt :

Is there any advantage/ disadvantage between using a serial or a cover payment method as regard to the Flash Funds Tool?

Ahmed

As usual a very nice illustration from your end. Can we also document in the financial world which all geographies use serial and who use cover and if so why one choses one over another.

Micheal

In the serial method, why the Receivers correspondent did not use MT910 or MT950 to inform the Creditor bank about crediting it’s account at Receivers correspondent bank.
Is it because MT103 itself is sufficient?

JennyFrank

Simply superb ..thank you …a hard topic explained so easily

Jasmin

Just to understand generally In which cases the destination bank is not reachable in the local clearing..?

Linda

Can a MT202 be send between two banks in the same country..? Is it mandatory, as they could also settle the same through the local clearing.?

Barbara

This is the best article I have ever found on Internet for Payments , u r really doing an awesome job for helping people to get clean and clear picture on Payments and of course providing the tools for those of us that are not familiar with the dark web , thnks

Willi

I purchased the MT103, I think I should have gone for the flash funds which does not require in-depth knowledge to use. Please, I do have a Question In a MT103 message, how do we differentiate & identify whether this MT103 is serial or cover ?
Is there any field identifier