What is mt105?

MT105 is a type of message format used in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, specifically for the transmission of payment instructions. It is primarily utilized for the transfer of funds between banks and financial institutions, detailing the specifics of the transaction such as the amount, currency, and sender/receiver information. MT105 messages are typically used for customer credit transfers and can be part of a larger series of transactions in financial communications.