MT103
A standard SWIFT message format used specifically for a single customer transfer, conveying a payment order from one bank to another.
Related terms
SWIFT
The Society for Worldwide Interbank Financial Telecommunication, the global messaging network used for secure international payments and settlement instructions among financial institutions.
Read full definitionWire Transfer
An electronic transfer of funds across a network administered by banks and transfer service agencies around the world, moving money directly from one bank or credit union to another.
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ACH (Automated Clearing House)
A network used for electronic payments and money transfers. ACH is popular in the United States for domestic transactions, including direct deposit, payroll and bill payments.
Read full definitionBACS
Bankers’ Automated Clearing Services, the process for making sterling payments via domestic UK banks. Mostly used for direct credits and direct debits, BACS payments tend to take three business days to clear.
Read full definitionBIC (Bank Identifier Code)
Also known as a SWIFT code, a standard format used to identify a specific bank during an international transaction.
Read full definitionCash Transfer
The movement of funds from one entity to another. When moving cash from one country to another, the term is often used interchangeably with currency transfer, foreign exchange and currency conversion.
Read full definitionCHAPS
Clearing House Automated Payment System, a faster way of making sterling payments that are usually cleared on the same working day.
Read full definitionClearing House
An organisation, institution or third party that settles a financial obligation between a buyer and seller, ensuring all parties honour and settle the agreements they have committed to.
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