What is ISO20022 equivalent of a MT103 message?

The ISO20022 equivalent of an MT103 (Single Customer Credit Transfer) message is the pacs.008.001.xx message type, specifically designed for customer credit transfers.

Key differences from MT103:

  • More structured data fields
  • Enhanced character set support
  • Richer remittance information
  • Better support for regulatory reporting
  • Improved end-to-end tracking

During SWIFT's migration to ISO20022, MT103 messages are being replaced by pacs.008 messages. The migration began in March 2023 and will continue through November 2025.

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