A bright X-ray transient was seen during an XMM-Newton observation in the direction of the Small Magellanic Cloud (SMC) in October 2006. The EPIC data allow us to accurately locate the source and to investigate its temporal and spectral behaviour. X-ray spectra covering 0.2-10 keV and pulse profiles in different energy bands were extracted from the EPIC data. The detection of 6.85 s pulsations in the EPIC-PN data unambiguously identifies the transient with XTE J0103-728, discovered as 6.85 s pulsar by RXTE. The X-ray light curve during the XMM-Newton observation shows flaring activity of the source with intensity changes by a factor of two within 10 minutes. Modelling of pulse-phase averaged spectra with a simple absorbed power-law indicates systematic residuals which can be accounted for by a second emission component. For models implying blackbody emission, thermal plasma emission or emission from the accretion disk (disk-blackbody), the latter yields physically sensible parameters. The photon index of the power-law of ~0.4 indicates a relatively hard spectrum. The 0.2-10 keV luminosity was 2x10^{37} with a contribution of ~3% from the disk-blackbody component. A likely origin for the excess emission is reprocessing of hard X-rays from the neutron star by optically thick material near the inner edge of an accretion disk. From a timing analysis we determine the pulse period to 6.85401(1) s indicating an average spin-down of ~0.0017 s per year since the discovery of XTE J0103-728 in May 2003. The X-ray properties and the identification with a Be star confirm XTE J0103-728 as Be/X-ray binary transient in the SMC.
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