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

It is used to process
single customer credit transfers, including both fund transfers and cash transfers. There are two
ways to receive MT103 messages: manual download and MT103 TT.

Manual Download: Manual download is a method of receiving MT103 messages in which the
messages are downloaded from the bank's server by logging into the online banking system.
With this method, the user manually selects and downloads the messages one by one. This
method is commonly used by smaller banks or businesses that do not have a high volume of
transactions.
MT103 TT: MT103 TT (Telegraphic Transfer) is a method of receiving MT103 messages in which
the messages are transmitted to the receiving bank electronically in real-time. This method is
typically used for high-volume transactions or for transactions that require quick processing
times. MT103 TT messages are transmitted via SWIFTNet, which is a secure messaging platform
used by banks and financial institutions worldwide.
In summary, the main difference between MT103 manual download and MT103 TT is the
method of receiving the messages. Manual download involves downloading messages one by
one from the bank's server, while MT103 TT involves transmitting the messages electronically
in real-time via SWIFTNet. The choice of method will depend on the volume and urgency of the
transactions and the capabilities of the bank or business receiving the messages.