CONDITIONAL PAYMENT
MT 103-23
A standard SWIFT MT103 (Single Customer Credit Transfer) is a general use message of a TT payment instruction which is an unconditional payment.
I would like to confirm that there is no MT103/23 Conditional, but MT103 (usually with Field 23B – bank operation – mandatory codeword CRED), Field 23E – Instruction Code – is where the remitting bank (at the request of the remitter) puts in instructions code instructing the beneficiary’s bank how to effect the payment.
INTC: The payment is an intra-company payment, i.e., a payment between two companies belonging to the same group.
REPA: Payment has a related e-Payments reference.
CORT Payment is made in settlement of a trade, e.g., foreign exchange deal, securities transaction.
BONL: Payment is to be made to the beneficiary customer only.
HOLD: Beneficiary customer/claimant will call; pay upon identification.
CHQB: Pay beneficiary customer only by cheque. The optional account number line in field 59 must not be used.
PHOB: Please advise/contact beneficiary/claimant by phone.
TELB: Please advise/contact beneficiary/claimant by the most efficient means of telecommunication.
PHON: Please advise account with institution by phone.
TELE: Please advise account with institution by the most efficient means of telecommunication.
PHOI: Please advise the intermediary institution by phone.
TELI: Please advise the intermediary institution by the most efficient means of telecommunication
You cannot send an MT103 with a condition that the beneficiary’s bank must receive, say presentation – evidencing of certain advisable documents detailed in Field 23E – from the beneficiary before crediting his account.
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