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Standards

Category 6 - Reference Data
For Standards MT November 2011

Message Reference Guide
Standards Release Guide This document contains the messaging solut

ion for distributing standing settlement instructions (SSIs), consisting of an SSI update notification request message (MT 670) and an SSI update notification message (MT 671).

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Category 6 - Reference Data for Standards MT November 2011

Table of Contents
Introduction................................................................................................................................................. 3 Summary of Changes............................................................................................................................. 3 Overview................................................................................................................................................. 3 Changes ................................................................................................................................................. 3 Volume Formatting Explanation ............................................................................................................. 4 Category 6 Reference Data Message Types .............................................................................................7 Euro - Impact on Category Message Standards ........................................................................................9 MT 670 Standing Settlement Instruction Update Notification Request ....................................................10 MT 670 Scope ...................................................................................................................................... 10 MT 670 Format Specifications.............................................................................................................. 10 MT 670 Network Validated Rules .........................................................................................................13 MT 670 Usage Rules............................................................................................................................ 14 MT 670 Field Specifications ................................................................................................................. 14 MT 670 Examples ................................................................................................................................ 36 MT 671 Standing Settlement Instruction Update Notification ...................................................................59 MT 671 Scope ...................................................................................................................................... 59 MT 671 Format Specifications.............................................................................................................. 60 MT 671 Network Validated Rules .........................................................................................................61 MT 671 Field Specifications ................................................................................................................. 61 MT 671 Examples ................................................................................................................................ 79 MT 690 Advice of Charges, Interest and Other Adjustments .................................................................101 MT 691 Request for Payment of Charges, Interest and Other Expenses ..............................................102 MT 692 Request for Cancellation ...........................................................................................................103 MT 695 Queries...................................................................................................................................... 104 MT 696 Answers .................................................................................................................................... 105 MT 698 Proprietary Message ................................................................................................................. 106 MT 699 Free Format Message ............................................................................................................... 107 Legal Notices.......................................................................................................................................... 108

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

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Message Reference Guide - Standards Release Guide

Introduction

Introduction
Summary of Changes
Added Message Types
MT 670 on page 10 MT 671 on page 59

Removed Message Types
None

Modified Message Types
None

Overview
In response to a request from the community, Standards developed two new messages for the distribution of standing settlement instructions (SSIs), which today is done by fax, e-mail, telephone and SWIFT broadcast messages. These methods lack structure, are difficult to automate and are not secure. The quality of SSI data held by financial institutions is therefore less than precise and leads to incorrect and rejected payments. The SWIFT broadcast messages MT 074 and MT 094 carry SSI information today but these messages were not designed for this purpose and therefore lack the appropriate structure to facilitate automatic processing of the data. They are also not authenticated and this issue is addressed by the new solution. The solution consists of an SSI update notification request message (MT 670) and an SSI update notification message (MT 671). The MT 670 is sent to SWIFT by the party wishing to send an update of its (or its client's) SSIs, and the MT 671 is sent by SWIFT to the SSI recipients, as specified in the MT 670. Special features: ? The messages are structured, validated, distributed and authenticated ? They cater for multiple currency updates in a single message and contain currency specific field rules ? The sender of the MT 670 is able to choose to distribute the message to all BICs on the network, to all the BICs in one or more countries or to a list of specific BICs (max. 100 BICs) ? For confidentiality, the MT 671 will not contain the distribution list ? End-to-end integrity of the data carried in these two message types requires a different authentication mechanism to that of other authenticated messages ? The new messages do not require RMA authorisation

Changes
This book contains the Category 6 Reference messages, the MTs 67n, and the Common Group messages, the MTs 69n.

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For information about other Category 6 messages, see Category 6 Commodities and Category 6 Syndications. IMPORTANT: This volume contains advance information effective as of the November 2011 Standards Release. Therefore the 23 July 2010 edition of the User Handbook Standards MT volumes remains effective until November 2011.

Volume Formatting Explanation
This volume of the Standards User Handbook set contains general information about the category and a detailed description of each message type which is currently available for use. For each message type, the following information is provided:

Message Type Scope
The scope specifies the Sender and Receiver of the message and provides an explanation on how the message is used. In some messages, an example of the message flow is also provided.

Message Type Format Specifications
The format specifications are the rules for the layout of the message type. This information is provided in table form with the following information:

MT nnn (Message Type Name)
Status Tag Qualifier Generic Field Name Detailed Field Name Content/ Options No.

Mandatory Sequence A General Information M M M O M 16R 20C SEME 23G 98a 22F PREP TRTR Date/Time Indicator Reference Start of Block Sender's Reference Function of the Message Preparation Date/Time Trade Transaction Type Indicator GENL :4!c//16x 4!c[/4!c] A or C :4!c/[8c]/4!c 1 2 3 4 5

-----> Repetitive Optional Subsequence A1 Linkages M O M M 16R 13A LINK Number Identification Reference Start of Block Linked Transaction (see qualifier description) End of Block LINK :4!c//3!c :4!c//16x LINK 6 7 8 9

20C 4!c 16S

-----| End of Optional Subsequence A1 Linkages M 16S End of Block GENL 10

? MT nnn (Message Type Name) provides the message type number and name ? Status indicates if the field is ? M - Mandatory

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Introduction

? O - Optional The status M for fields in optional (sub)sequences means that the field must be present if the (sub)sequence is present and is otherwise not allowed. ? Tag is the field identification. ? Qualifier specifies the qualifier to be used in the field. In cases where more than one qualifier may be used in a field, this column will be 4!c. ? Generic Field Name is the generic, that is, ISO 15022, name for the field. This column will be blank if the field is not a generic field. ? Detailed Field Name is the detailed name of the field tag, for this message type. ? Content/Options provides permitted field length and characteristics. For information concerning field structure, notation and character restrictions, see the Standards MT General Information. ? No. identifies the number of the field in the Field Specifications for the message type. Some messages are separated into sequences of fields, as shown above. An arrow indicates that a sequence of fields may be repeated.

MT Network Validated Rules
Network validated rules are validated on the network, that is, rules for which an error code is defined. Rules specified in this section affect more than one field in the message, placing a 'condition' on one of the fields specified. They are identified as Cn, or conditional rules.

MT Usage Rules
Usage rules are not validated on the network, that is, rules for which no error code is defined, but are nevertheless mandatory for the correct usage of the message. Rules specified in this section affect more than one field in the message, or more than one SWIFT message.

MT Guidelines
Guidelines are not validated on the network and are not mandatory for the correct usage of the message. They concern good practices. Guidelines specified in this section affect more than one field in the message, or more than one SWIFT message.

MT Field Specifications
The rules for the use of each field in the message are specified in this section. Each field is identified by its index number (as shown in the No. column of the MT Format Specifications), field tag and detailed field name, followed by a description of the field, which may contain some or all of the following: ? FORMAT specifies the field formats which are allowed for the field. ? PRESENCE indicates if the field is mandatory, optional or conditional in its sequence. ? QUALIFIER lists the qualifiers which may be used for the field. An explanation for reading the qualifier table may be found in the Category 5 - Securities Markets - Message Usage Guidelines. ? DEFINITION specifies the definition of the field in the message type. ? CODES lists all codes available for use in the field. If there is more than one subfield for which codes are defined, each separate code list will be identified with a CODES heading. When a list of codes is validated by the network, the error code will be specified.

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? NETWORK VALIDATED RULES specifies rules that are validated on the network, that is, rules for which an error code is defined. Generally, rules specified in this section affect only the field in which they appear. In some cases, rules which are validated at the message level, that is, rules which affect more than one field, are repeated in this section. This is the case when the rule does not affect the presence of the field, but information within several fields, for example, a currency which must be the same for more than one field in the message. ? USAGE RULES specifies rules that are not validated on the network, that is, rules for which no error code is defined, but are nevertheless mandatory for the correct usage of the field. Rules specified in this section affect only the field in which they appear. ? MARKET PRACTICE RULES specifies rules published by the Securities Market Practice Group (SMPG). It informs the reader of the existence of a global market practice document on the business process in which the concerned field is used. The absence of a market practice rule notation does not mean that no market practices exist for the concerned field. The presence of a market practice rule is merely an indicator of a known market practice. Furthermore, readers should be aware that in addition to global market practices there may also be country-specific requirements that should be considered when using the field. For more details on SMPG market practice documentation, refer to www.smpg.info. Note: The section entitled Market Practice Rules has only been added to the MTs 540-7 in the User Handbook 2006 edition. Following evaluation, it is intended that this section will be added to other category 5 messages in future releases. ? EXAMPLES provides one or more examples of the field as it will be formatted/used.

MT Mapping
MT mapping provides an explanation of how to map the fields of the message into another SWIFT message, either of the same or a different message type.

MT Examples
Examples are provided to illustrate the correct use of a message. Examples always include the following information: ? Narrative provides a brief description of a transaction ? Information Flow illustrates the relationships between the parties involved in the message. An explanation of the flow diagram can be found in the Standards MT General Information. ? SWIFT Format provides the message using the defined SWIFT format, and providing an explanation, where necessary, of the fields which have been used.

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Category 6 Reference Data Message Types

Category 6 Reference Data Message Types
The following table lists all message types defined in category 6 Reference Data. For each message type, there is a short description, an indicator whether the message type requires authentication (Y or N), the maximum message length (2,000 or 10,000 characters) and whether the use of the message requires registration with SWIFT for use in a message user group (Y or N). MT 670 MT Name Standing Settlement Instruction Update Notification Request Standing Settlement Instruction Update Notification Advice of Charges, Interest and Other Adjustments Request for Payment of Charges, Interest and Other Expenses Request for Cancellation Queries Purpose Requests SWIFT to create the MT 671 from the MT 670 and send to financial institutions. Specifies standing settlement instructions for one or more currencies. Advises an account owner of charges, interest or other adjustments to its account Requests payment of charges, interest or other expenses Requests the Receiver to consider cancellation of the message identified in the request Requests information relating to a previous message or amendment to a previous message Responds to an MT 595 Queries or MT 592 Request for Cancellation or other message where no specific message type has been provided for the response Contains formats defined and agreed to between users and for those messages not yet live Contains information for which no other message type has been defined Authen. Y Max Length 10,000 MUG N |

671

Y

10,000

N

|

690

Y

2,000

N

691

Y

2,000

N

692

Y

2,000

N

695

Y

2,000

N

696

Answers

Y

2,000

N

698

Proprietary Message

Y

10,000

N

699

Free Format Message

Y

2,000

N

Note: A Message User Group (MUG), for the purposes of this book, is a group of users who have voluntarily agreed to support the specified message type and have registered with SWIFT to send or receive the specified message type. These messages are indicated in the preceding table in the column MUG. Registration is free of charge. To register to use one or more message types, submit a registration request (Register to a Message User Group) through the forms available on www.swift.com > Ordering > Order products and services. To withdraw from a MUG, use the Deregister from a Message User Group request. These forms are available at www.swift.com > Ordering > Terminate and deactivate.

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To get the list of other members of a particular MUG, send an MT 999 to the Customer Implementation team (SWHQBEBBCOS).

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Euro - Impact on Category Message Standards

Euro - Impact on Category Message Standards
See the Standards MT General Information for full details of the Euro-Related Information (ERI) and the impact on Standards MT message types.

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MT 670 Standing Settlement Instruction Update Notification Request
Note: Information about responsibility and liability of the use of the MT 670 and MT 671 will be available in the FIN Service Description in the UHB Online in 2011. The MT 670 and MT 671 have different authentication requirements to the other FIN message types. Information about this will be available in the FIN Operations Guide in 2011.

MT 670 Scope
The MT 670 Standing Settlement Instruction (SSI) Update Notification Request message is sent by a financial institution to SWIFT. It is an instruction to SWIFT to create the MT 671 Standing Settlement Instruction Update Notification for forwarding to : ? one or more financial institutions (up to 100 institutions) or ? all SWIFT MT users in one or more countries (up to 80 countries) or ? all SWIFT MT users specified in the request The MT 670 is used to specify standing cash settlement information for the Sender's own account or on behalf of another party. The party and account information in the SSI is then used in FX confirmations, payments messages, etc. The MT 670 is sent by a financial institution to SWIFT. SWIFT forwards the SSI notification to the intended recipients as an MT 671:
Input MT Output MT/s

! ! ! ! ! ! ! ! ! ! ! !MT!670 SSI update !SWIFTNet ! ! ! MT! 671 SSI ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
notification request update notification

MT 670 Format Specifications
MT 670 Standing Settlement Instruction Update Notification Request
Status Tag Qualifier Generic Field Name Detailed Field Name Content/Options No.

Mandatory Sequence A General Information M M 16R 20C SEME Reference Start of Block Sender's Message Reference GENL :4!c//16x 1 2

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D0060029

MT 670 Standing Settlement Instruction Update Notification Request

Status M

Tag 23G

Qualifier

Generic Field Name

Detailed Field Name Function of the Message

Content/Options 4!c[/4!c]

No. 3

-----> Optional Repetitive Subsequence A1 Linkages M M M 16R 20C 4!c 16S Reference Start of Block (see qualifier description) End of Block LINK :4!c//16x LINK 4 5 6

-----| End of Subsequence A1 Linkages Mandatory Subsequence A2 Distribution Parameter M -----> O -----| -----> O -----| O M 22H SSIR 16S Indicator SSI Recipient End of Block :4!c//4!c DISPAR 10 11 94C SSIR Place SSI Recipient Country :4!c//2!a 9 95P SSIR Party SSI Recipient :4!c//4!a2!a2!c[3!c] 8 16R Start of Block DISPAR 7

End of Subsequence A2 Distribution Parameter -----> M -----| M O M 22F 97A 16S UDTP SAFE Indicator Account SSI Update Type Safekeeping Account End of Block :4!c/[8c]/4!c :4!c//35x GENL 13 14 15 95a 4!c Party (see qualifier description) P or Q 12

End of Sequence A General Information -----> Mandatory Repetitive Sequence B Standing Settlement Instruction Details M M O M M 16R 22H SSIP 20C SSIR 11A 98A SETT EFFD Indicator Reference Currency Date Start of Block SSI Purpose SSI Reference SSI Currency Effective Date SSIDET :4!c//4!c :4!c//16x :4!c//3!a :4!c//8!n 16 17 18 19 20

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Status -----> M -----|

Tag

Qualifier

Generic Field Name

Detailed Field Name

Content/Options

No.

22F

4!c

Indicator

(see qualifier description)

:4!c/[8c]/4!c

21

-----> Mandatory Repetitive Subsequence B1 Cash Parties M -----> M -----| O M 97A 16S CASH Account Cash Account End of Block :4!c//35x CSHPRTY 24 25 95a 4!c Party (see qualifier description) P, Q, R, or S 23 16R Start of Block CSHPRTY 22

-----| End of Subsequence B1 Cash Parties Optional Subsequence B2 Other Details M -----> O -----| O M 22F 16S PMTH Indicator Payment Method Indicator End of Block :4!c/[8c]/4!c OTHRDET 28 29 70E ADTX Narrative Additional Text Narrative :4!c//10*35x 27 16R Start of Block OTHRDET 26

End of Subsequence B2 Other Details M 16S End of Block SSIDET 30

-----| End of Sequence B Standing Settlement Instruction Details Optional Sequence C Other Details M -----> O -----| O M 22F 16S PMTH Indicator Payment Method Indicator End of Block :4!c/[8c]/4!c OTHRDET 33 34 70E ADTX Narrative Additional Text Narrative :4!c//10*35x 32 16R Start of Block OTHRDET 31

End of Sequence C Other Details M = Mandatory, O = Optional

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MT 670 Standing Settlement Instruction Update Notification Request

MT 670 Network Validated Rules
C1 In subsequence A2 Distribution Parameter, either field :95P::SSIR SSI Recipient or field :94C::SSIR SSI Recipient Country or field :22H::SSIR SSI Recipient Indicator must be present (Error code(s): D08). Subsequence A2 Distribution Parameter if field :95P::SSIR SSI Recipient is ... Present Not present Subsequence A2 Distribution Parameter then field :94C::SSIR SSI Recipient Country is ... Not allowed Present Not present C2 Subsequence A2 Distribution Parameter and field :22H::SSIR SSI Recipient Indicator is ... Not allowed Not allowed Mandatory

In sequence A General Information, field :95P::SUBM Submitting Party must specify the same registered BIC as the Sender in the basic header. If the branch code of the Sender's BIC is XXX, then the branch code is not required in field :95P::SUBM Submitting Party. If the branch code of the Sender's BIC is not XXX, then the branch code in field :95P::SUBM Submitting Party must be the same. If the branch code of :95P::SUBM Submitting Party is present, then the branch code of the Sender's BIC must be the same (Error code(s): D09). In addition, if the Sender's BIC is a Test and Training BIC then it's owing master's registered BIC could also be specified in field :95P::SUBM Submitting Party. (However, if the branch code of :95P::SUBM Submitting Party is present then it must be a valid branch code for that owning master.) (Error code(s): D09).

C3

In sequence A General Information, field :95P::TRAD Trade Party may only be present once. Field :95Q::TRAD Trade Party may only be present once. Both fields :95P::TRAD Trade Party and :95Q::TRAD Trade Party may be present (Error code(s): E23). In each occurrence of sequence B SSI Details, each of the qualifiers ACCW, INT1 and INT2 may only be present in one iteration of subsequence B1 Cash Parties (Error code(s): E84). In each occurrence of sequence B SSI Details, if subsequence B1 Cash Parties contains :95a::INT2 Second Intermediary then :95a::INT1 Intermediary must be present in another subsequence B1 Cash Parties (Error code(s): D11). Subsequence B1 Cash Parties if field :95a::INT1 Intermediary is ... Present Not present Subsequence B1 Cash Parties then :95a::INT2 Second Intermediary is ... Optional Not allowed

C4

C5

C6

In each occurrence of sequence B SSI Details, in subsequence B1 Cash Parties, field :95P::BENM or :95Q::BENM or :95R::BENM Beneficiary of Money must be present. All three may be present but once only (Error code(s): D12). In each occurrence of subsequence B1 SSI Details, fields :95P::ACCW, :95Q::ACCW and :95R::ACCW Account with Institution may all be present but once only (Error code(s): D15). In each occurrence of subsequence B1 SSI Details, fields :95P::INT1, :95Q::INT1 and :95R::INT1 Intermediary may all be present but once only (Error code(s): D15).

C7

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In each occurrence of subsequence B1 SSI Details, fields :95P::INT2, :95Q::INT2 and :95R::INT2 Second Intermediary may all be present but once only (Error code(s): D15). C8 In subsequence A2 Distribution Parameter, if field :95P::SSIR SSI Recipient is not present, then in subsequence B2 Other Details and sequence C Other Details, field :22F::PMTH Payment Method Indicator must not be present. In sequence C Other Details, field :22F::PMTH Payment Method Indicator is only allowed when subsequence B2 Other Details field :22F::PMTH Payment Method Indicator is not present (Error code(s): D14). Subsequence A2 Distribution Parameter if field :95P::SSIR SSI Recipient is ... Present Present Not present C9 Subsequence B2 Other Details then field :22F::PMTH Payment Method Indicator is ... Present Not present Not allowed Subsequence C Other Details then field :22F::PMTH Payment Method Indicator is ... Not allowed Optional Not allowed

In subsequence B2 Other Details and sequence C Other Details, fields 16R and 16S may not be the only fields present. If field 16R is present, then at least one of the other fields of the same subsequence or sequence must be present (Error code(s): D13).

MT 670 Usage Rules
? If the SSI is for the Russian Rouble (RUB), the correspondent's account with the central bank must be present. ? If the SSI is for the Mexican Peso (MXN), the beneficiary's account number must be present. ? It is generally accepted that SSIs must be sent 30 days in advance of the SSI effective date. ? The message may also be used to: ? re-send a message (the sub-function of the message is DUPL) ? provide a third party with a copy of the message (the sub-function of the message is COPY) ? re-send a third party a copy of a message (sub-function of the message is CODU)

MT 670 Field Specifications
1. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in mandatory sequence A

DEFINITION
This field specifies the start of a block and the name of that block.

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MT 670 Standing Settlement Instruction Update Notification Request

CODES
This field must contain the following code (Error code(s): T92): GENL General Information

2. Field 20C: Reference: Sender's Message Reference
FORMAT
Option C :4!c//16x (Qualifier)(Reference)

PRESENCE
Mandatory in mandatory sequence A

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier SEME R/N N CR Options C Qualifier Description Sender's Message Reference

DEFINITION
This qualified generic field specifies: SEME Sender's Message Reference Reference assigned by the Sender to unambiguously identify the message.

NETWORK VALIDATED RULES
Reference must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s): T26).

3. Field 23G: Function of the Message
FORMAT
Option G 4!c[/4!c] (Function)(Subfunction)

PRESENCE
Mandatory in mandatory sequence A

DEFINITION
This field identifies the function of the message.

CODES
Function must contain one of the following codes (Error code(s): T86):

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NEWM

New

New SSI update notification message.

CODES
When present, Subfunction must contain one of the following codes (Error code(s): T85): CODU Copy Duplicate Message is a copy to a party other than the account owner/account servicer, for information purposes and the message is a duplicate of a message previously sent. Message is a copy to a party other than the account owner/account servicer, for information purposes. Message is for information/confirmation purposes. It is a duplicate of a message previously sent.

COPY DUPL

Copy Duplicate

4. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in optional subsequence A1

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): LINK Linkages

5. Field 20C: Reference
FORMAT
Option C :4!c//16x (Qualifier)(Reference)

PRESENCE
Mandatory in optional subsequence A1

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier RELA R/N N CR Options C Qualifier Description Related Message Reference

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MT 670 Standing Settlement Instruction Update Notification Request

Order

M/O or

Qualifier PREV

R/N N

CR

Options C

Qualifier Description Previous Message Reference

DEFINITION
This qualified generic field specifies: PREV RELA Previous Message Reference Related Message Reference Message reference of a previously sent SSI update notification message. Message reference of a related message which was previously received.

NETWORK VALIDATED RULES
Reference must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s): T26).

USAGE RULES
When field :20C::PREV Previous Reference is used, for example, because the message is linked to a previously sent SSI Update Notification, field :20C::PREV Previous Reference may contain the content of field :20::SEME Sender's Message Reference of the previous MT 670. If the original message was not an MT 670 but some other communication, field :20C::PREV Previous Reference may contain the reference of this communication. When :20C::RELA Related Reference is used, for example, because the SSI Update Notification is sent in response to a request for the SSI Update Notification, field :20C::RELA Related Reference may contain the reference of the request.

6. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in optional subsequence A1

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): LINK Linkages

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7. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in mandatory subsequence A2

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): DISPAR Distribution Parameter

8. Field 95P: Party: SSI Recipient
FORMAT
Option P :4!c//4!a2!a2!c[3!c] (Qualifier)(Identifier Code)

PRESENCE
Optional in mandatory subsequence A2

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier SSIR R/N R CR C1 Options P Qualifier Description SSI Recipient

DEFINITION
This qualified generic field specifies: SSIR SSI Recipient Institution to which the SSI update notification (MT 671) message must be sent. This field may be present up to 100 times, identifying a distribution list for the SSI update notification.

In option P, Identifier Code specifies a BIC. For more details see the Standards MT General Information.

NETWORK VALIDATED RULES
Identifier Code must be a registered BIC (Error code(s): T27,T28,T29,T45). Field :95P::SSIR SSI Recipient may be present a maximum of 100 times (Error code(s): T19).

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USAGE RULES
If a BIC is duplicated the MT 671 will only be generated for one instance of the repeated BIC. The BIC must be a SWIFT-connected BIC.

9. Field 94C: Place: SSI Recipient Country
FORMAT
Option C :4!c//2!a (Qualifier)(Country Code)

PRESENCE
Optional in mandatory subsequence A2

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier SSIR R/N R CR C1 Options C Qualifier Description SSI Recipient Country

DEFINITION
This qualified generic field specifies: SSIR SSI Recipient Country Country to which the SSI update notification (MT 671) message must be sent. This field may be present up to 80 times.

NETWORK VALIDATED RULES
Country Code must be a valid ISO country code (Error code(s): T73). Field :94C::SSIR SSI Recipient Country may be present a maximum of 80 times (Error code(s): T19).

USAGE RULES
If a country code is duplicated the MT 671 will only be generated for one instance of the repeated country code.

10. Field 22H: Indicator: SSI Recipient
FORMAT
Option H :4!c//4!c (Qualifier)(Indicator)

PRESENCE
Optional in mandatory subsequence A2

QUALIFIER
(Error code(s): T89)

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Order 1

M/O O

Qualifier SSIR

R/N N

CR C1

Options H

Qualifier Description SSI Recipient

DEFINITION
This qualified generic field specifies: SSIR SSI Recipient Specifies the distribution of the SSI update notification.

CODES
Indicator must contain the following code (Error code(s): K22): ALLL All SSI update notification is to be distributed to all SWIFT users.

11. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory subsequence A2

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): DISPAR Distribution Parameter

12. Field 95a: Party
FORMAT
Option P Option Q :4!c//4!a2!a2!c[3!c] :4!c//4*35x (Qualifier)(Identifier Code) (Qualifier)(Name and Address)

PRESENCE
Mandatory in mandatory sequence A

QUALIFIER
(Error code(s): T89)

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MT 670 Standing Settlement Instruction Update Notification Request

Order 1 2 3

M/O M O O

Qualifier SUBM CONT TRAD

R/N N R R

CR C2

Options P Q

Qualifier Description Submitting Party Contact Person Trade Party

C3

P or Q

DEFINITION
This qualified generic field specifies: CONT SUBM TRAD Contact Person Submitting Party Trade Party Person at the institution that sends the SSI update notification to be contacted if there should be problems with the SSI. Party that is the Sender of the SSI update notification. In many situations this party is also the beneficiary. Trade party, when different from the party identified as the submitting party and the beneficiary. In some cases, this may be the fund manager.

In option P, Identifier Code specifies a BIC. For more details see the Standards MT General Information.

NETWORK VALIDATED RULES
Identifier Code must be a registered BIC (Error code(s): T27,T28,T29,T45). Name and Address (Format Option Q) must not start or end with a slash '/' and not contain two consecutive slashes '//'. For field formats with more than 1 line, the rule applies for each line (Error code(s): T26).

USAGE RULES
95Q CONT Contact Person - as well as identifying the contact person, this field may also contain information such as a telephone number or e-mail address.

13. Field 22F: Indicator: SSI Update Type
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Mandatory in mandatory sequence A

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier UDTP R/N N CR Options F Qualifier Description SSI Update Type

DEFINITION
This qualified generic field specifies:

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UDTP

SSI Update Type

Specifies the type of SSI update notification.

CODES
If Data Source Scheme is not present, Indicator must contain the following code (Error code(s): K22): CASH Cash SSI Update notification is for a cash SSI.

14. Field 97A: Account: Safekeeping Account
FORMAT
Option A :4!c//35x (Qualifier)(Account Number)

PRESENCE
Optional in mandatory sequence A

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier SAFE R/N N CR Options A Qualifier Description Safekeeping Account

DEFINITION
This qualified generic field specifies: SAFE Safekeeping Account Master account of the currency accounts within the SSI update notification.

15. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory sequence A

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): GENL General Information

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16. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in mandatory sequence B

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): SSIDET Standing Settlement Instruction Details

17. Field 22H: Indicator: SSI Purpose
FORMAT
Option H :4!c//4!c (Qualifier)(Indicator)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier SSIP R/N N CR Options H Qualifier Description SSI Purpose

DEFINITION
This qualified generic field specifies: SSIP SSI Purpose Specifies the purpose of the individual SSI.

CODES
Indicator must contain one of the following codes (Error code(s): K22) NEWS RECO New Re-confirmation Individual SSI is new. Individual SSI is re-confirmed.

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USAGE RULES
For those situations in which a submitting party wants to send out a 'list' of all its current SSIs, then the code RECO is used at the individual SSI level. It is not necessary that the original SSI being re-confirmed was communicated with the SSI message. When an SSI is received with the code NEWS, this over-writes any previously received SSI for the same currency and market area.

18. Field 20C: Reference: SSI Reference
FORMAT
Option C :4!c//16x (Qualifier)(Reference)

PRESENCE
Optional in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier SSIR R/N N CR Options C Qualifier Description SSI Reference

DEFINITION
This qualified generic field specifies: SSIR SSI Reference Reference of the individual SSI.

NETWORK VALIDATED RULES
Reference must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error code(s): T26).

19. Field 11A: Currency: SSI Currency
FORMAT
Option A :4!c//3!a (Qualifier)(Currency Code)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89)

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Order 1

M/O M

Qualifier SETT

R/N N

CR

Options A

Qualifier Description SSI Currency

DEFINITION
This qualified generic field specifies: SETT SSI Currency Currency for which the SSI update is specified.

NETWORK VALIDATED RULES
Currency Code must be a valid ISO 4217 currency code (Error code(s): T52).

20. Field 98A: Date: Effective Date
FORMAT
Option A :4!c//8!n (Qualifier)(Date)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier EFFD R/N N CR Options A Qualifier Description Effective Date

DEFINITION
This qualified generic field specifies: EFFD Effective Date Date on which the SSI update is to be effected. Date may be further qualified by Effective Date Indicator.

NETWORK VALIDATED RULES
Date must be a valid date expressed as YYYYMMDD (Error code(s): T50). Date is validated as the date local to the Sender and it must not be prior to the date on which the message is successfully sent to SWIFT (Error code(s): T50).

21. Field 22F: Indicator
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

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PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 2 M/O O M Qualifier EFFD MARK R/N R R CR Options F F Qualifier Description Effective Date Indicator Market Area Indicator

DEFINITION
This qualified generic field specifies: EFFD MARK Effective Date Indicator Market Area Indicator Specifies how the SSI update effective date is to be applied. Specifies the market to which the SSI relates.

CODES
If Qualifier is EFFD and Data Source Scheme is not present, Indicator must contain one of the following codes (Error code(s): K22): FUTU OUTS RCON SETT TRAD Future Outstanding Trade Reconfirmation Settlement Date Trade Date SSI update is to be applied to future trades. SSI update is effective for all trades settling on and after effective date irrespective of trade date. SSI update is effective for all trades settling on and after effective date irrespective of trade date and they need to be reconfirmed. SSI update is effective on the settlement date. SSI update is effective for all trades booked on and after effective date.

CODES
If Qualifier is MARK and Data Source Scheme is not present, Indicator must contain one of the following codes (Error code(s): K22): ANYY CASH COLL COMM COPA DERI Any Cash Collections Commodities Commercial Payments Derivatives Any market area. Bank to bank cash movements. Collections. Precious metals and other commodities such as palm oil. Payment in which one of the parties is not a financial institution. Futures contracts, options, forward contracts, swaps, etc.

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DOCC FOEX GUAR LETT LOAN MMKT NDLF OPTI SECU TFIN TREA

Documentary Credits Foreign Exchange Guarantees Letters of Credit Loans Money Markets Non Deliverable Forward Options Securities Trade Finance Treasury

Documentary credits. Foreign Exchange. Guarantees. Letters of credit. Loans and deposits. Loans and deposits. FX forward trade for which only balance is settled. FX Options, swapoptions, etc. Bonds, equities, futures. Documentary credits, collections, guarantees, letters of credit. Cash management activities.

USAGE RULES
It is recommended that field :22F::EFFD is present.

22. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in mandatory subsequence B1

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): CSHPRTY Cash Parties

23. Field 95a: Party
FORMAT
Option P Option Q Option R Option S :4!c//4!a2!a2!c[3!c] :4!c//4*35x :4!c/8c/34x :4!c/[8c]/4!c/2!a/30x (Qualifier)(Identifier Code) (Qualifier)(Name and Address) (Qualifier)(Data Source Scheme)(Proprietary Code) (Qualifier)(Data Source Scheme)(Type of ID)(Country Code)(Alternate ID)

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PRESENCE
Mandatory in mandatory subsequence B1

QUALIFIER
(Error code(s): T89) Order 1 M/O M or or Qualifier BENM ACCW INT1 R/N R R R CR C6 C4, C7 C4, C5, C7 C4, C5, C7 Options P, Q, or R P, Q, or R P, Q, or R P, Q, or R S Beneficiary Account With Institution Intermediary Qualifier Description

or

INT2

R

Second Intermediary

2

O

ALTE

R

Alternate ID

DEFINITION
This qualified generic field specifies: ACCW Account With Institution Financial institution that services the cash account of the beneficiary. Also known as receiving agent. Party where the payment amount must be ultimately delivered on behalf of the beneficiary, that is, the party where the beneficiary has its account. Alternate identification of the party. Party to which the payment amount must be ultimately delivered. In some cases, this may be a fund. Intermediary. Second intermediary.

ALTE BENM INT1 INT2

Alternate ID Beneficiary Intermediary Second Intermediary

In option P, Identifier Code specifies a BIC. For more details, see the Standards MT General Information. In option R, Data Source Scheme represents a clearing system. Proprietary Code specifies a local national code identifying the party at that clearing system. In option S, : ? Alternate ID specifies an alternate identification of the party identified in this sequence. ? Type of ID specifies the type of alternate identification that can be used to give an alternate identification of the party identified in this sequence. ? Country Code specifies the country for which the alternate identification is relevant.

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CODES
In option S, if Data Source Scheme is not present, Type of ID must contain one of the following codes (Error code(s): K95): ARNU CCPT CHTY Alien Registration Number Passport Number Tax Exempt Identification Number Corporate Identification Driver's License Number Employee Identification Number Foreign Investment Identity Number Tax Identification Number Number assigned by a government agency to identify foreign nationals. Number assigned by a passport authority. Number assigned to a tax exempt entity.

CORP DRLC EMPL

Number assigned to a corporate entity. Number assigned to a driver's license. Number assigned to a specific employee for employee trade reporting.

FIIN TXID

Number assigned to a foreign investor (other than the alien number). Number assigned by a tax authority to an entity.

NETWORK VALIDATED RULES
Country Code must be a valid ISO country code (Error code(s): T73). Identifier Code must be a registered BIC (Error code(s): T27,T28,T29,T45). If Qualifier is ACCW, INT1 or INT2, Identifier Code must be a financial institution BIC. This error code applies to all types of BICs referenced in a FIN message including SWIFT BICs, non-SWIFT BICs, Masters, Synonyms, Live destinations and Test & Training destinations (Error code(s): C05). Proprietary code (Format Option R) and Name and Address (Format Option Q) and Alternate ID (Format Option S) must not start or end with a slash '/' and must not contain two consecutive slashes '//'. For field formats with more than 1 line, the rule applies for each line (Error code(s): T26).

USAGE RULES
In option R, Data Source Scheme specifies a code representing a clearing system: Code name AT AU BL CC CH Code description Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number CHIPS Universal Identifier 5!n 6!n 8!n 9!n 6!n Format Proprietary Code

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Code name CP ES FW GR HK IE IN IT PL PT RU SC SW SW

Code description CHIPS Participant Identifier Spanish Domestic Interbanking Code Fedwire Routing Number HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Polish National Clearing Code (KNR) Portuguese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) 4!n

Format Proprietary Code

8..9n 9!n 7!n 3!n 6!n 11!c 10!n 8!n 8!n 9!n 6!n 3..5n 6!n

If a clearing code is specified using 95R, this is the clearing code of the party identified in 95P or 95Q within the same subsequence B1 Cash Parties subsequence. 95a INT2 may not be used unless its use has been previously bilaterally agreed.

24. Field 97A: Account: Cash Account
FORMAT
Option A :4!c//35x (Qualifier)(Account Number)

PRESENCE
Optional in mandatory subsequence B1

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier CASH R/N N CR Options A Qualifier Description Cash Account

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DEFINITION
This qualified generic field specifies: CASH Cash Account Account in which cash is maintained.

USAGE RULES
The account provided is the account of the party specified within the same subsequence B1 Cash Parties. The cash account specified within the same subsequence B1 Cash Parties as :95a::BENM Beneficiary is an account owned by the party specified in :95a::BENM Beneficiary. The account is serviced by the party specified in the subsequence B1 Cash Parties with :95a::ACCW Account With Institution or the SSI recipient (Receiver of the MT 671). The cash account specified within the same subsequence B1 Cash Parties as :95a::ACCW Account With Institution is an account owned by the party specified in :95a::ACCW Account With Institution. The account is serviced by the party specified in the subsequence B1 Cash Parties with :95a::INT1 Intermediary or the SSI recipient (Receiver of the MT 671). The cash account specified within the same subsequence B1 Cash Parties as :95a::INT1 Intermediary is an account owned by the party specified in :95a::INT1 Intermediary. The account is serviced by the party specified in the subsequence B1 Cash Parties with :95a::INT2 Second Intermediary or the SSI recipient (Receiver of the MT 671).

25. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory subsequence B1

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): CSHPRTY Cash Parties

26. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in optional subsequence B2

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DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

27. Field 70E: Narrative: Additional Text Narrative
FORMAT
Option E :4!c//10*35x (Qualifier)(Narrative)

PRESENCE
Optional in optional subsequence B2

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier ADTX R/N R CR C9 Options E Qualifier Description Additional Text Narrative

DEFINITION
This qualified generic field specifies: ADTX Additional Text Narrative Provides additional information regarding the SSI update.

USAGE RULES
Unless bilaterally agreed between the Sender and the Receiver, narrative field 70E must not contain information that can be provided in a structured field.

28. Field 22F: Indicator: Payment Method Indicator
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Optional in optional subsequence B2

QUALIFIER
(Error code(s): T89)

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Order 1

M/O O

Qualifier PMTH

R/N N

CR C8, C9

Options F

Qualifier Description Payment Method Indicator

DEFINITION
This qualified generic field specifies: PMTH Payment Method Indicator Specifies what kind of payment method is permitted.

CODES
If Data Source Scheme is not present, Indicator must contain the following code (Error code(s): K22): COVE Cover Direct payment (that is, MT 103 with MT 202 COV as a cover) is permitted.

29. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in optional subsequence B2

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

30. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory sequence B

DEFINITION
This field specifies the end of a block and the name of that block.

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CODES
This field must contain the following code (Error code(s): T92): SSIDET Standing Settlement Instruction Details

31. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in optional sequence C

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

32. Field 70E: Narrative: Additional Text Narrative
FORMAT
Option E :4!c//10*35x (Qualifier)(Narrative)

PRESENCE
Optional in optional sequence C

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier ADTX R/N R CR C9 Options E Qualifier Description Additional Text Narrative

DEFINITION
This qualified generic field specifies: ADTX Additional Text Narrative Provides additional information regarding the SSI update.

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USAGE RULES
Unless bilaterally agreed between the Sender and the Receiver, narrative field 70E must not contain information that can be provided in a structured field.

33. Field 22F: Indicator: Payment Method Indicator
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Optional in optional sequence C

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier PMTH R/N N CR C8, C9 Options F Qualifier Description Payment Method Indicator

DEFINITION
This qualified generic field specifies: PMTH Payment Method Indicator Specifies what kind of payment method is permitted.

CODES
If Data Source Scheme is not present, Indicator must contain the following code (Error code(s): K22): COVE Cover Direct payment (that is, MT 103 with MT 202 COV as a cover) is permitted.

34. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in optional sequence C

DEFINITION
This field specifies the end of a block and the name of that block.

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CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

MT 670 Examples
Example 1: Correspondent Banking Scenario
Narrative
PEFIGB22 notifies all institutions of how it expects AUD and ZAR payments to be settled, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to all SWIFT institutions. Each SSI recipient sets up the cash settlement information in its database. The AUD correspondent of PEFIGB22 is BANKAU2L, account number 555555. The ZAR correspondent of PEFIGB22 is JANIZAJJ, account number 777777. Subsequently, BDAPGB22 makes an AUD payment to PEFIGB22 via its AUD correspondent. BDAPGB22 uses BANKAU2L as its AUD correspondent (the same as PEFIGB22). And subsequently, WWYMGB22 makes a ZAR payment to PEFIGB22 via its ZAR correspondent. WWYMGB22 uses BANKZAJJ as its ZAR correspondent.

Information Flow
ALL institutions SSI 1

PEFIGB22

BDAPGB22 2 MT 202 (AUD)

WWYMGB22 3 MT 202 (ZAR)

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !WWYM's ! ! ! ! ! ! ! ! ! ! ! !
ZAR correspondent BANKZAJJ PEFI's AUD correspondent BANKAU2L JANIZAJJ payment

PEFI's ZAR correspondent
D0060036

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender Message Type
PEFIGB22 670

Format

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Explanation Receiver Start of Block Sender's Message Reference Function of the message Start of Block SSI Recipient Indicator End of Block Submitting Party (Sender) Contact Person SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Market Area Indicator
SWFTXXXX :16R:GENL :20C::SEME//345678 :23G:NEWM :16R:DISPAR :22H::SSIR//ALLL :16S:DISPAR

Format

:95P::SUBM//PEFIGB22 :95Q::CONT//Mr Green :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 66 :11A::SETT//AUD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//BANKAU2L

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//555555

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 67 :11A::SETT//ZAR :98A::EFFD//20091105 :22F::MARK//CASH

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Explanation Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:16R:CSHPRTY

Format

:95P::ACCW//JANIZAJJ

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//777777

:16S:CSHPRTY :16S:SSIDET

Note: In this scenario, PEFIGB22 is both the Sender of the SSI (submitting party) and the beneficiary and therefore appears in the message twice. On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to all SWIFT users. The MT 671 is the same as the MT 670, except it does not have field :22H::SSIR//ALLL.

Message 2 MT 202 General Financial Institution Transfer
Using data in its SSI database, BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message Type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Beneficiary Institution and its account at Receiver
BDAPGB22 202 BANKAU2L :20:123123 :21:121212 :32A:091122AUD4000, :58A:/555555 PEFIGB22

Format

The Receiver of the MT is BDAPGB22's AUD correspondent. This bank is also the AUD correspondent of PEFIGB22.

Message 3 MT 202 General Financial Institution Transfer
Using data in its SSI database, WWYMGB22 sends an MT 202 to its ZAR correspondent to pay the ZAR amount: Explanation Sender
WWYMGB22

Format

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Explanation Message Type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) Beneficiary Institution and its account at Account With Institution
202 BANKZAJJ :20:234234 :21:200034

Format

:32A:091122ZAR4000, :57A:JANIZAJJ

:58A:/777777 PEFIGB22

Example 2: Basic FX Scenario
Narrative
PEFIGB22 has notified its trade counter-party BDAPGB22 of how it expects AUD to be settled, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, PEFIGB22 does a deal with BDAPGB22, and buys AUD. PEFIGB22 has JANIAU2X as its AUD correspondent, account 999999. (BDAPGB22 uses BANKAU2X as its AUD correspondent.)

Information Flow

I buy AUD Trading party (Party A) PEFIGB22 1 SSI 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! AUD !correspondent ! ! ! ! ! ! ! ! ! ! ! ! ! !
BANKAU2X payment

Trading party's (Party B)

Trading party's (Party A) AUD correspondent JANIAU2X
D0060030

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender
PEFIGB22

Format

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Explanation Message Type Receiver Start of Block Sender's Message Reference Function of the Message Start of Block SSI Recipient End of Block Submitting Party (Sender) Contact Person SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all outstanding trades Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
670 SWFTXXXX :16R:GENL :20C::SEME//123456 :23G:NEWM :16R:DISPAR

Format

:95P::SSIR//BDAPGB22 :16S:DISPAR :95P::SUBM//PEFIGB22 :95Q::CONT//Mr Jones :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H:SSIP//NEWS :2OC::SSIR//SSI Ref 1 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//OUTS

:22F::MARK//FOEX :16R:CSHPRTY :95P::ACCW//JANIAU2X

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//999999

:16S:CSHPRTY :16S:SSIDET

Note: In this scenario, PEFIGB22 is both the Sender of the SSI (submitting party) and the beneficiary and therefore appears in the message twice. On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to the party identified as 95P SSIR (SSI Recipient). The MT 671 is the same as the MT 670, except it does not have field :95P::SSIR//.

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Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIGB22 confirming that it will pay the AUD to PEFIGB22's AUD correspondent in favour of PEFIGB22's account. Only mandatory subsequence B2 Amount Sold is shown: Explanation Sender Message Type Receiver Currency, Amount Receiving Agent and account of Beneficiary at Receiving Agent Beneficiary Institution
BDAPGB22 300 PEFIGB22 :33B:AUD4000, :57A:/999999 JANIAU2X :58A:PEFIGB22

Format

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) Beneficiary Institution and its account at Account with Institution
BDAPGB22 202 BANKAU2X :20:654654 :21:987987 :32A:091123AUD4000, :57A:JANIAU2X

Format

:58A:/999999 PEFIGB22

Example 3: Fund Manager Scenario - with Intermediary
Narrative
PEFIGB22 has notified its broker BDAPGB22 of how it expects AUD to be settled for trades carried out on behalf of Fund A, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, Fund A uses fund manager PEFIGB22 to carry out a deal with BDAPGB22 and buys AUD. Fund A's custodian is CUSTGB22, its account at the custodian is 111111. The custodian, CUSTGB22, has JANIAU1L as its AUD correspondent, account 222222. (BDAPGB22 uses WWYMAU1L as its AUD correspondent.)

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Information Flow
Fund manager

I buy AUD on behalf of Fund A Fund A's custodian is CUSTGB22 2 BDAPGB22 1 SSI MT 202 3 Broker

I sell AUD Fund A PEFIGB22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! correspondent ! ! ! ! ! ! ! ! ! ! !
WWYMAU1L payment Fund A's custodian Custodian's AUD correspondent CUSTGB22 JANIAU1L
D0060031

Broker's AUD

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of the Message Start of Block SSI Recipient End of Block Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date
PEFIGB22 670 SWFTXXXX :16R:GENL :20C::SEME//457457 :23G:NEWM :16R:DISPAR :95P::SSIR//BDAPGB22 :16S:DISPAR :95P::SUBM//PEFIGB22 :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 2 :11A::SETT//AUD :98A::EFFD//20091105

Format

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MT 670 Standing Settlement Instruction Update Notification Request

Explanation Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Intermediary End of Block Start of Block Account With Institution (also known as receiving agent)
:22F::EFFD//FUTU

Format

:22F::MARK//FOEX :16R:CSHPRTY :95P::INT1//JANIAU1L :16S:CSHPRTY :16R:CSHPRTY :95P::ACCW//CUSTGB22

Cash Account (Account With Institution's account at :97A::CASH//222222 Intermediary) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//Fund A :97A::CASH//111111

:16S:CSHPRTY :16S:SSIDET

On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to the party identified as 95P SSIR (SSI Recipient). The MT 671 is the same as the MT 670, except it does not have field :95P::SSIR//.

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIGB22 confirming that it will pay the AUD to the PEFI's AUD correspondent in favour of the fund's account at the custodian. Only the mandatory subsequence B2 Amount Sold is shown and the identification of the fund: Explanation Sender Message Type Receiver Fund/Beneficiary Institution Currency, Amount Intermediary and account of Receiving Agent at Intermediary Receiving Agent and account of Beneficiary at Receiving Agent
BDAPGB22 300 PEFIGB22 :83J:/NAME/Fund A :33B:AUD4000, :56A:/222222 JANIAU1L :57A:/111111 CUSTGB22

Format

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Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Intermediary Account With Institution and its account at Intermediary Beneficiary Institution and its account at Account With Institution
BDAPGB22 202 WWYMAU1L :20:189189 :21:637637 :32A:091123AUD4000, :56A:JANIAU1L :57A:/222222 CUSTGB22 58D:/111111 Fund A

Format

Example 4: SSIs Centralised
Narrative
PEFIGB22, London, also manages SSIs for PEFIIE2D (Dublin) and has notified its trade counter-party, BDAPGB22, of how it expects AUD to be settled for trades with PEFIIE2D, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, PEFIIE22, does a deal with BDAPGB22 (Trading Party B) and buys AUD. PEFIIE2D has JANIAU2X as its AUD correspondent, account 444444. (BDAPGB22, uses BANKAU2X as its AUD correspondent.)

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MT 670 Standing Settlement Instruction Update Notification Request

Information Flow
I buy AUD Trading party (Party A) PEFIIE2D SSI submitting party (Party A) 1 SSI 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! AUD!correspondent! ! ! ! ! ! ! ! ! ! ! ! ! !
PEFIGB22 BANKAU2X payment

Trading party's (Party B)

Trading party's (Party A) AUD correspondent JANIAU2X
D0060032

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Start of Block SSI Recipient End of Block Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date
PEFIGB22 670 SWFTXXXX :16R:GENL :20C::SEME//889889 :23G:NEWM :16R:DISPAR :95P::SSIR//BDAPGB22 :16S:DISPAR :95P::SUBM//PEFIGB22 :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 3 :11A::SETT//AUD :98A::EFFD//20091105

Format

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Explanation Effective Date Indicator - the SSI must be applied to all outstanding trades and they must be reconfirmed Market Area Indicator Start of Block Account With Institution (also known as Receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:22F::EFFD//RCOM

Format

:22F::MARK//FOEX :16R::CSHPRTY :95P::ACCW//JANIAU2X

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIIE2D :97A::CASH//444444

:16S::CSHPRTY :16S::SSIDET

On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to the party identified as 95P SSIR (SSI Recipient). The MT 671 is the same as the MT 670, except it does not have field :95P::SSIR//.

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIIE2D confirming that it will pay the AUD to PEFIIE2D's AUD correspondent in favour of PEFIIE2D's account. Only the mandatory subsequence B2 Amount Sold is shown: Explanation Sender Message Type Receiver Currency, Amount Receiving Agent and account of Beneficiary at Receiving Agent Beneficiary Institution
BDAPGB22 300 PEFIIE2D :33B:AUD4000, :57A:/444444 JANIAU2X :58a:PEFIIE2D

Format

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type
BDAPGB22 202

Format

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MT 670 Standing Settlement Instruction Update Notification Request

Explanation Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) Beneficiary Institution and its account at Account With Institution
BANKAU2X :20:100089 :21:100076

Format

:32A:091123AUD4000, 57A:JANIAU2X

58A:/444444 PEFIIE2D

Example 5: SSIs Centralised and Fund Manager
Narrative
PEFIGB22, London, also manages SSIs for PEFIIE2D (Dublin) and has notified its trade counter-party, BDAPGB22, of how it expects AUD to be settled for trades carried out by PEFIIE2D on behalf of Fund A, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, Fund A using fund manager, PEFIIE2D, does a deal with BDAPGB22 and buys AUD. Fund A's custodian is CUSTGB22, its account at the custodian is 111111. The custodian, CUSTGB22, has JANIAU2X as its AUD correspondent, account 222222. (BDAPGB22 uses BANKAU2X as its AUD correspondent.)

Information Flow
Trading party (Party A) I buy AUD 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD Fund A PEFIIE2D SSI submitting party (Party A) 1 SSI

Trading ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !party's ! ! B) ! ! ! ! ! ! ! ! (Party ! AUD correspondent PEFIGB22 BANKAU2X payment Fund A's custodian Trading party's (Party A) AUD correspondent
D0060033

CUSTGB22

JANIAU2X

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender
PEFIGB22

Format

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Explanation Message Type Receiver Start of Block Sender's Message Reference Function of Message Start of Block SSI Recipient End of Block Submitting Party (Sender) Trade Party SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Intermediary End of Block Start of Block Account With Institution (also known as receiving agent) Cash Account (account of Account With Institution at Intermediary) End of Block Start of Block Beneficiary
670 SWFTXXXX :16R:GENL :20C::SEME//123987 :23G:NEWM :16R:DISPAR

Format

:95P::SSIR//BDAPGB22 :16S:DISPAR :95P::SUBM//PEFIGB22 :95P::TRAD//PEFIIE2D :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 3 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//FUTU

:22F::MARK//FOEX :16R::CSHPRTY :95P::INT1//JANIAU2X :16S:CSHPRTY :16R::CSHPRTY :95P::ACCW//CUSTGB22

:97A::CASH//222222

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//Fund A

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MT 670 Standing Settlement Instruction Update Notification Request

Explanation Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:97A::CASH//111111

Format

:16S::CSHPRTY :16S::SSIDET

On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to the party identified as 95P SSIR (SSI Recipient). The MT 671 is the same as the MT 670, except it does not have field :95P::SSIR//.

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIIE2D confirming that it will pay the AUD to PEFI's AUD correspondent in favour of the fund's account at the custodian. Only the mandatory subsequence B2 Amount Sold is shown and the identification of the fund: Explanation Sender Message Type Receiver Fund/Beneficiary Institution Currency, Amount Intermediary and account of Receiving Agent at Intermediary Receiving Agent and account of Beneficiary at Receiving Agent
BDAPGB22 300 PEFIIE2D :83J:/NAME/Fund A :33B:AUD4000, :56A:/222222 JANIAU2X :57A:/111111 CUSTGB22

Format

Message 3 MT 202 General Financial Institution Transfer
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender (broker) Message type Receiver (broker's AUD correspondent) Transaction Reference Number Related Reference Value Date, Currency Code, Amount Intermediary Account With Institution and its account at Intermediary
BDAPGB22 202 BANKAU2X :20:123987 :21:565656 :32A:091123AUD4000, :56A:JANIAU2X 57A:/222222 CUSTGB22

Format

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Explanation Beneficiary Institution and its account at Account With Institution
58A:/111111 Fund A

Format

Example 6: SSIs Centralised 2, Two Beneficiaries
Narrative
JANISESK, Stockholm, manages SSIs for JANIFI22 (Helsinki) and JANIDKKK (Copenhagen) and have the same AUD correspondent and account. JANISESK has notified its trade counter-party, BDAPGB22, of how it expects AUD to be settled for their trades, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, JANIFI22, Finland, does a deal with BDAPGB22 and buys AUD. JANI has WWYMAU2X as its AUD correspondent, account 777777. BDAPGB22, uses BANKAU2X as its AUD correspondent.

Information Flow
Diagram 1 - SSI

SSI submitting party SSI 1

JANIFI22

JANISESK

BDAPGB22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
BDAPGB22's AUD correspondent JANIDKKK BANKAU2X payment

JANII's AUD correspondent WWYMAU2X
D0060034

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MT 670 Standing Settlement Instruction Update Notification Request

Diagram 2 - Settlement parties and payment
Trading party (Party A) I buy AUD 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD JANIFI22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
Trading party's (Party B) AUD correspondent BANKAU2X payment

Trading party's (Party A) AUD correspondent WWYMAU2X
D0060035

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Start of Block SSI Recipient End of Block Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date
JANISESK 670 SWFTXXXX :16R:GENL :20C::SEME//989898 :23G:NEWM :16R:DISPAR :95P::SSIR//BDAPGB22 :16S:DISPAR :95P::SUBM//JANISESK :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 2 :11A::SETT//AUD :98A::EFFD//20091105

Format

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Explanation Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:22F::EFFD//FUTU

Format

:22F::MARK//FOEX :16R:CSHPRTY :95P::ACCW//WWYMAU2X

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//JANIFI22 :97A::CASH//777777

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//JANIDKKK :97A::CASH//777777

:16S:CSHPRTY :16S:SSIDET

On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to the party identified as 95P SSIR (SSI Recipient). The MT 671 is the same as the MT 670, except it does not have field :95P::SSIR//.

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to JANIFI22 confirming that it will pay the AUD to JANIFI22's AUD correspondent in favour of JANI's account. Only the mandatory subsequence B2 Amount Sold is shown: Explanation Sender Message Type Receiver Currency, Amount Receiving Agent and account of Beneficiary at Receiving Agent Beneficiary Institution
BDAPGB22 300 JANIFI22 :33B:AUD4000, :57A:/777777 WWYMAU2X :58A:JANIFI22

Format

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MT 670 Standing Settlement Instruction Update Notification Request

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) Beneficiary Institution and account of Beneficiary at Account With Institution
BDAPGB22 202 BANKAU2X :20:434343 :21:282828 :32A:091123AUD4000, :57A:WWYMAU2X

Format

:58A:/777777 JANIFI22

Example 7: Securities Scenario - Cash is Settled Separately from Securities
Narrative
PEFIGB22 has notified its broker dealer, BDAPGB22 of how its expects securities trades to be settled, when the cash (GBP) has to be settled separately, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to all SWIFT institutions. BDAPGB22 sets up the cash settlement information in its database. Subsequently, PEFIGB22 places an order to sell equities, the payment indicator is FREE (cash is settled separately from the securities). PEFIGB22's cash agent is JANIGB22, account number 666666. JANIGB22's sort code is 121212. BDAPGB22 uses WWYMGB22 as its cash agent.

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Information Flow
Investment manager MT 502 order to sell Broker dealer MT 515 confiramation PEFIGB22 1 SSI BDAPGB22 2 MT 202 (GBP)

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

Investment manager's GBP cash agent JANIGB22 WWYMGB22

Broker dealer's GBP cash agent
D0060037

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Start of Block SSI Recipient End of Block Submitting Party (Sender) Contact Person SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date
PEFIGB22 670 SWFTXXXX :16R:GENL :20C::SEME//767676 :23G:NEWM :16R:DISPAR :95P::SSIR//BDAPGB22 :16S:DISPAR :95P::SUBM//PEFIGB22 :95Q::CONT//Ms Black :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 79 :11A::SETT//GBP :98A::EFFD//20091105

Format

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MT 670 Standing Settlement Instruction Update Notification Request

Explanation Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Account With Institution (also known as receiving agent) Account With Institution's sort code End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:22F::EFFD//FUTU

Format

:22F::MARK//SECU :16R:CSHPRTY :95P::ACCW//JANIGB22

:95R::ACCW/SC/121212 :16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//PEFIGB22 :97A::CASH//666666

:16S:CSHPRTY :16S:SSIDET

Note: In this scenario, PEFIGB22 is both the sender of the SSI (submitting party) and the beneficiary and therefore appears in the message twice. On receipt of the MT 670, SWIFT creates an MT 671 and forwards it to the party identified as 95P SSIR (SSI Recipient). The MT 671 is the same as the MT 670, except it does not have field :95P::SSIR//.

Message 2 MT 202 General Financial Institution Transfer
Using data in its SSI database, BDAPGB22 sends an MT 202 to its cash agent to pay the GBP amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) (1) Beneficiary Institution and its account at Account With Institution
(1) BDAPGB22 202 WWYMGB22 :20:535353 :21:727272 :32A:091123GBP4000, :57A:JANIGB22

Format

:58A:/666666 PEFIGB22

The account with institution has been identified with a BIC using 57A. If a sort code is to be specified, then 57D is used.

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Example 8: SSI Re-confirmation
In the past PEFIGB22 has notified BDAPGB22 of how it expects its AUD, USD, CAD and ZAR to be paid. PEFIGB22 now re-confirms to BDAPGB22 its SSIs using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. PEFIGB22 uses the following correspondents: ? AUD - BANKAU2L, account number 555555 ? USD - JANIUS33, account 666666 ? CAD - WWYMCATT, account 777777 ? ZAR - JANIZAJJ, account 888888

Information Flow

1 PEFIGB22

SSI Re-confirmations

BDAPGB22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
BANKAU2L JANIUS33 WWYMCATT JANIZAJJ

PEFI's AUD correspondent

PEFI's USD correspondent

PEFI's CAD correspondent

PEFI's ZAR correspondent
D0060001

Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Start of Block SSI Recipient End of Block
PEFIGB22 670 SWFTXXXX :16R:GENL :20C::SEME//67890 :23G:NEWM :16R:DISPAR :95P::SSIR//BDAPGB22 :16S:DISPAR

Format

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MT 670 Standing Settlement Instruction Update Notification Request

Explanation Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI (1) Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block
(1)

Format
:95P::SUBM//PEFIGB22 :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//RECO :11A::SETT//AUD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//BANKAU2L

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//PEFIGB22 :97A::CASH//555555

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET :22H::SSIP//RECO :11A::SETT//USD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//JANIUS33

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//PEFIGB22 :97A::CASH//666666

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET

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Explanation Purpose of the SSI Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
(1)
(1) (1)

Format
:22H::SSIP//RECO :11A::SETT//CAD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//WWYMCATT

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//777777

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET :22H::SSIP//RECO :11A::SETT//ZAR :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//JANIZAJJ

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//888888

:16S:CSHPRTY :16S:SSIDET

For those situations in which a submitting party wants to send out a 'list' of all its SSIs, then the code RECO is used at the individual SSI level.

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MT 671 Standing Settlement Instruction Update Notification

MT 671 Standing Settlement Instruction Update Notification
Note: Information about responsibility and liability of the use of the MT 670 and MT 671 will be available in the FIN Service Description in the UHB Online in 2011. The MT 670 and MT 671 have different authentication requirements to the other FIN message types. Information about this will be available in the FIN Operations Guide in 2011.

MT 671 Scope
The MT 671 Standing Settlement Instruction (SSI) Update Notification message is sent by SWIFT to a financial institution as a result of receiving an MT 670 Standing Settlement Instruction Update Notification Request. The MT 671 is created from the corresponding MT 670. The MT 671 is a notification of an SSI update from the party identified in the message as the Submitting Party to: ? one or more financial institutions (up to 100 institutions) or ? all SWIFT MT users in one or more countries (up to 80 countries) or ? all SWIFT MT users specified in the request The MT 671 specifies standing cash settlement information for the account of the Submitting Party or on behalf of another party. The party and account information in the SSI is then used in FX confirmations, payments messages, etc. The MT 671 is sent by SWIFT to one or more financial institutions as defined in the MT 670:
Input MT Output MT/s

! ! ! ! ! ! ! ! ! ! ! !MT!670 SSI update !SWIFTNet ! ! ! MT! 671 SSI ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
notification request update notification

Note: The MT 671 is created from the corresponding MT 670. In other words, the data in the MT 670, with the exception of fields concerning distribution information, is copied into the MT 671: If field :95P::SSIR// is present in the MT 670, this is not copied into the MT 671. If field :94C::SSIR// is present in the MT 670, this is not copied into the MT 671. If field :22H::SSIR// is present in the MT 670, this is not copied into the MT 671. To understand the rules governing the creation of the MT 670 Standing Settlement Instruction Update Notification request message, see the MT 670.

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D0060029

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MT 671 Format Specifications
MT 671 Standing Settlement Instruction Update Notification
Status Tag Qualifier Generic Field Name Detailed Field Name Content/Options No.

Mandatory Sequence A General Information M M M 16R 20C 23G SEME Reference Start of Block Sender's Message Reference Function of the Message GENL :4!c//16x 4!c[/4!c] 1 2 3

-----> Optional Repetitive Subsequence A1 Linkages M M M 16R 20C 16S 4!c Reference Start of Block (see qualifier description) End of Block LINK :4!c//16x LINK 4 5 6

-----| End of Subsequence A1 Linkages -----> M -----| M O M 22F 97A 16S UDTP SAFE Indicator Account SSI Update Type Safekeeping Account End of Block :4!c/[8c]/4!c :4!c//35x GENL 8 9 10 95a 4!c Party (see qualifier description) P or Q 7

End of Sequence A General Information -----> Mandatory Repetitive Sequence B Standing Settlement Instruction Details M M O M M -----> M -----| -----> Mandatory Repetitive Subsequence B1 Cash Parties M -----> M -----| 95a 4!c Party (see qualifier description) P, Q, R, or S 18 16R Start of Block CSHPRTY 17 22F 4!c Indicator (see qualifier description) :4!c/[8c]/4!c 16 16R 22H 20C 11A 98A SSIP SSIR SETT EFFD Indicator Reference Currency Date Start of Block SSI Purpose SSI Reference SSI Currency Effective Date SSIDET :4!c//4!c :4!c//16x :4!c//3!a :4!c//8!n 11 12 13 14 15

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MT 671 Standing Settlement Instruction Update Notification

Status O M

Tag 97A 16S

Qualifier CASH

Generic Field Name Account

Detailed Field Name Cash Account End of Block

Content/Options :4!c//35x CSHPRTY

No. 19 20

-----| End of Subsequence B1 Cash Parties Optional Subsequence B2 Other Details M -----> O -----| O M 22F 16S PMTH Indicator Payment Method Indicator End of Block :4!c/[8c]/4!c OTHRDET 23 24 70E ADTX Narrative Additional Text Narrative :4!c//10*35x 22 16R Start of Block OTHRDET 21

End of Subsequence B2 Other Details M 16S End of Block SSIDET 25

-----| End of Sequence B Standing Settlement Instruction Details Optional Sequence C Other Details M -----> O -----| O M 22F 16S PMTH Indicator Payment Method Indicator End of Block :4!c/[8c]/4!c OTHRDET 28 29 70E ADTX Narrative Additional Text Narrative :4!c//10*35x 27 16R Start of Block OTHRDET 26

End of Sequence C Other Details M = Mandatory, O = Optional

MT 671 Network Validated Rules
There are no network validated rules for this message type.

MT 671 Field Specifications
1. Field 16R: Start of Block
FORMAT
Option R 16c

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PRESENCE
Mandatory in mandatory sequence A

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): GENL General Information

2. Field 20C: Reference: Sender's Message Reference
FORMAT
Option C :4!c//16x (Qualifier)(Reference)

PRESENCE
Mandatory in mandatory sequence A

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier SEME R/N N CR Options C Qualifier Description Sender's Message Reference

DEFINITION
This qualified generic field specifies: SEME Sender's Message Reference Reference assigned by the Sender of the MT 670 to unambiguously identify the message.

3. Field 23G: Function of the Message
FORMAT
Option G 4!c[/4!c] (Function)(Subfunction)

PRESENCE
Mandatory in mandatory sequence A

DEFINITION
This field identifies the function of the message.

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CODES
Function must contain one of the following codes (Error code(s): T86): NEWM New New SSI update notification message.

CODES
When present, Subfunction must contain one of the following codes (Error code(s): T85): CODU Copy Duplicate Message is a copy to a party other than the account owner/account servicer, for information purposes and the message is a duplicate of a message previously sent. Message is a copy to a party other than the account owner/account servicer, for information purposes. Message is for information/confirmation purposes. It is a duplicate of a message previously sent.

COPY DUPL

Copy Duplicate

4. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in optional subsequence A1

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): LINK Linkages

5. Field 20C: Reference
FORMAT
Option C :4!c//16x (Qualifier)(Reference)

PRESENCE
Mandatory in optional subsequence A1

QUALIFIER
(Error code(s): T89)

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Order 1

M/O M or

Qualifier RELA PREV

R/N N N

CR

Options C C

Qualifier Description Related Message Reference Previous Message Reference

DEFINITION
This qualified generic field specifies: PREV RELA Previous Message Reference Related Message Reference Message reference of a previously sent SSI update notification. Message reference of the linked message which was previously received.

USAGE RULES
If the original message was not an MT 670 but some other communication, field 20C PREV may contain the reference of this communication. When 20C RELA is used, for example, because the SSI Update Notification is sent in response to a request for the SSI, field 20C RELA may contain the reference of the request.

6. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in optional subsequence A1

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): LINK Linkages

7. Field 95a: Party
FORMAT
Option P Option Q :4!c//4!a2!a2!c[3!c] :4!c//4*35x (Qualifier)(Identifier Code) (Qualifier)(Name and Address)

PRESENCE
Mandatory in mandatory sequence A

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QUALIFIER
(Error code(s): T89) Order 1 2 3 M/O M O O Qualifier SUBM CONT TRAD R/N N R N CR Options P Q P or Q Qualifier Description Submitting Party Contact Person Trade Party

DEFINITION
This qualified generic field specifies: CONT SUBM TRAD Contact Person Submitting Party Trade Party Person at the institution that sends the SSI update notification to be contacted if there should be problems with the SSI. Party that is the Sender of the SSI update notification. In many situations this party is also the beneficiary. Trade party, when different from the party identified as the submitting party and the beneficiary. In some cases, this may be the fund manager.

In option P, Identifier Code specifies either a BIC. For more details see the Standards MT General Information.

USAGE RULES
95Q CONT Contact Person - as well as identifying the contact person, this field may also contain information such as a telephone number or e-mail address.

8. Field 22F: Indicator: SSI Update Type
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Mandatory in mandatory sequence A

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier UDTP R/N N CR Options F Qualifier Description SSI Update Type

DEFINITION
This qualified generic field specifies:

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UDTP

SSI Update Type

Specifies the type of SSI update notification.

CODES
If Data Source Scheme is not present, Indicator must contain the following code (Error code(s): K22): CASH Cash SSI Update notification is for a cash SSI.

9. Field 97A: Account: Safekeeping Account
FORMAT
Option A :4!c//35x (Qualifier)(Account Number)

PRESENCE
Optional in mandatory sequence A

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier SAFE R/N N CR Options A Qualifier Description Safekeeping Account

DEFINITION
This qualified generic field specifies: SAFE Safekeeping Account Master account of the currency accounts within the SSI update notification.

10. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory sequence A

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): GENL General Information

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11. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in mandatory sequence B

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): SSIDET Standing Settlement Instruction Details

12. Field 22H: Indicator: SSI Purpose
FORMAT
Option H :4!c//4!c (Qualifier)(Indicator)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier SSIP R/N N CR Options H Qualifier Description SSI Purpose

DEFINITION
This qualified generic field specifies: SSIP SSI Purpose Specifies the purpose of the individual SSI.

CODES
Indicator must contain one of the following codes (Error code(s): K22). NEWS RECO New Re-confirmation Individual SSI is new. Individual SSI is re-confirmed.

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USAGE RULES
For those situations in which a submitting party wants to send out a 'list' of all its current SSIs, then the code RECO is used at the individual SSI level. It is not necessary that the original SSI being re-confirmed was communicated with the SSI message. When an SSI is received with the code NEWS, this over-writes any previously received SSI for the same currency and market area.

13. Field 20C: Reference: SSI Reference
FORMAT
Option C :4!c//16x (Qualifier)(Reference)

PRESENCE
Optional in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier SSIR R/N N CR Options C Qualifier Description SSI Reference

DEFINITION
This qualified generic field specifies: SSIR SSI Reference Reference of the individual SSI.

14. Field 11A: Currency: SSI Currency
FORMAT
Option A :4!c//3!a (Qualifier)(Currency Code)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier SETT R/N N CR Options A Qualifier Description SSI Currency

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DEFINITION
This qualified generic field specifies: SETT SSI Currency Currency for which the SSI update is specified.

15. Field 98A: Date: Effective Date
FORMAT
Option A :4!c//8!n (Qualifier)(Date)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 M/O M Qualifier EFFD R/N N CR Options A Qualifier Description Effective Date

DEFINITION
This qualified generic field specifies: EFFD Effective Date Date on which the SSI update is to be effected. Date may be further qualified by Effective Date Indicator.

16. Field 22F: Indicator
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Mandatory in mandatory sequence B

QUALIFIER
(Error code(s): T89) Order 1 2 M/O O M Qualifier EFFD MARK R/N R R CR Options F F Qualifier Description Effective Date Indicator Market Area Indicator

DEFINITION
This qualified generic field specifies:

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EFFD MARK

Effective Date Indicator Market Area Indicator

Specifies how the SSI update is to be applied. Specifies the market to which the SSI relates.

CODES
If Qualifier is EFFD and Data Source Scheme is not present, Indicator must contain one of the following codes (Error code(s): K22): FUTU OUTS RCON SETT TRAD Future Outstanding Trade Reconfirmation Settlement Date Trade Date SSI update is to be applied to future trades. SSI update is effective for all trades settling on and after effective date irrespective of trade date. SSI update is effective for all trades settling on and after effective date irrespective of trade date and they need to be reconfirmed. SSI update is effective on the settlement date. SSI update is effective for all trades booked on and after effective date.

CODES
If Qualifier is MARK and Data Source Scheme is not present, Indicator must contain one of the following codes (Error code(s): K22): ANYY CASH COLL COMM COPA DERI DOCC FOEX GUAR LETT LOAN MMKT NDLF OPTI SECU TFIN Any Cash Collections Commodities Commercial Payments Derivatives Documentary Credits Foreign Exchange Guarantees Letters of Credit Loans Money Markets Non Deliverable Forward Options Securities Trade Finance Any market area. Bank to bank cash movements. Collections. Precious metals and other commodities such as palm oil. Payment in which one of the parties is not a financial institution. Futures contracts, options, forward contracts, swaps, etc. Documentary credits. Foreign Exchange. Guarantees. Letters of credit. Loans and deposits. Loans and deposits. FX forward trade for which only balance is settled. FX Options, swapoptions, etc. Bonds, equities, futures. Documentary credits, collections, guarantees, letters of credit.

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TREA

Treasury

Cash management activities.

17. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in mandatory subsequence B1

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): CSHPRTY Cash Parties

18. Field 95a: Party
FORMAT
Option P Option Q Option R Option S :4!c//4!a2!a2!c[3!c] :4!c//4*35x :4!c/8c/34x :4!c/[8c]/4!c/2!a/30x (Qualifier)(Identifier Code) (Qualifier)(Name and Address) (Qualifier)(Data Source Scheme)(Proprietary Code) (Qualifier)(Data Source Scheme)(Type of ID)(Country Code)(Alternate ID)

PRESENCE
Mandatory in mandatory subsequence B1

QUALIFIER
(Error code(s): T89) Order 1 M/O M or or or Qualifier ACCW BENM INT1 INT2 R/N R R R R CR Options P, Q, or R P, Q, or R P, Q, or R P, Q, or R Qualifier Description Account With Institution Beneficiary Intermediary Second Intermediary

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Order 2

M/O O

Qualifier ALTE

R/N R

CR

Options S Alternate ID

Qualifier Description

DEFINITION
This qualified generic field specifies: ACCW Account With Institution Financial institution that services the cash account of the beneficiary. Also known as receiving agent. Party where the payment amount must be ultimately delivered on behalf of the beneficiary, that is, the party where the beneficiary has its account. Alternate identification of the party. Party to which the payment amount must be ultimately delivered. In some cases, this may be a Fund. Intermediary party. Second intermediary.

ALTE BENM INT1 INT2

Alternate ID Beneficiary Intermediary Second Intermediary

In option P, Identifier Code specifies either a BIC. For more details, see the Standards MT General Information. In option R, Data Source Scheme represents a clearing system. Proprietary Code specifies a local national code identifying the party at that clearing system. In option S: ? Alternate ID specifies an alternate identification of the party identified in this sequence. ? Type of ID specifies the type of alternate identification that can be used to give an alternate identification of the party identified in this sequence. ? Country Code specifies the country for which the alternate identification is relevant.

CODES
In option S, if Data Source Scheme is not present, Type of ID must contain one of the following codes (Error code(s): K95): ARNU CCPT CHTY Alien Registration Number Passport Number Tax Exempt Identification Number Corporate Identification Driver's License Number Employee Identification Number Number assigned by a government agency to identify foreign nationals. Number assigned by a passport authority. Number assigned to a tax exempt entity.

CORP DRLC EMPL

Number assigned to a corporate entity. Number assigned to a driver's license. Number assigned to a specific employee for employee trade reporting.

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FIIN TXID

Foreign Investment Identity Number Tax Identification Number

Number assigned to a foreign investor (other than the alien number). Number assigned by a tax authority to an entity.

USAGE RULES
In option R, Data Source Scheme specifies a code representing a clearing system: Code name AT AU BL CC CH CP ES FW GR HK IE IN IT PL PT RU SC SW SW Code description Austrian Bankleitzahl Australian Bank State Branch (BSB) Code German Bankleitzahl Canadian Payments Association Payment Routing Number CHIPS Universal Identifier CHIPS Participant Identifier Spanish Domestic Interbanking Code Fedwire Routing Number HEBIC (Hellenic Bank Identification Code) Bank Code of Hong Kong Irish National Clearing Code (NSC) Indian Financial System Code (IFSC) Italian Domestic Identification Code Polish National Clearing Code (KNR) Portuguese National Clearing Code Russian Central Bank Identification Code UK Domestic Sort Code Swiss Clearing Code (BC code) Swiss Clearing Code (SIC code) 5!n 6!n 8!n 9!n 6!n 4!n 8..9n 9!n 7!n 3!n 6!n 11!c 10!n 8!n 8!n 9!n 6!n 3..5n 6!n Format Proprietary Code

If a clearing code is specified using 95R, this is the clearing code of the party identified in 95P or 95Q within the same cash parties (CSHPRTY) subsequence.

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95a INT2 may not be used unless its use has been previously bilaterally agreed.

19. Field 97A: Account: Cash Account
FORMAT
Option A :4!c//35x (Qualifier)(Account Number)

PRESENCE
Optional in mandatory subsequence B1

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier CASH R/N N CR Options A Qualifier Description Cash Account

DEFINITION
This qualified generic field specifies: CASH Cash Account Account in which cash is maintained.

USAGE RULES
The account provided is the account of the party specified within the same subsequence B1 Cash Parties. The cash account specified within the same subsequence B1 Cash Parties as :95a::BENM Beneficiary is an account owned by the party specified in :95a::BENM Beneficiary. The account is serviced by the party specified in the subsequence B1 Cash Parties with :95a::ACCW Account With Institution or the SSI recipient (Receiver of the MT 671). The cash account specified within the same subsequence B1 Cash Parties as :95a::ACCW Account With Institution is an account owned by the party specified in :95a::ACCW Account With Institution. The account is serviced by the party specified in the subsequence B1 Cash Parties with :95a::INT1 Intermediary or the SSI recipient (Receiver of the MT 671). The cash account specified within the same subsequence B1 Cash Parties as :95a::INT1 Intermediary is an account owned by the party specified in :95a::INT1 Intermediary. The account is serviced by the party specified in the subsequence B1 Cash Parties with :95a::INT2 Second Intermediary or the SSI recipient (Receiver of the MT 671).

20. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory subsequence B1

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DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): CSHPRTY Cash Parties

21. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in optional subsequence B2

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

22. Field 70E: Narrative: Additional Text Narrative
FORMAT
Option E :4!c//10*35x (Qualifier)(Narrative)

PRESENCE
Optional in optional subsequence B2

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier ADTX R/N R CR Options E Qualifier Description Additional Text Narrative

DEFINITION
This qualified generic field specifies:

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ADTX

Additional Text Narrative

Provides additional information regarding the SSI update.

USAGE RULES
Unless bilaterally agreed between the Sender and the Receiver, narrative field 70E must not contain information that can be provided in a structured field.

23. Field 22F: Indicator: Payment Method Indicator
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Optional in optional subsequence B2

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier PMTH R/N N CR Options F Qualifier Description Payment Method Indicator

DEFINITION
This qualified generic field specifies: PMTH Payment Method Indicator Specifies what kind of payment method is permitted.

CODES
If Data Source Scheme is not present, Indicator must contain the following code (Error code(s): K22): COVE Cover Direct payment (that is, MT 103 with MT 202 COV as a cover) is permitted.

24. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in optional subsequence B2

DEFINITION
This field specifies the end of a block and the name of that block.

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CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

25. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in mandatory sequence B

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): SSIDET Standing Settlement Instruction Details

26. Field 16R: Start of Block
FORMAT
Option R 16c

PRESENCE
Mandatory in optional sequence C

DEFINITION
This field specifies the start of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

27. Field 70E: Narrative: Additional Text Narrative
FORMAT
Option E :4!c//10*35x (Qualifier)(Narrative)

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PRESENCE
Optional in optional sequence C

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier ADTX R/N R CR Options E Qualifier Description Additional Text Narrative

DEFINITION
This qualified generic field specifies: ADTX Additional Text Narrative Provides additional information regarding the SSI update.

USAGE RULES
Unless bilaterally agreed between the Sender and the Receiver, narrative field 70E must not contain information that can be provided in a structured field.

28. Field 22F: Indicator: Payment Method Indicator
FORMAT
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)(Indicator)

PRESENCE
Optional in optional sequence C

QUALIFIER
(Error code(s): T89) Order 1 M/O O Qualifier PMTH R/N N CR Options F Qualifier Description Payment Method Indicator

DEFINITION
This qualified generic field specifies: PMTH Payment Method Indicator Specifies what kind of payment method is permitted.

CODES
If Data Source Scheme is not present, Indicator must contain the following code (Error code(s): K22):

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COVE

Cover

Direct payment (that is, MT 103 with MT 202 COV as a cover) is permitted.

29. Field 16S: End of Block
FORMAT
Option S 16c

PRESENCE
Mandatory in optional sequence C

DEFINITION
This field specifies the end of a block and the name of that block.

CODES
This field must contain the following code (Error code(s): T92): OTHRDET Other Details

MT 671 Examples
Example 1: Correspondent Banking Scenario
Narrative
PEFIGB22 notifies all institutions of how it expects AUD and ZAR payments to be settled, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to all SWIFT institutions. Each SSI recipient sets up the cash settlement information in its database. The AUD correspondent of PEFIGB22 is BANKAU2L, account number 555555. The ZAR correspondent of PEFIGB22 is JANIZAJJ, account number 777777. Subsequently, BDAPGB22 makes an AUD payment to PEFIGB22 via its AUD correspondent. BDAPGB22 uses BANKAU2L as its AUD correspondent (the same as PEFIGB22). And subsequently, WWYMGB22 makes a ZAR payment to PEFIGB22 via its ZAR correspondent. WWYMGB22 uses BANKZAJJ as its ZAR correspondent.

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Information Flow
ALL institutions SSI 1

PEFIGB22

BDAPGB22 2 MT 202 (AUD)

WWYMGB22 3 MT 202 (ZAR)

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !WWYM's ! ! ! ! ! ! ! ! ! ! ! !
ZAR correspondent BANKZAJJ PEFI's AUD correspondent BANKAU2L JANIZAJJ payment

PEFI's ZAR correspondent
D0060036

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
This shows the MT 671 as sent to just one institution, BDAPGB22. A similar MT 671 is sent to WWYMGB22: Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of the message Submitting Party (Sender) Contact Person SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Market Area Indicator Start of Block
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//345678 :23G:NEWM :95P::SUBM//PEFIGB22 :95Q::CONT//Mr Green :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 66 :11A::SETT//AUD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY

Format

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Explanation Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block

Format
:95P::ACCW//BANKAU2L

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//555555

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 67 :11A::SETT//ZAR :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//JANIZAJJ

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//777777

:16S:CSHPRTY :16S:SSIDET

Message 2 MT 202 General Financial Institution Transfer
Using data in its SSI database, BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message Type Receiver Transaction Reference Number
BDAPGB22 202 BANKAU2L :20:123123

Format

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Explanation Related Reference Value Date, Currency Code, Amount Beneficiary Institution and its account at Receiver
:21:121212

Format

:32A:091122AUD4000, :58A:/555555 PEFIGB22

The Receiver of the MT is BDAPGB22's AUD correspondent. This bank is also the AUD correspondent of PEFIGB22.

Message 3 MT 202 General Financial Institution Transfer
Using data in its SSI database, WWYMGB22 sends an MT 202 to its ZAR correspondent to pay the ZAR amount: Explanation Sender Message Type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) Beneficiary Institution and its account at Account With Institution
WWYMGB22 202 BANKZAJJ :20:234234 :21:200034 :32A:091122ZAR4000, :57A:JANIZAJJ

Format

:58A:/777777 PEFIGB22

Example 2: Basic FX Scenario
Narrative
PEFIGB22 has notified its trade counter-party BDAPGB22 of how it expects AUD to be settled, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, PEFIGB22 does a deal with BDAPGB22, and buys AUD. PEFIGB22 has JANIAU2X as its AUD correspondent, account 999999. BDAPGB22 uses BANKAU2X as its AUD correspondent.

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Information Flow

I buy AUD Trading party (Party A) PEFIGB22 1 SSI 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! AUD !correspondent ! ! ! ! ! ! ! ! ! ! ! ! ! !
BANKAU2X payment

Trading party's (Party B)

Trading party's (Party A) AUD correspondent JANIAU2X
D0060030

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of the Message Submitting Party (Sender) Contact Person SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all outstanding trades Market Area Indicator Start of Block
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//123456 :23G:NEWM :95P::SUBM//PEFIGB22 :95Q::CONT//Mr Jones :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H:SSIP//NEWS :2OC::SSIR//SSI Ref 1 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//OUTS

Format

:22F::MARK//FOEX :16R:CSHPRTY

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Explanation Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block

Format
:95P::ACCW//JANIAU2X

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//999999

:16S:CSHPRTY :16S:SSIDET

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIGB22 confirming that it will pay the AUD to PEFIGB22's AUD correspondent in favour of PEFIGB22's account. Only mandatory subsequence B2 Amount Sold is shown: Explanation Sender Message Type Receiver Currency, Amount Receiving Agent and account of Beneficiary at Receiving Agent Beneficiary Institution
BDAPGB22 300 PEFIGB22 :33B:AUD4000, :57A:/999999 JANIAU2X :58A:PEFIGB22

Format

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent)
BDAPGB22 202 BANKAU2X :20:654654 :21:987987 :32A:091123AUD4000, :57A:JANIAU2X

Format

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MT 671 Standing Settlement Instruction Update Notification

Explanation Beneficiary Institution and its account at Account with Institution
:58A:/999999 PEFIGB22

Format

Example 3: Fund Manager Scenario - with Intermediary
Narrative
PEFIGB22 has notified its broker BDAPGB22 of how it expects AUD to be settled for trades carried out on behalf of Fund A, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, Fund A uses fund manager PEFIGB22 to carry out a deal with BDAPGB22 and buys AUD. Fund A's custodian is CUSTGB22, its account at the custodian is 111111. The custodian, CUSTGB22, has JANIAU1L as its AUD correspondent, account 222222. (BDAPGB22 uses WWYMAU1L as its AUD correspondent.)

Information Flow
Fund manager

I buy AUD on behalf of Fund A Fund A's custodian is CUSTGB22 2 BDAPGB22 1 SSI MT 202 3 Broker

I sell AUD Fund A PEFIGB22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! correspondent ! ! ! ! ! ! ! ! ! ! !
WWYMAU1L payment Fund A's custodian Custodian's AUD correspondent CUSTGB22 JANIAU1L
D0060031

Broker's AUD

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of the Message
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//457457 :23G:NEWM

Format

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Explanation Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Intermediary End of Block Start of Block Account With Institution (also known as receiving agent)

Format
:95P::SUBM//PEFIGB22 :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 2 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//FUTU

:22F::MARK//FOEX :16R:CSHPRTY :95P::INT1//JANIAU1L :16S:CSHPRTY :16R:CSHPRTY :95P::ACCW//CUSTGB22

Cash Account (Account With Institution's account at :97A::CASH//222222 Intermediary) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//Fund A :97A::CASH//111111

:16S:CSHPRTY :16S:SSIDET

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIGB22 confirming that it will pay the AUD to the PEFI's AUD correspondent in favour of the fund's account at the custodian. Only the mandatory subsequence B2 Amount Sold is shown and the identification of the fund: Explanation Sender Message Type
BDAPGB22 300

Format

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MT 671 Standing Settlement Instruction Update Notification

Explanation Receiver Fund/Beneficiary Institution Currency, Amount Intermediary and account of Receiving Agent at Intermediary Receiving Agent and account of Beneficiary at Receiving Agent
PEFIGB22 :83J:/NAME/Fund A :33B:AUD4000, :56A:/222222 JANIAU1L :57A:/111111 CUSTGB22

Format

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Intermediary Account With Institution and its account at Intermediary Beneficiary Institution and its account at Account With Institution
BDAPGB22 202 WWYMAU1L :20:189189 :21:637637 :32A:091123AUD4000, :56A:JANIAU1L :57A:/222222 CUSTGB22 58D:/111111 Fund A

Format

Example 4: SSIs Centralised
Narrative
PEFIGB22, London, also manages SSIs for PEFIIE2D (Dublin) and has notified its trade counter-party, BDAPGB22, of how it expects AUD to be settled for trades with PEFIIE2D, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, PEFIIE22, does a deal with BDAPGB22 (Trading Party B) and buys AUD. PEFIIE2D has JANIAU2X as its AUD correspondent, account 444444. BDAPGB22, uses BANKAU2X as its AUD correspondent.

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Information Flow
I buy AUD Trading party (Party A) PEFIIE2D SSI submitting party (Party A) 1 SSI 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! AUD!correspondent! ! ! ! ! ! ! ! ! ! ! ! ! !
PEFIGB22 BANKAU2X payment

Trading party's (Party B)

Trading party's (Party A) AUD correspondent JANIAU2X
D0060032

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all outstanding trades and they must be reconfirmed Market Area Indicator Start of Block
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//889889 :23G:NEWM :95P::SUBM//PEFIGB22 :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 3 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//RCOM

Format

:22F::MARK//FOEX :16R::CSHPRTY

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MT 671 Standing Settlement Instruction Update Notification

Explanation Account With Institution (also known as Receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block

Format
:95P::ACCW//JANIAU2X

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIIE2D :97A::CASH//444444

:16S::CSHPRTY :16S::SSIDET

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIIE2D confirming that it will pay the AUD to PEFIIE2D's AUD correspondent in favour of PEFIIE2D's account. Only the mandatory subsequence B2 Amount Sold is shown: Explanation Sender Message Type Receiver Currency, Amount Receiving Agent and account of Beneficiary at Receiving Agent Beneficiary Institution
BDAPGB22 300 PEFIIE2D :33B:AUD4000, :57A:/444444 JANIAU2X :58a:PEFIIE2D

Format

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent)
BDAPGB22 202 BANKAU2X :20:100089 :21:100076 :32A:091123AUD4000, 57A:JANIAU2X

Format

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Explanation Beneficiary Institution and its account at Account With Institution
58A:/444444 PEFIIE2D

Format

Example 5: SSIs Centralised and Fund Manager
Narrative
PEFIGB22, London, also manages SSIs for PEFIIE2D (Dublin) and has notified its trade counter-party, BDAPGB22, of how it expects AUD to be settled for trades carried out by PEFIIE2D on behalf of Fund A, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, Fund A using fund manager, PEFIIE2D, does a deal with BDAPGB22 and buys AUD. Fund A's custodian is CUSTGB22, its account at the custodian is 111111. The custodian, CUSTGB22, has JANIAU2X as its AUD correspondent, account 222222. (BDAPGB22 uses BANKAU2X as its AUD correspondent.)

Information Flow
Trading party (Party A) I buy AUD 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD Fund A PEFIIE2D SSI submitting party (Party A) 1 SSI

Trading ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !party's ! ! B) ! ! ! ! ! ! ! ! (Party ! AUD correspondent PEFIGB22 BANKAU2X payment Fund A's custodian Trading party's (Party A) AUD correspondent
D0060033

CUSTGB22

JANIAU2X

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//123987 :23G:NEWM

Format

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MT 671 Standing Settlement Instruction Update Notification

Explanation Submitting Party (Sender) Trade Party SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Intermediary End of Block Start of Block Account With Institution (also known as receiving agent) Cash Account (account of Account With Institution at Intermediary) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block

Format
:95P::SUBM//PEFIGB22 :95P::TRAD//PEFIIE2D :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 3 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//FUTU

:22F::MARK//FOEX :16R::CSHPRTY :95P::INT1//JANIAU2X :16S:CSHPRTY :16R::CSHPRTY :95P::ACCW//CUSTGB22

:97A::CASH//222222

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//Fund A :97A::CASH//111111

:16S::CSHPRTY :16S::SSIDET

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to PEFIIE2D confirming that it will pay the AUD to PEFI's AUD correspondent in favour of the fund's account at the custodian. Only the mandatory subsequence B2 Amount Sold is shown and the identification of the fund: Explanation Sender
BDAPGB22

Format

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Explanation Message Type Receiver Fund/Beneficiary Institution
300 PEFIIE2D :83J:/NAME/Fund A

Format

Currency, Amount Intermediary and account of Receiving Agent at Intermediary Receiving Agent and account of Beneficiary at Receiving Agent

:33B:AUD4000, :56A:/222222 JANIAU2X :57A:/111111 CUSTGB22

Message 3 MT 202 General Financial Institution Transfer
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender (broker) Message type Receiver (broker's AUD correspondent) Transaction Reference Number Related Reference Value Date, Currency Code, Amount Intermediary Account With Institution and its account at Intermediary Beneficiary Institution and its account at Account With Institution
BDAPGB22 202 BANKAU2X :20:123987 :21:565656 :32A:091123AUD4000, :56A:JANIAU2X 57A:/222222 CUSTGB22 58A:/111111 Fund A

Format

Example 6: SSIs Centralised 2, Two Beneficiaries
Narrative
JANISESK, Stockholm, manages SSIs for JANIFI22 (Helsinki) and JANIDKKK (Copenhagen) and have the same AUD correspondent and account. JANISESK has notified its trade counter-party, BDAPGB22, of how it expects AUD to be settled for their trades, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash settlement information in its database. Subsequently, JANIFI22, Finland, does a deal with BDAPGB22 and buys AUD. JANI has WWYMAU2X as its AUD correspondent, account 777777. BDAPGB22, uses BANKAU2X as its AUD correspondent.

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MT 671 Standing Settlement Instruction Update Notification

Information Flow
Diagram 1 - SSI

SSI submitting party SSI 1

JANIFI22

JANISESK

BDAPGB22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
BDAPGB22's AUD correspondent JANIDKKK BANKAU2X payment

JANII's AUD correspondent WWYMAU2X
D0060034

Diagram 2 - Settlement parties and payment
Trading party (Party A) I buy AUD 2 BDAPGB22 MT 202 3 Trading party (Party B)

I sell AUD JANIFI22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
Trading party's (Party B) AUD correspondent BANKAU2X payment

Trading party's (Party A) AUD correspondent WWYMAU2X
D0060035

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
Explanation Sender Message Type Receiver
SWFTXXXX 671 BDAPGB22

Format

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Explanation Start of Block Sender's Message Reference Function of Message Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:16R:GENL :20C::SEME//989898 :23G:NEWM

Format

:95P::SUBM//JANISESK :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 2 :11A::SETT//AUD :98A::EFFD//20091105 :22F::EFFD//FUTU

:22F::MARK//FOEX :16R:CSHPRTY :95P::ACCW//WWYMAU2X

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//JANIFI22 :97A::CASH//777777

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//JANIDKKK :97A::CASH//777777

:16S:CSHPRTY :16S:SSIDET

Message 2 MT 300 Foreign Exchange Confirmation - Extract:
Using data in its SSI database, BDAPGB22 sends back its MT 300 to JANIFI22 confirming that it will pay the AUD to JANIFI22's AUD correspondent in favour of JANI's account. Only the mandatory subsequence B2 Amount Sold is shown:

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MT 671 Standing Settlement Instruction Update Notification

Explanation Sender Message Type Receiver Currency, Amount Receiving Agent and account of Beneficiary at Receiving Agent Beneficiary Institution
BDAPGB22 300 JANIFI22 :33B:AUD4000, :57A:/777777 WWYMAU2X :58A:JANIFI22

Format

Message 3 MT 202 General Financial Institution Transfer:
Using data in its SSI database, the broker BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) Beneficiary Institution and account of Beneficiary at Account With Institution
BDAPGB22 202 BANKAU2X :20:434343 :21:282828 :32A:091123AUD4000, :57A:WWYMAU2X

Format

:58A:/777777 JANIFI22

Example 7: Securities Scenario - Cash is Settled Separately from Securities
Narrative
PEFIGB22 has notified its broker dealer, BDAPGB22 of how its expects securities trades to be settled, when the cash (GBP) has to be settled separately, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to all SWIFT institutions. BDAPGB22 sets up the cash settlement information in its database. Subsequently, PEFIGB22 places an order to sell equities, the payment indicator is FREE (cash is settled separately from the securities). PEFIGB22's cash agent is JANIGB22, account number 666666. JANIGB22's sort code is 121212. BDAPGB22 uses WWYMGB22 as its cash agent.

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Information Flow
Investment manager MT 502 order to sell Broker dealer MT 515 confiramation PEFIGB22 1 SSI BDAPGB22 2 MT 202 (GBP)

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

Investment manager's GBP cash agent JANIGB22 WWYMGB22

Broker dealer's GBP cash agent
D0060037

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification:
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Submitting Party (Sender) Contact Person SSI Update Type Indicator End of Block Start of Block Purpose of the SSI SSI Reference - optional Currency of the SSI Effective Date Effective Date Indicator - the SSI must be applied to all future trades Market Area Indicator
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//767676 :23G:NEWM :95P::SUBM//PEFIGB22 :95Q::CONT//Ms Black :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//NEWS :2OC::SSIR//SSI Ref 79 :11A::SETT//GBP :98A::EFFD//20091105 :22F::EFFD//FUTU

Format

:22F::MARK//SECU

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MT 671 Standing Settlement Instruction Update Notification

Explanation Start of Block Account With Institution (also known as receiving agent) Account With Institution's sort code End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
:16R:CSHPRTY

Format

:95P::ACCW//JANIGB22

:95R::ACCW/SC/121212 :16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//PEFIGB22 :97A::CASH//666666

:16S:CSHPRTY :16S:SSIDET

Message 2 MT 202 General Financial Institution Transfer
Using data in its SSI database, BDAPGB22 sends an MT 202 to its cash agent to pay the GBP amount: Explanation Sender Message type Receiver Transaction Reference Number Related Reference Value Date, Currency Code, Amount Account With Institution (also known as receiving agent) (1) Beneficiary Institution and its account at Account With Institution
(1) BDAPGB22 202 WWYMGB22 :20:535353 :21:727272 :32A:091123GBP4000, :57A:JANIGB22

Format

:58A:/666666 PEFIGB22

The account with institution has been identified with a BIC using 57A. If a sort code is to be specified, then 57D is used.

Example 8: SSI Re-confirmation
In the past PEFIGB22 has notified BDAPGB22 of how it expects its AUD, USD, CAD and ZAR to be paid. PEFIGB22 now re-confirms to BDAPGB22 its SSIs using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request message to SWIFT, which is forwarded as an MT 671 Standing Settlement Instruction (SSI) Update Notification message to BDAPGB22. PEFIGB22 uses the following correspondents: ? AUD - BANKAU2L, account number 555555 ? USD - JANIUS33, account 666666

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? CAD - WWYMCATT, account 777777 ? ZAR - JANIZAJJ, account 888888

Information Flow

1 PEFIGB22

SSI Re-confirmations

BDAPGB22

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
BANKAU2L JANIUS33 WWYMCATT JANIZAJJ

PEFI's AUD correspondent

PEFI's USD correspondent

PEFI's CAD correspondent

PEFI's ZAR correspondent
D0060001

Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification Request
Explanation Sender Message Type Receiver Start of Block Sender's Message Reference Function of Message Submitting Party (Sender) SSI Update Type Indicator End of Block Start of Block Purpose of the SSI Currency of the SSI Effective Date Market Area Indicator Start of Block
(1)

Format
SWFTXXXX 671 BDAPGB22 :16R:GENL :20C::SEME//67890 :23G:NEWM :95P::SUBM//PEFIGB22 :22F::UDTP//CASH :16S:GENL :16R:SSIDET :22H::SSIP//RECO :11A::SETT//AUD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY

98

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MT 671 Standing Settlement Instruction Update Notification

Explanation Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI (1) Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block
(1)

Format
:95P::ACCW//BANKAU2L

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//PEFIGB22 :97A::CASH//555555

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET :22H::SSIP//RECO :11A::SETT//USD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//JANIUS33

:16S:CSHPRTY :16R:CSHPRTY :95Q::BENM//PEFIGB22 :97A::CASH//666666

:16S:CSHPRTY :16S:SSIDET :16R:SSIDET :22H::SSIP//RECO :11A::SETT//CAD :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//WWYMCATT

:16S:CSHPRTY :16R:CSHPRTY

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Explanation Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block Start of Block Purpose of the SSI Currency of the SSI Effective Date Market Area Indicator Start of Block Account With Institution (also known as receiving agent) End of Block Start of Block Beneficiary Cash Account (Beneficiary's account at Account With Institution) End of Block End of Block
(1)
(1)

Format
:95P::BENM//PEFIGB22 :97A::CASH//777777

:16S:CSHPRTY :16S:SSIDET :16S:SSIDET :22H::SSIP//RECO :11A::SETT//ZAR :98A::EFFD//20091105 :22F::MARK//CASH :16R:CSHPRTY :95P::ACCW//JANIZAJJ

:16S:CSHPRTY :16R:CSHPRTY :95P::BENM//PEFIGB22 :97A::CASH//888888

:16S:CSHPRTY :16S:SSIDET

For those situations in which a submitting party wants to send out a 'list' of all its SSIs, then the code RECO is used at the individual SSI level.

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MT 690 Advice of Charges, Interest and Other Adjustments

MT 690 Advice of Charges, Interest and Other Adjustments
See Category n - Common Group Messages, Chapter n90 Advice of Charges, Interest and Other Adjustments for details concerning this message type.

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MT 691 Request for Payment of Charges, Interest and Other Expenses
See Category n - Common Group Messages, Chapter n91 Request for Payment of Charges, Interest or Other Expenses for details concerning this message type.

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MT 692 Request for Cancellation

MT 692 Request for Cancellation
See Category n - Common Group Messages, Chapter n92 Request for Cancellation for details concerning this message type.

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MT 695 Queries
See Category n - Common Group Messages, Chapter n95 Queries for details concerning this message type.

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MT 696 Answers

MT 696 Answers
See Category n - Common Group Messages, Chapter n96 Answers for details concerning this message type.

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MT 698 Proprietary Message
See Category n - Common Group Messages, Chapter n98 Proprietary Message for details concerning this message type.

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MT 699 Free Format Message

MT 699 Free Format Message
See Category n - Common Group Messages, Chapter n99 Free Format Message for details concerning this message type.

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Legal Notices
Copyright
Copyright ? S.W.I.F.T. SCRL ("SWIFT"), Avenue Adèle 1, B-1310 La Hulpe, Belgium, or its licensors, 2010. All rights reserved. You may copy this publication within your organisation. Any such copy must include these legal notices.

Confidentiality
This publication may contain SWIFT or third-party confidential information. Do not disclose this publication outside your organisation without the prior written consent of SWIFT.

Disclaimer
This publication constitutes advance information only and is not to be considered the final and complete standards documentation for the subject matter published herein. The information in this publication may change from time to time. You must always refer to the latest available version.

SWIFT Standards Intellectual Property Rights (IPR) Policy - End-User License Agreement
SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy - End-User License Agreement available at www.swift.com > About SWIFT > Legal > SWIFT Standards IPR Policy.

Translations
The English version of SWIFT documentation is the only official version.

Trademarks and Patents
SWIFT is the trade name of S.W.I.F.T. SCRL. The following are registered trademarks of SWIFT: SWIFT, the SWIFT logo, 3SKey, Innotribe, Sibos, SWIFTNet, SWIFTReady, and Accord. Other product, service, or company names in this publication are trade names, trademarks, or registered trademarks of their respective owners.

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