Swift MT-103
Submitted by Larry Kortkamp on Wed, 03/24/2010 - 03:48
MT-103
MT103 is a straight-through processing mechanism requiring very little manual intervention
You cannot send an MT103 with a condition that the beneficiary's bank must receive, say certain documents, from the beneficiary before crediting his account. Such a request will be rejected by the remitting bank, and if sent in Field 23 (which allows for only a few standard codes) will be rejected and ignored by the beneficiary's bank who will credit the beneficiary's account anyway.
Transactions that involve the exchange of money for documents are documentary collections (D/A, D/P etc.) and are processed in other ways. Banks are banks, they are not lawyers or trust companies.
