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What is SWIFT MT102?

SWIFT MT102 is a standardized message format used by financial institutions to securely send and receive information about financial transactions. The MT102 message is a specific type of SWIFT message that is used to transfer funds from one bank account to another, and is commonly used for large or complex payments, such as the transfer of funds between banks or the payment of a supplier.

The MT102 message is part of the SWIFT messaging system, which is a global network that is used by financial institutions to securely exchange financial information and conduct financial transactions. The MT102 message is a standard format that is used by most financial institutions, which allows for easy and efficient communication between different institutions.

The MT102 message contains detailed information about the payment, including the amount of the payment, the sender and recipient of the payment, and the date and time of the transaction. It also includes other relevant details, such as the currency in which the payment is made and any additional instructions or information that the sender or recipient may need.

The MT102 message is typically used for large or complex payments, and is an important part of the global financial system. It is used extensively for cross-border payments and other financial transactions, and is an essential tool for financial institutions to securely and efficiently transfer funds between accounts.

This page was last updated on January 2, 2023.