what is an MT103

The postings and replies on this board concerning MT103 continue to be a source of amusement.
Swift is a closed, private telecoms network whose subscribers are banks, merchant banks, securities houses and other qualified financial institutions. Banks send messages to one another on the Swift system using formats known as MTs (Message Types) numbered from MT100 to MT999, each for a different purpose.
MT103 is the format banks use when they effect what is known to a layman as a wire transfer, cable transfer, telegraphic transfer or Swift transfer.
Suppose A has an account with Bank X and he needs to transfer money to B whose account is with Bank Y in another country. A goes to Bank X, fills out a remittance form with all particulars. Bank X debits A’s account and sends a Swift MT103 to Bank Y. Bank Y debits Bank X and credits B’s account and advises B that it has received a remittance.
That is all there is to MT103. Nobody who does not work in the telex room of a bank needs to know any more than that.
MT103 is a definite, authenticated, unconditional transfer of funds. In the above example Bank Y must credit B’s account, nothing more nothing less. There is no such thing as a Conditional MT103.It's another brokerspeak.