SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique identifier used by banks for international money transfers. It allows banks to communicate securely with each other and ensures that funds are routed to the correct bank and branch.
How should the MT103 message be formatted for Cross-border Interbank Payment System?
An MT103 for Cross-border Interbank Payment System must include the SWIFT code in field F57, the recipient's full legal name and IBAN/account in F59, and a clear purpose of payment in F70.
| Field | Guidance |
|---|---|
| :50K (Ordering Customer) | Enter the sender’s full legal name, account number or IBAN (if required), and registered address exactly as maintained by the sending bank. For businesses, use the registered legal entity name rather than a trading name or abbreviation. |
| :57A: (Beneficiary Bank) | Enter the beneficiary bank’s SWIFT/BIC code. Some banks may require the 11-character branch BIC instead of the 8-character primary office BIC for accurate routing. |
| :59: (Beneficiary Customer) | Enter the recipient’s full legal name and IBAN or account number exactly as registered with the receiving bank. Include any required local routing details where applicable. |
| :70: (Reason for Payment) | Provide a clear payment purpose or invoice reference. Field :70: supports up to 4 lines of 35 characters each. Some corridors require regulatory purpose codes. |
| :71A: (Charges) | SHA: shared charges. OUR: sender pays charges. BEN: recipient pays charges. Confirm charge preferences with the beneficiary before sending. |
PRO TIP: Name mismatches may trigger additional compliance review or payment delays, especially for cross-border transfers.
What happens if you use the wrong SWIFT code for Cross-border Interbank Payment System?
Using the wrong SWIFT code can cause the wire to be rejected, returned in 3-7 days, or routed to the wrong institution. If the SWIFT code is incorrect, the payment may be delayed, rejected, or returned. Additional intermediary, return, and repair charges may also apply.
Do you also need an IBAN Code?
Many transfers require both IBAN + SWIFT, check out our IBAN validator to quickly validate your IBAN Code.
Data Source
SWIFT/BIC code data sourced from the official SWIFT BIC Directory (ISO 9362) and validated against participating banks' published reference data.
Last Reviewed: 20/05/2026
