SWIFT MT103 and MT799 are two important financial messaging formats used by banks and

financial institutions worldwide. Here is some basic information about these two formats:
SWIFT MT103:

• MT103 is a SWIFT message format used for making payments.

• It is a standard format that banks use to transfer money from one account to another.
• MT103 is used to process single customer credit transfers, including both fund transfers
and cash transfers.
• The message contains details about the transaction, including the amount, currency,
and account numbers of the sender and receiver.
SWIFT MT799:

• MT799 is a SWIFT message format used for sending secure messages, particularly for
financial transactions.
• It is commonly used for bank guarantees, standby letters of credit, and proof of funds.
• MT799 is a message that is sent between banks, and it is not a payment instruction.
• The message contains details about the account holder, the financial institution, and the
type of financial instrument involved in the transaction.
In summary, SWIFT MT103 is used for transferring money from one account to another, while
SWIFT MT799 is used for sending secure messages related to financial instruments such as bank
guarantees and letters of credit. These two formats are critical in the global financial system as
they ensure that transactions are processed accurately and securely.