What is a SWIFT MT 103-202?

SWIFT MT 103-202 is a financial message used in the SWIFT network for international wire transfers. It specifically serves as a payment instruction for cross-border transactions, detailing the sender, receiver, and payment amount. The "202" designation indicates that it is a specific type of MT 103 message, which is typically used for single customer credit transfers, ensuring secure and efficient processing between banks. This message format facilitates compliance with regulations and helps in tracking the transaction throughout the payment process.