Reference Data

Category 6 - Reference Data
For Standards MT November 2024
Message Reference Guide
This document contains the messaging solution for distributing standing settlement instructions (SSIs), consisting of an
SSI update notification request message (MT 670) and an SSI update notification message (MT 671).
19 July 2024
Link to this document: https://www2.swift.com/go/book/cat6r

For Standards MT November 2024 Table of Contents
Table of Contents
Introduction..............................................................................................................................................4
Overview..................................................................................................................................................4
Changes.................................................................................................................................................. 4
Volume Formatting Explanation...............................................................................................................4
Category 6 Reference Data Message Types..........................................................................................8
Euro - Impact on Category Message Standards.................................................................................10
MT 670 Standing Settlement Instruction Update Notification Request............................................ 11

MT 670 Scope........................................................................................................................................11
MT 670 Format Specifications............................................................................................................... 11
MT 670 Network Validated Rules.......................................................................................................... 14
MT 670 Usage Rules.............................................................................................................................16
MT 670 Guidelines.................................................................................................................................16
MT 670 Field Specifications...................................................................................................................18
MT 670 Examples..................................................................................................................................41
MT 671 Standing Settlement Instruction Update Notification........................................................... 72

MT 671 Scope....................................................................................................................................... 72
MT 671 Format Specifications............................................................................................................... 73
MT 671 Network Validated Rules.......................................................................................................... 75
MT 671 Field Specifications...................................................................................................................75
MT 671 Examples..................................................................................................................................94
MT 690 Advice of Charges, Interest and Other Adjustments.......................................................... 120
MT 691 Request for Payment of Charges, Interest and Other Expenses.......................................121
MT 692 Request for Cancellation....................................................................................................... 122
MT 695 Queries.................................................................................................................................... 123
MT 696 Answers.................................................................................................................................. 124
MT 698 Proprietary Message.............................................................................................................. 125
MT 699 Free Format Message............................................................................................................ 126
19 July 2024 2
For Standards MT November 2024 Table of Contents
Legal Notices....................................................................................................................................... 127
19 July 2024 3
For Standards MT November 2024 Introduction
Introduction
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 Data messages, the MTs 67n, and the Common Group
messages, the MTs 69n.
For information about other Category 6 messages, see Category 6 Commodities.
Category 6 - Reference Data is not impacted by the November 2024 Standards release.
Swift continually applies editorial enhancements to its documentation to improve quality and ensure
consistency. These changes are not published but are controlled in order to ensure that they have no
impact on FIN validation.
Important This volume contains information effective as of the November 2024 Standards release.
Therefore the 20 July 2023 edition of the Standards MT User Handbook volumes remains
effective until November 2024.
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:
19 July 2024 4
MT 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.
MT 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 Detailed Field Name Content/Options No.
Name
Mandatory Sequence A General Information
M 16R Start of Block GENL 1
M 20C SEME Reference Sender's Reference :4!c//16x 2
M 23G Function of the Message 4!c[/4!c] 3
O 98a PREP Date/Time Preparation Date/Time A or C 4
M 22F TRTR Indicator Trade Transaction Type :4!c/[8c]/4!c 5

Indicator
-----> Repetitive Optional Subsequence A1 Linkages
M 16R Start of Block LINK 6
O 13A LINK Number Linked Transaction :4!c//3!c 7

Identification
M 20C 4!c Reference (see qualifier description) :4!c//16x 8
M 16S End of Block LINK 9
-----| 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
- O = Optional - Network Validated Rules may apply
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.
19 July 2024 5
• 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.
• 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.
19 July 2024 6
• 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.
• 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 Message provides the message using the defined Swift format, and providing an explanation,
where necessary, of the fields which have been used.
19 July 2024 7
For Standards MT November 2024 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 is signed (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 MT Name Purpose Signed(1 Max MUG

) Length
670 Standing Settlement Requests Swift to create the MT 671 Y 10,000 N

Instruction Update from the MT 670 and send to
Notification Request financial institutions.
671 Standing Settlement Specifies standing settlement Y 10,000 N

Instruction Update instructions for one or more
Notification currencies.
690 Advice of Charges, Advises an account owner of Y 2,000 N

Interest and Other charges, interest, or other
Adjustments adjustments to its account.
691 Request for Payment Requests payment of charges, Y 2,000 N

of Charges, Interest interest, or other expenses.
and Other Expenses
692 Request for Requests the receiver to consider Y 2,000 N

Cancellation cancellation of the message
identified in the request.
695 Queries Requests information relating to a Y 2,000 N

previous message or amendment to
a previous message.
696 Answers Responds to an MT 695 Queries or Y 2,000 N

MT 692 Request for Cancellation or
other message where no specific
message type has been provided for
the response.
698 Proprietary Message Contains formats defined and agreed Y 10,000 N

to between users and for those
messages not yet live.
699 Free Format Message Contains information for which no Y 2,000 N

other message type has been
defined.
(1) A Relationship Management Application (RMA) authorisation is required in order to sign a message with the exception of the MT 670
and MT 671. Although the MT 670 and MT 671 are signed there is no need to set up RMA for these two messages as they are
exchanged between the user and Swift. For more details about the signing of the MT 670 and MT 671, see the FIN Operations Guide.
19 July 2024 8
For Standards MT November 2024 Category 6 Reference Data Message Types
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 (Order Message User Group) through MySwift > Order, change or
terminate products > Order Products and Services > Message User Group (MUG).
To withdraw from a MUG, use the Terminate your MUG subscription request. The form is
available through MySwift > Order, change or terminate products > Terminate and
deactivate > Message User Group (MUG).
To get the list of other members of a particular MUG, please contact Support.
19 July 2024 9
For Standards MT November 2024 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.
19 July 2024 10
For Standards MT November 2024 MT 670 Standing Settlement Instruction Update Notification Request
MT 670 Standing Settlement Instruction Update

Notification Request
MT 670 Scope
The MT 670 Standing Settlement Instruction (SSI) Update Notification Request message is sent by an
institution to SWIFT (SWFTXXXX). It is an instruction to SWIFT to create the MT 671 Standing
Settlement Instruction Update Notification for forwarding to:
• one or more institutions or
• all the institutions in one or more countries or
• all institutions.
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 an institution to SWIFT (SWFTXXXX). SWIFT forwards the SSI notification to the
intended recipients as an MT 671:
Input MT Output MT/s
MT 670 SSI update MT 671 SSI

SWIFTNet
notification request update notification
D0060029
MT 670 Format Specifications

MT 670 Standing Settlement Instruction Update Notification Request
Name
19 July 2024 11
Name
M 20C SEME Reference Sender's Message Reference :4!c//16x 2
-----> Optional Repetitive Subsequence A1 Linkages
-----| End of Subsequence A1 Linkages
Mandatory Subsequence A2 Distribution Parameter
M 16R Start of Block DISPAR 7
----->
O 95P SSIR Party SSI Recipient :4!c//4!a2!a2!c[3! 8

c]
-----|
----->
O 94C SSIR Place SSI Recipient Country :4!c//2!a 9
-----|
O 22H SSIR Indicator SSI Recipient :4!c//4!c 10
M 16S End of Block DISPAR 11
End of Subsequence A2 Distribution Parameter
----->
M 95a 4!c Party (see qualifier description) P or Q 12
-----|
M 22F UDTP Indicator SSI Update Type :4!c/[8c]/4!c 13
O 97A SAFE Account Safekeeping Account :4!c//35x 14
End of Sequence A General Information
-----> Mandatory Repetitive Sequence B Standing Settlement Instruction Details
19 July 2024 12
Name
M 16R Start of Block SSIDET 16
M 22H SSIP Indicator SSI Purpose :4!c//4!c 17
O 20C SSIR Reference SSI Reference :4!c//16x 18
M 11A SETT Currency SSI Currency :4!c//3!a 19
M 98A EFFD Date/Time Effective Date :4!c//8!n 20
----->
M 22F 4!c Indicator (see qualifier description) :4!c/[8c]/4!c 21
-----|
-----> Mandatory Repetitive Subsequence B1 Cash Parties
M 16R Start of Block CSHPRTY 22
----->
M 95a 4!c Party (see qualifier description) P, Q, R, or S 23
-----|
O 97A CASH Account Cash Account :4!c//35x 24
M 16S End of Block CSHPRTY 25
-----| End of Subsequence B1 Cash Parties
Optional Subsequence B2 Other Details
M 16R Start of Block OTHRDET 26
----->
O 70E ADTX Narrative Additional Text Narrative :4!c//10*35x 27
-----|
O 22F PMTH Indicator Payment Method Indicator :4!c/[8c]/4!c 28
O 22H PRCD Indicator Precedence Indicator :4!c//4!c 29
M 16S End of Block OTHRDET 30
End of Subsequence B2 Other Details
M 16S End of Block SSIDET 31
19 July 2024 13
Name
-----| End of Sequence B Standing Settlement Instruction Details
Optional Sequence C Other Details
----->
-----|
End of Sequence C Other Details
M = Mandatory, O = Optional - Network Validated Rules may apply
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 Subsequence A2 Distribution Subsequence A2 Distribution

Parameter Parameter Parameter
if field :95P::SSIR SSI Recipient then field :94C::SSIR SSI and field :22H::SSIR SSI
is ... Recipient Country is ... Recipient Indicator is ...
Present Not allowed Not allowed
Not present Present Not allowed
Not present Mandatory
C2 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 identifier of the Sender's BIC is XXX,
then the branch identifier is not required in field :95P::SUBM Submitting Party. If the branch identifier
of the Sender's BIC is not XXX, then the branch identifier in field :95P::SUBM Submitting Party must
be the same. If the branch identifier of :95P::SUBM Submitting Party is present, then the branch
identifier of the Sender's BIC must be the same (Error code(s): D09).
Note If the Sender's BIC is a Test and Training BIC then it's owing master's registered BIC,
and only its owning master's registered BIC, with or without a branch identifier is also
allowed in field :95P::SUBM Submitting Party (Error code(s): D09).
19 July 2024 14
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).
C4 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).
C5 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 Subsequence B1 Cash Parties

if field :95a::INT1 Intermediary is ... then :95a::INT2 Second Intermediary is ...
Present Optional
Not present Not allowed
C6 In each occurrence of sequence B SSI Details, at least one occurrence of subsequence B1 must
contain at least one of fields :95P::BENM or :95Q::BENM or :95R::BENM Beneficiary of Money
(Error code(s): D12).
In any occurrence of subsequence B1 Cash Parties, all three fields :95P::BENM, :95Q::BENM, and :
95R::BENM Beneficiary of Money may be present but once only (Error code(s): D12).
C7 In subsequence B1 Cash Parties, fields :95P::ACCW, :95Q::ACCW and :95R::ACCW Account with
Institution may all be present but once only (Error code(s): D15).
In subsequence B1 Cash Parties, fields :95P::INT1, :95Q::INT1 and :95R::INT1 Intermediary may
all be present but once only (Error code(s): D15).
In subsequence B1 Cash Parties, 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 Subsequence B2 Other Details Subsequence C Other Details

Parameter
then field :22F::PMTH Payment then field :22F::PMTH Payment
if field :95P::SSIR SSI Recipient Method Indicator is ... Method Indicator is ...
is ...
Present Present Not allowed
Present Not present Optional
Not present Not allowed Not allowed
19 July 2024 15
C9 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)
There is no specific functionality for cancellation. When an SSI is sent with the code NEWS (Sequence B
Standing Settlement Instruction Details, field :22H::SSIP//NEWS), this over-writes any previously sent SSI
for the same currency and market area.
The MT n92 Request for Cancellation may not be used to cancel a previously sent MT 670.
MT 670 Guidelines
If there is additional information pertinent to all the SSIs specified in the message, the optional sequence
C Other Details is used to specify this information. If there is additional information pertinent to only one
SSI, the optional subsequence B2 Other Details in the same sequence B Standing Settlement Instruction
Details as the relevant SSI is used.
In sequence A General Information, field 95Q CONT Contact Person identifies the contact person. This
field may also contain information such as a telephone number or e-mail address.
There may only be one trade party (sequence A General Information, field :95a::TRAD) specified in each
SSI message. However, this trade party may be identified with both an Identifier Code (95P) and a Name
and Address (95Q)
In sequence B1, Cash Parties, if fields 95P and/or 95Q and/or 95R are all present within the same cash
parties sequence, then the party represented as a BIC must be the same party as that represented with
Name and Address and the same party as that represented with Data Source Scheme (proprietary).
The sender of the MT 670 can monitor the delivery status of the MT 671 Standing Settlement Instruction
(SSI) Update Notification by sending an MT 070 Undelivered SSI Update Notification Report Request.
The response to an MT 070 is an MT 071 Undelivered SSI Update Notification Report, which contains
information about undelivered MTs 671 SSI Update Notification as requested in the MT 070 request
message. See the FIN System Messages guide for details of the MT 070 and MT 071.
Guidelines for Beneficiary

If sequence B Standing Settlement Instruction Details contains more than one subsequence B1 Cash
Parties with :95a::BENM, then each beneficiary identified with :95a::BENM must be a different beneficiary.
19 July 2024 16
Example 1- Example of Recommended Usage

In this message extract, there are two beneficiaries, each in a separate CSHPRTY subsequence. Each of
the two beneficiaries is represented with different BICs and it is clear they represent different parties and
are correctly specified in separate CSHPRTY subsequences.
Explanation Format
Start of Block :16R:SSIDET
Purpose of the SSI :22H::SSIP//NEWS
Currency of the SSI :11A::SETT//AUD
Effective Date :98A::EFFD//20110530
Market Area Indicator :22F::MARK/ANYY
Start of Block :16R:CSHPRTY
Account With Institution (also known as receiving agent) :95P::ACCW//WWYMAU2X
End of Block :16S:CSHPRTY
Beneficiary (1) :95P::BENM//PEFIGB22
Cash Account (Beneficiary's account at Account With :97A::CASH//11111111

Institution)
Beneficiary (2) :95P::BENM//BDAPGB22

Institution)
End of Block :16S:SSIDET
Example 2- Example of Wrong Usage

In this message extract, there are two beneficiaries, each in a separate CSHPRTY subsequence.
Although one beneficiary is represented as a BIC and the other is represented as a Name and Address,
they are the same party and so should be specified within the same CSHPRTY subsequence.
Explanation Format
19 July 2024 17
Explanation Format
Market Area Indicator :22F::MARK/ANYY
Beneficiary (1) :95P::BENM//PEFIGB22

Institution)
Beneficiary (2) :95Q::BENM//PEFI LTD

1092 FINSBURY SQUARE
GB/LONDON/EC1 5DR

Institution)
MT 670 Field Specifications
MT 670 - 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.
19 July 2024 18
Codes
This field must contain the following code (Error code(s): T92):
GENL General Information
MT 670 - 2. Field 20C: Reference: Sender's Message Reference

Format
Option C :4!c//16x (Qualifier)(Reference)
Presence
Qualifier
(Error code(s): T89)
Order M/O Qualifier R/N CR Options Qualifier Description
1 M SEME N C Sender's Message Reference
Definition
This qualified generic field specifies:
SEME Sender's Message Reference assigned by the Sender to unambiguously identify the
Reference message.
Network Validated Rules

Reference must not start or end with a slash '/' and must not contain two consecutive slashes '//' (Error
code(s): T26).
MT 670 - 3. Field 23G: Function of the Message

Format
Option G 4!c[/4!c] (Function)(Subfunction)
Presence
Definition
This field identifies the function of the message.
Codes
Function must contain one of the following codes (Error code(s): T86):
19 July 2024 19
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.
COPY Copy Message is a copy to a party other than the account owner/account
servicer, for information purposes.
DUPL Duplicate Message is for information/confirmation purposes. It is a duplicate of

a message previously sent.

Format
Option R 16c
Presence
Mandatory in optional subsequence A1
Definition
Codes
LINK Linkages
MT 670 - 5. Field 20C: Reference

Format
Presence
Qualifier
19 July 2024 20
1 M RELA N C Related Message Reference
or PREV N C Previous Message Reference
Definition
PREV Previous Message Message reference of a previously sent SSI update notification
Reference message.
RELA Related Message Message reference of a related message which was previously
Reference received.

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.
MT 670 - 6. Field 16S: End of Block

Format
Option S 16c
Presence
Definition
This field specifies the end of a block and the name of that block.
Codes
LINK Linkages
19 July 2024 21

Format
Option R 16c
Presence
Mandatory in mandatory subsequence A2
Definition
Codes
DISPAR Distribution Parameter
MT 670 - 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
1 O SSIR R C1, C2 P SSI Recipient
Definition
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.

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).
Usage Rules
If a BIC is duplicated the MT 671 will only be generated for one instance of the repeated BIC.
19 July 2024 22
The BIC must be a SWIFT-connected BIC.
MT 670 - 9. Field 94C: Place: SSI Recipient Country

Format
Option C :4!c//2!a (Qualifier)(Country Code)
Presence
Qualifier
1 O SSIR R C1 C SSI Recipient Country
Definition
SSIR SSI Recipient Country to which the SSI update notification (MT 671) message must
Country be sent. This field may be present up to 80 times.

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.
MT 670 - 10. Field 22H: Indicator: SSI Recipient

Format
Option H :4!c//4!c (Qualifier)(Indicator)
Presence
Qualifier
19 July 2024 23
1 O SSIR N C1 H SSI Recipient
Definition
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.

Format
Option S 16c
Presence
Mandatory in mandatory subsequence A2
Definition
Codes
DISPAR Distribution Parameter
MT 670 - 12. Field 95a: Party

Format
Option Q :4!c//4*35x (Qualifier)(Name and Address)
Presence
Qualifier
19 July 2024 24
1 M SUBM N C2 P Submitting Party
2 O CONT R Q Contact Person
3 O TRAD R C3 P or Q Trade Party
Definition
CONT Contact Person Person at the institution that sends the SSI update notification to be
contacted if there should be problems with the SSI.
SUBM Submitting Party Party that is the Sender of the SSI update notification. In many
situations this party is also the beneficiary.
TRAD Trade Party Trade party, when different from the party identified as the submitting
party and the beneficiary. In some cases, this may be the fund
manager.

Name and Address (Format Option Q) 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).
MT 670 - 13. Field 22F: Indicator: SSI Update Type

Format
Option F :4!c/[8c]/4!c (Qualifier)(Data Source Scheme)
(Indicator)
Presence
Qualifier
1 M UDTP N F SSI Update Type
Definition
19 July 2024 25
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.
MT 670 - 14. Field 97A: Account: Safekeeping Account

Format
Option A :4!c//35x (Qualifier)(Account Number)
Presence
Optional in mandatory sequence A
Qualifier
1 O SAFE N A Safekeeping Account
Definition
SAFE Safekeeping Master account of the currency accounts within the SSI update
Account notification.

Format
Option S 16c
Presence
Definition
Codes
19 July 2024 26

Format
Option R 16c
Presence
Mandatory in mandatory sequence B
Definition
Codes
SSIDET Standing Settlement Instruction Details
MT 670 - 17. Field 22H: Indicator: SSI Purpose

Format
Presence
Qualifier
1 M SSIP N H SSI Purpose
Definition
SSIP SSI Purpose Specifies the purpose of the individual SSI.
Codes
Indicator must contain one of the following codes (Error code(s): K22):
19 July 2024 27
NEWS New Individual SSI is new.
NONE No SSI No longer any SSI for currency and market area
RECO Re-confirmation Individual SSI is re-confirmed.
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 sent with the code NEWS, this over-writes any previously sent SSI for the same
beneficiary, currency and market area.
The code NONE must be used to indicate that the beneficiary no longer has any SSI for the specified
currency and market area.
In a situation where a party has two or more SSIs for a currency and market area and then closes one or
more of the accounts, this should be notified by sending an SSI update with code NEWS and specifying
the SSI details for the remaining account or accounts. If the party closes all of the accounts, this should
be notified by sending an SSI update with code NONE.
MT 670 - 18. Field 20C: Reference: SSI Reference

Format
Presence
Optional in mandatory sequence B
Qualifier
1 O SSIR N C SSI Reference
Definition
SSIR SSI Reference Reference of the individual SSI.

code(s): T26).
19 July 2024 28
MT 670 - 19. Field 11A: Currency: SSI Currency

Format
Option A :4!c//3!a (Qualifier)(Currency Code)
Presence
Qualifier
1 M SETT N A SSI Currency
Definition
SETT SSI Currency Currency for which the SSI update is specified.

Currency Code must be a valid ISO 4217 currency code (Error code(s): T52).
MT 670 - 20. Field 98A: Date/Time: Effective Date

Format
Option A :4!c//8!n (Qualifier)(Date)
Presence
Qualifier
1 M EFFD N A Effective Date
Definition
EFFD Effective Date Date on which the SSI update is to be effected. Date may be further
qualified by Effective Date Indicator.
19 July 2024 29

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).
MT 670 - 21. Field 22F: Indicator

Format
(Indicator)
Presence
Qualifier
1 O EFFD R F Effective Date Indicator
2 M MARK R F Market Area Indicator
Definition
EFFD Effective Date Specifies how the SSI update effective date is to be applied.
Indicator
MARK Market Area Specifies the market to which the SSI relates.
Indicator
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 Future SSI update is to be applied to future trades.
OUTS Outstanding Trade SSI update is effective for all trades settling on and after effective
date irrespective of trade date.
RCON Reconfirmation SSI update is effective for all trades settling on and after effective
date irrespective of trade date and they need to be reconfirmed.
SETT Settlement Date SSI update is effective on the settlement date.
TRAD Trade Date SSI update is effective for all trades booked on and after effective
date.
19 July 2024 30
Codes
If Qualifier is MARK and Data Source Scheme is not present, Indicator must contain one of the following
ANYY Any Any market area. This code is the superset of all the market area
codes.
CASH Cash Bank to bank cash movements. This code is not related to the other
market area codes. It includes transactions such as bank notes and
remittances.
COLL Collections Collections.
COMM Commodities Precious metals and other commodities such as palm oil.
COPA Commercial Payment in which one of the parties is not a financial institution.
Payments
DERI Derivatives Futures contracts, options, swaps, etc.
DOCC Documentary Documentary credits.

Credits
FOEX Foreign Exchange Foreign Exchange, including spot, forwards, and non-deliverable
forwards.
GUAR Guarantees Guarantees.
LETT Letters of Credit Letters of credit.
LOAN Loans Loans and deposits.
MMKT Money Markets Interbank loans and deposits.
NDLF Non Deliverable FX forward trade for which only balance is settled.
Forward
OPTI Options FX Options, swaptions, etc.
SECU Securities Bonds, equities, capital markets, etc.
TFIN Trade Finance Documentary credits, collections, guarantees, letters of credit. TFIN
is a superset of COLL, DOCC, GUAR, and LETT.
TREA Treasury Cash management ("financial trading") activities. TREA is a superset

of COMM, DERI, FOEX, MMKT, NDLF, and OPTI.
Usage Rules
It is recommended that field :22F::EFFD is present.
Some of the market area codes are effectively supersets of several codes:
• ANYY is a superset of all the codes
• TREA is a superset of COMM, DERI, FOEX, MMKT, NDLF, and OPTI
• TFIN is a superset of COLL, DOCC, GUAR, and LETT
19 July 2024 31
• DERI includes OPTI

• FOEX includes NDLF
Code ANYY indicates that the standing settlement instruction is to be used for any type of payment,
settlement, or other cash movement. It does not indicate that the owner of the account is active in all
business domains that are listed in the table.
Code SECU refers to the cash settlement aspect of a securities transaction. The MTs 670 and 671 do not
support definition of SSIs for the settlement of the security itself. They likewise do not support more
granular specification of the cash settlement, such as by geographical market or type of security.

Format
Option R 16c
Presence
Mandatory in mandatory subsequence B1
Definition
Codes
CSHPRTY Cash Parties

Format
Option R :4!c/8c/34x (Qualifier)(Data Source Scheme)

(Proprietary Code)
Option S :4!c/[8c]/4!c/2!a/30x (Qualifier)(Data Source Scheme)(Type

of ID)(Country Code)(Alternate ID)
Presence
Qualifier
19 July 2024 32
1 M BENM R C6 P, Q, or Beneficiary
R
or ACCW R C4, C7 P, Q, or Account With Institution

R
or INT1 R C4, P, Q, or Intermediary

C5, C7 R
or INT2 R C4, P, Q, or Second Intermediary

C5, C7 R
2 O ALTE R S Alternate Identification
Definition
ACCW Account With Financial institution that services the cash account of the beneficiary.
Institution 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.
ALTE Alternate Alternate identification for a party.

Identification
BENM Beneficiary Party to which the payment amount must be ultimately delivered. In
some cases, this may be a fund.
INT1 Intermediary Intermediary.
INT2 Second Second intermediary.

Intermediary
Codes
In option S, if Qualifier is ALTE and Data Source Scheme is not present, Type of ID must contain one of
the following codes (Error code(s): K95):
ARNU Alien Registration Number assigned by a government agency to identify foreign

Number nationals.
CCPT Passport Number Number assigned by a passport authority.
CHTY Tax Exempt Number assigned to a tax exempt entity.

Identification
Number
CORP Corporate Number assigned to a corporate entity.

Identification
DRLC Driver's Licence Number assigned to a driver's licence.

Number
19 July 2024 33
EMPL Employee Number assigned to a specific employee for employee trade

Identification reporting.
Number
FIIN Foreign Investment Number assigned to a foreign investor (other than the alien number).
Identity Number
TXID Tax Identification Number assigned by a tax authority to an entity.

Number

Country Code must be a valid ISO country code (Error code(s): T73).
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 connected BICs, non-connected 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 and Proprietary Code
specifies a local national code identifying the party at that clearing system:
Code name Code description Format Proprietary Code
AT Austrian Bankleitzahl 5!n
AU Australian Bank State Branch (BSB) 6!n

Code
BL German Bankleitzahl 8!n
CC Canadian Payments Association 9!n

Payment Routing Number
CH CHIPS Universal Identifier 6!n
CN China National Advanced Payment 12..14n

System (CNAPS) Code
CP CHIPS Participant Identifier 4!n
ES Spanish Domestic Interbanking Code 8..9n
FW Fedwire Routing Number 9!n
GR HEBIC (Hellenic Bank Identification 7!n

Code)
HK Bank Code of Hong Kong 3!n
19 July 2024 34
IE Irish National Clearing Code (NSC) 6!n
IN Indian Financial System Code (IFSC) 11!c
IT Italian Domestic Identification Code 10!n
PL Polish National Clearing Code (KNR) 8!n
PT Portuguese National Clearing Code 8!n
RU Russian Central Bank Identification 9!n

Code
SC UK Domestic Sort Code 6!n
SW Swiss Clearing Code (BC code) 3..5n
SW Swiss Clearing Code (SIC code) 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.
In option S:
• 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.
• Alternate ID specifies an alternate identification of the party identified in this sequence.
MT 670 - 24. Field 97A: Account: Cash Account

Format
Presence
Optional in mandatory subsequence B1
Qualifier
1 O CASH N A Cash Account
Definition
19 July 2024 35
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).

Format
Option S 16c
Presence
Definition
Codes

Format
Option R 16c
Presence
Mandatory in optional subsequence B2
19 July 2024 36
Definition
Codes
OTHRDET Other Details
MT 670 - 27. Field 70E: Narrative: Additional Text Narrative

Format
Option E :4!c//10*35x (Qualifier)(Narrative)
Presence
Conditional (see rule C9) in optional subsequence B2
Qualifier
1 O ADTX R C9 E Additional Text Narrative
Definition
ADTX Additional Text Provides additional information regarding the SSI update.
Narrative
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.
MT 670 - 28. Field 22F: Indicator: Payment Method Indicator

Format
(Indicator)
Presence
Qualifier
19 July 2024 37
1 O PMTH N C8 F Payment Method Indicator
Definition
PMTH Payment Method Specifies what kind of payment method is permitted.

Indicator
Codes
COVE Cover Direct payment (that is, MT 103 with MT 202 COV as a cover) is
permitted.
MT 670 - 29. Field 22H: Indicator: Precedence Indicator

Format
Presence
Qualifier
1 O PRCD N H Precedence Indicator
Definition
PRCD Precedence Specifies precedence details for the SSI

Indicator
Codes
PREF Preferred The preferred SSI for a currency and market area
19 July 2024 38
Usage Rules
PREF should be used when the message includes a notification of updates to two or more SSIs for a
single currency and market area combination. In this case, one of the SSIs can be marked as preferred,
to indicate that it should be used as the default.

Format
Option S 16c
Presence
Definition
Codes

Format
Option S 16c
Presence
Definition
Codes

Format
Option R 16c
19 July 2024 39
Presence
Mandatory in optional sequence C
Definition
Codes

Format
Presence
Conditional (see rule C9) in optional sequence C
Qualifier
1 O ADTX R E Additional Text Narrative
Definition
Narrative
Usage Rules

Format
(Indicator)
Presence
Conditional (see rule C9) in optional sequence C
19 July 2024 40
Qualifier
1 O PMTH N C8 F Payment Method Indicator
Definition

Indicator
Codes
permitted.

Format
Option S 16c
Presence
Definition
Codes
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
19 July 2024 41
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 WWYMGB22

2 MT 202 3 MT 202
(AUD) (ZAR)
WWYM’s
ZAR correspondent
BANKZAJJ
PEFI’s AUD payment

correspondent
BANKAU2L PEFI’s
ZAR correspondent
D0060036
JANIZAJJ
Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request:

Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
Start of Block :16R:GENL
Sender's Message Reference :20C::SEME//345678
Function of the Message :23G:NEWM
Start of Block :16R:DISPAR
19 July 2024 42
Explanation Format
SSI Recipient Indicator :22H::SSIR//ALLL
End of Block :16S:DISPAR
Submitting Party (Sender) :95P::SUBM//PEFIGB22
Contact Person :95Q::CONT//Mr Green
SSI Update Type Indicator :22F::UDTP//CASH
End of Block :16S:GENL
SSI Reference - optional :20C::SSIR//SSI Ref 66
Market Area Indicator :22F::MARK//CASH
Account With Institution (also known as receiving agent) :95P::ACCW//BANKAU2L
Beneficiary :95P::BENM//PEFIGB22

Institution)
Currency of the SSI :11A::SETT//ZAR
19 July 2024 43
Explanation Format
Account With Institution (also known as receiving agent) :95P::ACCW//JANIZAJJ

Institution)
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 Format
Sender BDAPGB22
Message Type 202
Receiver BANKAU2L
Unique End-to-end Transaction Reference 121:f17999db-4e94-486a-8a28-c559a8224044
Transaction Reference Number :20:123123
Related Reference :21:121212
Value Date, Currency Code, Amount :32A:091122AUD4000,
Beneficiary Institution and its account at Receiver :58A:/555555

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

Using data in its SSI database, WWYMGB22 sends an MT 202 to its ZAR correspondent to pay the ZAR
amount:
19 July 2024 44
Explanation Format
Sender WWYMGB22
Message Type 202
Receiver BANKZAJJ
Unique End-to-end Transaction Reference 121:ccf95c29-2546-494e-b9ea-459afb90c674
Value Date, Currency Code, Amount :32A:091122ZAR4000,
Account With Institution (also known as receiving agent) :57A:JANIZAJJ
Beneficiary Institution and its account at Account With :58A:/777777

Institution 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.)
19 July 2024 45
Information Flow
I buy AUD
Trading party 2 Trading party (Party B)

(Party A) I sell AUD
PEFIGB22 BDAPGB22
1 SSI MT 202 3
Trading party’s (Party B)

AUD correspondent
BANKAU2X
payment
Trading party’s (Party A)

AUD correspondent
JANIAU2X
D0060030
Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
SSI Recipient :95P::SSIR//BDAPGB22
Contact Person :95Q::CONT//Mr Jones
19 July 2024 46
Explanation Format
Effective Date Indicator - the SSI must be applied to all :22F::EFFD//OUTS

outstanding trades
Market Area Indicator :22F::MARK//FOEX
Account With Institution (also known as receiving agent) :95P::ACCW//JANIAU2X

Institution)
Note In this scenario, PEFIGB22 is both the Sender of the SSI (submitting party) and the
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 PEFIGB22's AUD correspondent in favour of PEFIGB22's account.
Only mandatory subsequence B2 Amount Sold is shown:
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver PEFIGB22
19 July 2024 47
Explanation Format
Currency, Amount :33B:AUD4000,
Receiving Agent and account of Beneficiary at Receiving :57A:/999999

Agent JANIAU2X
Beneficiary Institution :58A:PEFIGB22
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 Format
Sender BDAPGB22
Message type 202
Receiver BANKAU2X
Unique End-to-end Transaction Reference 121:9d1ad807-90dd-4e4b-b030-1d72ebf7e31a
Account With Institution (also known as receiving agent) :57A:JANIAU2X
Beneficiary Institution and its account at Account with :58A:/999999

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.)
19 July 2024 48
Information Flow
Fund manager
I buy AUD on behalf of Fund A
Fund A’s custodian is CUSTGB22
2 Broker
I sell AUD
Fund A PEFIGB22 BDAPGB22
1 SSI MT 202 3
Broker’s AUD
correspondent
WWYMAU1L
payment
Fund A’s custodian
Custodian’s AUD
correspondent
CUSTGB22 JANIAU1L
D0060031
Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
19 July 2024 49
Explanation Format
Effective Date Indicator - the SSI must be applied to all :22F::EFFD//FUTU

future trades
Intermediary :95P::INT1//JANIAU1L
Account With Institution (also known as receiving agent) :95P::ACCW//CUSTGB22
Cash Account (Account With Institution's account at :97A::CASH//222222

Intermediary)
Beneficiary :95Q::BENM//Fund A

Institution)

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 Format
Sender BDAPGB22
19 July 2024 50
Explanation Format
Message Type 300
Receiver PEFIGB22
Fund/Beneficiary Institution :83J:/NAME/Fund A
Intermediary and account of Receiving Agent at :56A:/222222

Intermediary JANIAU1L

Agent CUSTGB22

the AUD amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver WWYMAU1L
Unique End-to-end Transaction Reference 121:4327dc9a-22c9-4b7f-b0c5-a53eb2d0ad98
Intermediary :56A:JANIAU1L
Account With Institution and its account at Intermediary :57A:/222222

CUSTGB22
Beneficiary Institution and its account at Account With :58D:/111111

Institution Fund A
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
19 July 2024 51
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.)
Information Flow
I buy AUD

PEFIIE2D BDAPGB22
SSI submitting MT 202 3
party (Party A)
1 SSI
AUD correspondent
PEFIGB22 BANKAU2X
payment

AUD correspondent
JANIAU2X
D0060032

Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
19 July 2024 52
Explanation Format
Trade Party :95P::TRAD//PEFIIE2D
Effective Date Indicator - the SSI must be applied to all :22F::EFFD//RCON

outstanding trades and they must be reconfirmed
Start of Block :16R::CSHPRTY
Account With Institution (also known as Receiving agent) :95P::ACCW//JANIAU2X
Beneficiary :95P::BENM//PEFIIE2D

Institution)
End of Block :16S::CSHPRTY
End of Block :16S::SSIDET

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 Format
Sender BDAPGB22
Message Type 300
19 July 2024 53
Explanation Format
Receiver PEFIIE2D

Agent JANIAU2X
Beneficiary Institution :58A:PEFIIE2D

the AUD amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver BANKAU2X
Unique End-to-end Transaction Reference 121:e1eba7d7-5e12-45cd-9d59-37a1f1e89387

Institution PEFIIE2D
Example 5: SSIs Centralised and Fund Manager

Narrative
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
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.)
19 July 2024 54
Information Flow
Trading party
(Party A)
I buy AUD
2 Trading party (Party B)

I sell AUD
Fund A PEFIIE2D BDAPGB22
party (Party A)
1 SSI
AUD correspondent
PEFIGB22 BANKAU2X
payment

AUD correspondent
CUSTGB22 JANIAU2X
D0060033
Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
19 July 2024 55
Explanation Format

future trades
Intermediary :95P::INT1//JANIAU2X
Cash Account (account of Account With Institution at :97A::CASH//222222

Intermediary)

Institution)

the AUD to PEFI's AUD correspondent in favour of the fund's account at the custodian.
19 July 2024 56
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver PEFIIE2D

Intermediary JANIAU2X

Agent CUSTGB22

the AUD amount:
Explanation Format
Sender (broker) BDAPGB22
Message type 202
Receiver (broker's AUD correspondent) BANKAU2X
Unique End-to-end Transaction Reference 121:082209e0-e87f-48be-80c5-d9116e8d2e1d
Intermediary :56A:JANIAU2X

CUSTGB22

Institution Fund A
19 July 2024 57
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
19 July 2024 58
Diagram 2 - Settlement parties and payment
Trading party
(Party A)
I buy AUD

I sell AUD
JANIFI22 BDAPGB22
MT 202 3

AUD correspondent
BANKAU2X
payment

AUD correspondent
WWYMAU2X
D0060035
Explanation Format
Sender JANISESK
Message Type 670
Receiver SWFTXXXX
Submitting Party (Sender) :95P::SUBM//JANISESK
19 July 2024 59
Explanation Format

future trades
Beneficiary :95P::BENM//JANIFI22

Institution)
Beneficiary :95P::BENM//JANIDKKK

Institution)

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.
Explanation Format
Sender BDAPGB22
19 July 2024 60
Explanation Format
Message Type 300
Receiver JANIFI22

Agent WWYMAU2X
Beneficiary Institution :58A:JANIFI22

the AUD amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver BANKAU2X
Unique End-to-end Transaction Reference 121:624e0a1b-37b9-458d-8172-de658d134534
Account With Institution (also known as receiving agent) :57A:WWYMAU2X
Beneficiary Institution and account of Beneficiary at :58A:/777777

Account With Institution 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
Subsequently, PEFIGB22 places an order to sell equities, the payment indicator is FREE (cash is settled
separately from the securities).
19 July 2024 61
PEFIGB22's cash agent is JANIGB22, account number 666666. JANIGB22's sort code is 121212.
BDAPGB22 uses WWYMGB22 as its cash agent.
Information Flow
Investment manager
MT 502 order to sell
Broker dealer
MT 515 confirmation
PEFIGB22 BDAPGB22
1 SSI 2 MT 202
(GBP)
Investment manager’s Broker dealer’s

GBP cash agent GBP cash agent
JANIGB22 WWYMGB22
D0060037
Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
Contact Person :95Q::CONT//Ms Black
19 July 2024 62
Explanation Format
Currency of the SSI :11A::SETT//GBP

future trades
Market Area Indicator :22F::MARK//SECU
Account With Institution (also known as receiving agent) :95P::ACCW//JANIGB22
Account With Institution's sort code :95R::ACCW/SC/121212

Institution)
Note In this scenario, PEFIGB22 is both the sender of the SSI (submitting party) and the

Using data in its SSI database, BDAPGB22 sends an MT 202 to its cash agent to pay the GBP amount:
Explanation Format
Sender BDAPGB22
Message type 202
19 July 2024 63
Explanation Format
Receiver WWYMGB22
Unique End-to-end Transaction Reference 121:6b69e48c-cbc8-4fd8-a7a2-eb1600206282
Value Date, Currency Code, Amount :32A:091123GBP4000,
Account With Institution (also known as receiving :57A:JANIGB22

agent) (1)

(1) 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
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
19 July 2024 64
Information Flow
SSI Re-confirmations
1
PEFIGB22 BDAPGB22
BANKAU2L JANIUS33 WWYMCATT JANIZAJJ
PEFI’s AUD PEFI’s USD PEFI’s CAD PEFI’s ZAR

correspondent correspondent correspondent correspondent
D0060001
Message 1 MT 670 Standing Settlement Instruction (SSI) Update Notification Request
Explanation Format
Sender PEFIGB22
Message Type 670
Receiver SWFTXXXX
Purpose of the SSI :22H::SSIP//RECO
19 July 2024 65
Explanation Format

Institution)
Purpose of the SSI (1) :22H::SSIP//RECO
Currency of the SSI :11A::SETT//USD
Account With Institution (also known as receiving agent) :95P::ACCW//JANIUS33

Institution)
19 July 2024 66
Explanation Format
Currency of the SSI :11A::SETT//CAD
Account With Institution (also known as receiving agent) :95P::ACCW//WWYMCATT

Institution)

Institution)
(1) 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.
19 July 2024 67
Example 9: Commercial Payments Scenario

Narrative
CORPGB2L, a corporate, notifies all institutions of how it expects AUD and ZAR payments to be settled
for all market areas, using an MT 670 Standing Settlement Instruction (SSI) Update Notification Request
Notification message to all SWIFT institutions. Each SSI recipient sets up the cash settlement information
in its database.
The AUD correspondent of CORPGB2L is BANKAU2L, account number 555555.
The ZAR correspondent of CORPGB2L is JANIZAJJ, account number 777777.
Subsequently, BDAPGB22 is asked by a customer to make an AUD payment to CORPGB2L via its AUD
correspondent. BDAPGB22 uses BANKAU2L as its AUD correspondent (the same as CORPGB2L).
And subsequently, WWYMGB22 makes a ZAR payment to CORPGB2L via its ZAR correspondent.
Information Flow
ALL institutions
SSI
1

2 MT 202 3 MT 202
(AUD) (ZAR)
WWYM’s
ZAR correspondent
BANKZAJJ

correspondent
BANKAU2L PEFI’s
ZAR correspondent
D0060036
JANIZAJJ

Explanation Format
Sender CORPGB2L
Message Type 670
Receiver SWFTXXXX
19 July 2024 68
Explanation Format
SSI Recipient Indicator :22H::SSIR//ALLL
Submitting Party (Sender) :95P::SUBM//CORPGB2L
Market Area Indicator :22F::MARK//ANYY
Beneficiary :95P::BENM//CORPGB2L

Institution)
19 July 2024 69
Explanation Format
Market Area Indicator :22F::MARK//ANYY
Beneficiary :95P::BENM//CORPGB2L

Institution)
Note In this scenario, CORPGB2L is both the Sender of the SSI (submitting party) and the
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 103 Single Customer Credit Transfer

At the request of its customer ACME BV, by using data in its SSI database BDAPGB22 sends an MT 103
to its AUD correspondent to pay the AUD amount:
Explanation Format
Sender BDAPGB22
Message Type 103
Receiver BANKAU2L
Unique End-to-end Transaction Reference 121:a353872f-0191-4bc8-882c-3a3e7d0b2d81
Sender's Reference :20:123123
Bank Operation Code :23B:CRED
Value Date/Currency/Interbank Settled Amount :32A:160414AUD4000,
19 July 2024 70
Explanation Format
Ordering Customer :50K:ACME BV

BRUSSELS
Beneficiary Customer :59A:/555555

CORPGB2L
Details of Charges :71A:SHA
CORPGB2L.
Message 3 MT 103 Single Customer Credit Transfer

Using data in its SSI database WWYMGB22 sends an MT 103 to its ZAR correspondent to pay the ZAR
amount:
Explanation Format
Sender WWYMGB22
Message Type 103
Receiver BANKZAJJ
Unique End-to-end Transaction Reference 121:a462311f-0fa4-47d6-af18-140ffbbaa6c3
Sender's Reference :20:234234
Bank Operation Code :23B:CRED
Value Date/Currency/Interbank Settled Amount :32A:160416ZAR9000,
Ordering Customer :50A:WWYMGB22
Account With Institution :57A:JANIZAJJ
Beneficiary Customer :59A:/777777

CORPGB2L
Details of Charges :71A:SHA
19 July 2024 71
For Standards MT November 2024 MT 671 Standing Settlement Instruction Update Notification
MT 671 Standing Settlement Instruction Update

Notification
MT 671 Scope
The MT 671 Standing Settlement Instruction (SSI) Update Notification message is sent by SWIFT to an
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 institutions or
• all institutions in one or more countries or
• all institutions.
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 institutions as defined in the MT 670:
Input MT Output MT/s
MT 670 SSI update MT 671 SSI

SWIFTNet
notification request update notification
D0060029
Note The MT 671 is created from the corresponding MT 670. The sender of the MT 671 is a
pseudo logical terminal - for more information about pseudo logical terminals, see the FIN
Operations Guide. With the exception of fields that concern distribution information, all the
data in the MT 670 is copied into the MT 671. The exception fields that are not copied to the
MT 671 are:
• :95P::SSIR//
• :94C::SSIR//
• :22H::SSIR//
To understand the rules governing the creation of the MT 670 Standing Settlement
Instruction Update Notification request message, see the MT 670.
19 July 2024 72
Although error codes are included in the documentation of the MT 671, they have no purpose and can be
ignored.
MT 671 Format Specifications

MT 671 Standing Settlement Instruction Update Notification
Name
M 20C SEME Reference Sender's Message Reference :4!c//16x 2
-----> Optional Repetitive Subsequence A1 Linkages
-----| End of Subsequence A1 Linkages
----->
M 95a 4!c Party (see qualifier description) P or Q 7
-----|
M 22F UDTP Indicator SSI Update Type :4!c/[8c]/4!c 8
O 97A SAFE Account Safekeeping Account :4!c//35x 9
End of Sequence A General Information
-----> Mandatory Repetitive Sequence B Standing Settlement Instruction Details
M 16R Start of Block SSIDET 11
M 22H SSIP Indicator SSI Purpose :4!c//4!c 12
O 20C SSIR Reference SSI Reference :4!c//16x 13
M 11A SETT Currency SSI Currency :4!c//3!a 14
M 98A EFFD Date/Time Effective Date :4!c//8!n 15
----->
19 July 2024 73
Name
M 22F 4!c Indicator (see qualifier description) :4!c/[8c]/4!c 16
-----|
-----> Mandatory Repetitive Subsequence B1 Cash Parties
M 16R Start of Block CSHPRTY 17
----->
M 95a 4!c Party (see qualifier description) P, Q, R, or S 18
-----|
O 97A CASH Account Cash Account :4!c//35x 19
M 16S End of Block CSHPRTY 20
-----| End of Subsequence B1 Cash Parties
Optional Subsequence B2 Other Details
----->
-----|
O 22H PRCD Indicator Precedence Indicator :4!c//4!c 24
End of Subsequence B2 Other Details
M 16S End of Block SSIDET 26
-----| End of Sequence B Standing Settlement Instruction Details
Optional Sequence C Other Details
----->
-----|
19 July 2024 74
Name
End of Sequence C Other Details
M = Mandatory, O = Optional - Network Validated Rules may apply
MT 671 Network Validated Rules

There are no network validated rules for this message type.
MT 671 Field Specifications

Format
Option R 16c
Presence
Definition
Codes
MT 671 - 2. Field 20C: Reference: Sender's Message Reference

Format
Presence
Qualifier
19 July 2024 75
1 M SEME N C Sender's Message Reference
Definition
SEME Sender's Message Reference assigned by the Sender of the MT 670 to unambiguously
Reference identify the message.
MT 671 - 3. Field 23G: Function of the Message

Format
Option G 4!c[/4!c] (Function)(Subfunction)
Presence
Definition
This field identifies the function of the message.
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.
COPY Copy Message is a copy to a party other than the account owner/account
servicer, for information purposes.
DUPL Duplicate Message is for information/confirmation purposes. It is a duplicate of

a message previously sent.

Format
Option R 16c
19 July 2024 76
Presence
Definition
Codes
LINK Linkages
MT 671 - 5. Field 20C: Reference

Format
Presence
Qualifier
1 M RELA N C Related Message Reference
or PREV N C Previous Message Reference
Definition
PREV Previous Message Message reference of a previously sent SSI update notification.
Reference
RELA Related Message Message reference of the linked message which was previously
Reference 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.
19 July 2024 77

Format
Option S 16c
Presence
Definition
Codes
LINK Linkages

Format
Presence
Qualifier
1 M SUBM N P Submitting Party
2 O CONT R Q Contact Person
3 O TRAD R P or Q Trade Party
Definition
CONT Contact Person Person at the institution that sends the SSI update notification to be
contacted if there should be problems with the SSI.
SUBM Submitting Party Party that is the Sender of the SSI update notification. In many
situations this party is also the beneficiary.
19 July 2024 78
TRAD Trade Party Trade party, when different from the party identified as the submitting
party and the beneficiary. In some cases, this may be the fund
manager.
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.
MT 671 - 8. Field 22F: Indicator: SSI Update Type

Format
(Indicator)
Presence
Qualifier
1 M UDTP N F SSI Update Type
Definition
UDTP SSI Update Type Specifies the type of SSI update notification.
Codes
CASH Cash SSI Update notification is for a cash SSI.
MT 671 - 9. Field 97A: Account: Safekeeping Account

Format
Presence
Optional in mandatory sequence A
19 July 2024 79
Qualifier
1 O SAFE N A Safekeeping Account
Definition
SAFE Safekeeping Master account of the currency accounts within the SSI update
Account notification.

Format
Option S 16c
Presence
Definition
Codes

Format
Option R 16c
Presence
Definition
Codes
19 July 2024 80
MT 671 - 12. Field 22H: Indicator: SSI Purpose

Format
Presence
Qualifier
1 M SSIP N H SSI Purpose
Definition
SSIP SSI Purpose Specifies the purpose of the individual SSI.
Codes
Indicator must contain one of the following codes (Error code(s): K22):
NEWS New Individual SSI is new.
NONE No SSI No longer any SSI for currency and market area
RECO Re-confirmation Individual SSI is re-confirmed.
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
beneficiary, currency and market area.
When an SSI is received with the code NONE, this indicates that the beneficiary no longer has any SSI
for the specified currency and market area.
In a situation where a party has two or more SSIs for a currency and market area and then closes one or
more of the accounts, this should be notified by sending an SSI update with code NEWS and specifying
the SSI details for the remaining account or accounts. If the party closes all of the accounts, this should
be notified by sending an SSI update with code NONE.
19 July 2024 81
MT 671 - 13. Field 20C: Reference: SSI Reference

Format
Presence
Optional in mandatory sequence B
Qualifier
1 O SSIR N C SSI Reference
Definition
SSIR SSI Reference Reference of the individual SSI.
MT 671 - 14. Field 11A: Currency: SSI Currency

Format
Option A :4!c//3!a (Qualifier)(Currency Code)
Presence
Qualifier
1 M SETT N A SSI Currency
Definition
SETT SSI Currency Currency for which the SSI update is specified.
19 July 2024 82
MT 671 - 15. Field 98A: Date/Time: Effective Date

Format
Option A :4!c//8!n (Qualifier)(Date)
Presence
Qualifier
1 M EFFD N A Effective Date
Definition
EFFD Effective Date Date on which the SSI update is to be effected. Date may be further
qualified by Effective Date Indicator.
MT 671 - 16. Field 22F: Indicator

Format
(Indicator)
Presence
Qualifier
1 O EFFD R F Effective Date Indicator
2 M MARK R F Market Area Indicator
Definition
EFFD Effective Date Specifies how the SSI update is to be applied.

Indicator
19 July 2024 83
MARK Market Area Specifies the market to which the SSI relates.
Indicator
Codes
If Qualifier is EFFD and Data Source Scheme is not present, Indicator must contain one of the following
FUTU Future SSI update is to be applied to future trades.
OUTS Outstanding Trade SSI update is effective for all trades settling on and after effective
date irrespective of trade date.
RCON Reconfirmation SSI update is effective for all trades settling on and after effective
date irrespective of trade date and they need to be reconfirmed.
SETT Settlement Date SSI update is effective on the settlement date.
TRAD Trade 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
ANYY Any Any market area. This code is the superset of all the market area
codes.
CASH Cash Bank to bank cash movements. This code is not related to the other
market area codes. It includes transactions such as bank notes and
remittances.
COLL Collections Collections.
COMM Commodities Precious metals and other commodities such as palm oil.
COPA Commercial Payment in which one of the parties is not a financial institution.
Payments
DERI Derivatives Futures contracts, options, swaps, etc.
DOCC Documentary Documentary credits.

Credits
FOEX Foreign Exchange Foreign Exchange, including spot, forwards, and non-deliverable
forwards.
GUAR Guarantees Guarantees.
LETT Letters of Credit Letters of credit.
LOAN Loans Loans and deposits.
MMKT Money Markets Interbank loans and deposits.
19 July 2024 84
NDLF Non Deliverable FX forward trade for which only balance is settled.
Forward
OPTI Options FX Options, swaptions, etc.
SECU Securities Bonds, equities, capital markets, etc.
TFIN Trade Finance Documentary credits, collections, guarantees, letters of credit. TFIN
is a superset of COLL, DOCC, GUAR, and LETT.
TREA Treasury Cash management ("financial trading") activities. TREA is a superset

of COMM, DERI, FOEX, MMKT, NDLF, and OPTI.

Format
Option R 16c
Presence
Definition
Codes

Format
Option R :4!c/8c/34x (Qualifier)(Data Source Scheme)

(Proprietary Code)
Option S :4!c/[8c]/4!c/2!a/30x (Qualifier)(Data Source Scheme)(Type

of ID)(Country Code)(Alternate ID)
Presence
Qualifier
19 July 2024 85
1 M ACCW R P, Q, or Account With Institution

R
or BENM R P, Q, or Beneficiary
R
or INT1 R P, Q, or Intermediary
R
or INT2 R P, Q, or Second Intermediary

R
2 O ALTE R S Alternate Identification
Definition
ACCW Account With Financial institution that services the cash account of the beneficiary.
Institution 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.
ALTE Alternate Alternate identification for a party.

Identification
BENM Beneficiary Party to which the payment amount must be ultimately delivered. In
some cases, this may be a Fund.
INT1 Intermediary Intermediary party.
INT2 Second Second intermediary.

Intermediary
Codes
In option S, if Qualifier is ALTE and Data Source Scheme is not present, Type of ID must contain one of
the following codes (Error code(s): K95):
ARNU Alien Registration Number assigned by a government agency to identify foreign

Number nationals.
CCPT Passport Number Number assigned by a passport authority.
CHTY Tax Exempt Number assigned to a tax exempt entity.

Identification
Number
CORP Corporate Number assigned to a corporate entity.

Identification
DRLC Driver's Licence Number assigned to a driver's licence.

Number
19 July 2024 86
EMPL Employee Number assigned to a specific employee for employee trade

Identification reporting.
Number
FIIN Foreign Investment Number assigned to a foreign investor (other than the alien number).
Identity Number
TXID Tax Identification Number assigned by a tax authority to an entity.

Number
Usage Rules
In option R, Data Source Scheme specifies a code representing a clearing system and Proprietary Code
specifies a local national code identifying the party at that clearing system:
AT Austrian Bankleitzahl 5!n
AU Australian Bank State Branch (BSB) 6!n

Code
BL German Bankleitzahl 8!n
CC Canadian Payments Association 9!n

Payment Routing Number
CH CHIPS Universal Identifier 6!n
CN China National Advanced Payment 12..14n

System (CNAPS) Code
CP CHIPS Participant Identifier 4!n
ES Spanish Domestic Interbanking Code 8..9n
FW Fedwire Routing Number 9!n
GR HEBIC (Hellenic Bank Identification 7!n

Code)
HK Bank Code of Hong Kong 3!n
IE Irish National Clearing Code (NSC) 6!n
IN Indian Financial System Code (IFSC) 11!c
IT Italian Domestic Identification Code 10!n
PL Polish National Clearing Code (KNR) 8!n
PT Portuguese National Clearing Code 8!n
RU Russian Central Bank Identification 9!n

Code
19 July 2024 87
SC UK Domestic Sort Code 6!n
SW Swiss Clearing Code (BC code) 3..5n
SW Swiss Clearing Code (SIC code) 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 cash parties (CSHPRTY) subsequence.
95a INT2 may not be used unless its use has been previously bilaterally agreed.
In option S:
• 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.
• Alternate ID specifies an alternate identification of the party identified in this sequence.
MT 671 - 19. Field 97A: Account: Cash Account

Format
Presence
Optional in mandatory subsequence B1
Qualifier
1 O CASH N A Cash Account
Definition
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).
19 July 2024 88
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).

Format
Option S 16c
Presence
Definition
Codes

Format
Option R 16c
Presence
Definition
Codes
19 July 2024 89

Format
Presence
Optional in optional subsequence B2
Qualifier
Definition
Narrative
Usage Rules

Format
(Indicator)
Presence
Qualifier
1 O PMTH N F Payment Method Indicator
Definition
19 July 2024 90

Indicator
Codes
permitted.
MT 671 - 24. Field 22H: Indicator: Precedence Indicator

Format
Presence
Qualifier
1 O PRCD N H Precedence Indicator
Definition
PRCD Precedence Specifies precedence details for the SSI

Indicator
Codes
PREF Preferred The preferred SSI for a currency and market area
Usage Rules
PREF should be used when the message includes a notification of updates to two or more SSIs for a
single currency and market area combination. In this case, one of the SSIs can be marked as preferred,
to indicate that it should be used as the default.
19 July 2024 91

Format
Option S 16c
Presence
Definition
Codes

Format
Option S 16c
Presence
Definition
Codes

Format
Option R 16c
Presence
Definition
19 July 2024 92
Codes

Format
Presence
Optional in optional sequence C
Qualifier
Definition
Narrative
Usage Rules

Format
(Indicator)
Presence
Optional in optional sequence C
Qualifier
19 July 2024 93
1 O PMTH N F Payment Method Indicator
Definition

Indicator
Codes
permitted.

Format
Option S 16c
Presence
Definition
Codes
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.
19 July 2024 94
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.
Information Flow
ALL institutions
SSI
1

2 MT 202 3 MT 202
(AUD) (ZAR)
WWYM’s
ZAR correspondent
BANKZAJJ

correspondent
BANKAU2L PEFI’s
ZAR correspondent
D0060036
JANIZAJJ
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 Format
Sender SWFTXXXX
Message Type 671
Receiver BDAPGB22
19 July 2024 95
Explanation Format

Institution)
19 July 2024 96
Explanation Format

Institution)

Using data in its SSI database, BDAPGB22 sends an MT 202 to its AUD correspondent to pay the AUD
amount:
Explanation Format
Sender BDAPGB22
Message Type 202
Receiver BANKAU2L
Beneficiary Institution and its account at Receiver :58A:/555555

PEFIGB22
PEFIGB22.

Using data in its SSI database, WWYMGB22 sends an MT 202 to its ZAR correspondent to pay the ZAR
amount:
Explanation Format
Sender WWYMGB22
Message Type 202
Receiver BANKZAJJ
Value Date, Currency Code, Amount :32A:091122ZAR4000,
19 July 2024 97
Explanation Format
Account With Institution (also known as receiving agent) :57A:JANIZAJJ

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
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

PEFIGB22 BDAPGB22
1 SSI MT 202 3

AUD correspondent
BANKAU2X
payment

AUD correspondent
JANIAU2X
D0060030

Explanation Format
Sender SWFTXXXX
Message Type 671
19 July 2024 98
Explanation Format
Receiver BDAPGB22
Contact Person :95Q::CONT//Mr Jones
Effective Date Indicator - the SSI must be applied to all :22F::EFFD//OUTS

outstanding trades
Account With Institution (also known as receiving agent) :95P::ACCW//JANIAU2X

Institution)

pay the AUD to PEFIGB22's AUD correspondent in favour of PEFIGB22's account.
Only mandatory subsequence B2 Amount Sold is shown:
19 July 2024 99
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver PEFIGB22

Agent JANIAU2X
Beneficiary Institution :58A:PEFIGB22

the AUD amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver BANKAU2X
Beneficiary Institution and its account at Account with :58A:/999999

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
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.)
19 July 2024 100

Information Flow
Fund manager
I buy AUD on behalf of Fund A
Fund A’s custodian is CUSTGB22
2 Broker
I sell AUD
Fund A PEFIGB22 BDAPGB22
1 SSI MT 202 3
Broker’s AUD
correspondent
WWYMAU1L
payment
Custodian’s AUD
correspondent
CUSTGB22 JANIAU1L
D0060031
Explanation Format
Sender SWFTXXXX
Message Type 671
Receiver BDAPGB22
19 July 2024 101

Explanation Format

future trades
Intermediary :95P::INT1//JANIAU1L
Cash Account (Account With Institution's account at :97A::CASH//222222

Intermediary)

Institution)

pay the AUD to the PEFI's AUD correspondent in favour of the fund's account at the custodian.
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver PEFIGB22
19 July 2024 102

Explanation Format

Intermediary JANIAU1L

Agent CUSTGB22

the AUD amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver WWYMAU1L
Intermediary :56A:JANIAU1L

CUSTGB22

Institution Fund A
Example 4: SSIs Centralised

Narrative
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.
19 July 2024 103

Information Flow
I buy AUD

PEFIIE2D BDAPGB22
party (Party A)
1 SSI
AUD correspondent
PEFIGB22 BANKAU2X
payment

AUD correspondent
JANIAU2X
D0060032
Explanation Format
Sender SWFTXXXX
Message Type 671
Receiver BDAPGB22
19 July 2024 104

Explanation Format
Effective Date Indicator - the SSI must be applied to all :22F::EFFD//RCON

outstanding trades and they must be reconfirmed
Account With Institution (also known as Receiving agent) :95P::ACCW//JANIAU2X
Beneficiary :95P::BENM//PEFIIE2D

Institution)

the AUD to PEFIIE2D's AUD correspondent in favour of PEFIIE2D's account.
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver PEFIIE2D

Agent JANIAU2X
Beneficiary Institution :58A:PEFIIE2D

the AUD amount:
19 July 2024 105

Explanation Format
Sender BDAPGB22
Message type 202
Receiver BANKAU2X

Institution PEFIIE2D
Example 5: SSIs Centralised and Fund Manager

Narrative
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
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.)
19 July 2024 106

Information Flow
Trading party
(Party A)
I buy AUD

I sell AUD
Fund A PEFIIE2D BDAPGB22
party (Party A)
1 SSI
AUD correspondent
PEFIGB22 BANKAU2X
payment

AUD correspondent
CUSTGB22 JANIAU2X
D0060033
Explanation Format
Sender SWFTXXXX
Message Type 671
Receiver BDAPGB22
19 July 2024 107

Explanation Format

future trades
Intermediary :95P::INT1//JANIAU2X
Cash Account (account of Account With Institution at :97A::CASH//222222

Intermediary)

Institution)

the AUD to PEFI's AUD correspondent in favour of the fund's account at the custodian.
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver PEFIIE2D
19 July 2024 108

Explanation Format

Intermediary JANIAU2X

Agent CUSTGB22

the AUD amount:
Explanation Format
Sender (broker) BDAPGB22
Message type 202
Receiver (broker's AUD correspondent) BANKAU2X
Intermediary :56A:JANIAU2X

CUSTGB22

Institution Fund A
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
Settlement Instruction (SSI) Update Notification message to BDAPGB22. BDAPGB22 sets up the cash
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.
19 July 2024 109

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
19 July 2024 110

Diagram 2 - Settlement parties and payment
Trading party
(Party A)
I buy AUD

I sell AUD
JANIFI22 BDAPGB22
MT 202 3

AUD correspondent
BANKAU2X
payment

AUD correspondent
WWYMAU2X
D0060035
Explanation Format
Sender SWFTXXXX
Message Type 671
Receiver BDAPGB22
Submitting Party (Sender) :95P::SUBM//JANISESK
19 July 2024 111

Explanation Format

future trades
Beneficiary :95P::BENM//JANIFI22

Institution)
Beneficiary :95P::BENM//JANIDKKK

Institution)

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.
Explanation Format
Sender BDAPGB22
Message Type 300
Receiver JANIFI22
19 July 2024 112

Explanation Format

Agent WWYMAU2X
Beneficiary Institution :58A:JANIFI22

the AUD amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver BANKAU2X
Account With Institution (also known as receiving agent) :57A:WWYMAU2X
Beneficiary Institution and account of Beneficiary at :58A:/777777

Account With Institution 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
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.
19 July 2024 113

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

GBP cash agent GBP cash agent
JANIGB22 WWYMGB22
D0060037
Explanation Format
Sender SWFTXXXX
Message Type 671
Receiver BDAPGB22
Contact Person :95Q::CONT//Ms Black
19 July 2024 114

Explanation Format
Currency of the SSI :11A::SETT//GBP

future trades
Market Area Indicator :22F::MARK//SECU
Account With Institution (also known as receiving agent) :95P::ACCW//JANIGB22
Account With Institution's sort code :95R::ACCW/SC/121212

Institution)

Using data in its SSI database, BDAPGB22 sends an MT 202 to its cash agent to pay the GBP amount:
Explanation Format
Sender BDAPGB22
Message type 202
Receiver WWYMGB22
Value Date, Currency Code, Amount :32A:091123GBP4000,
Account With Institution (also known as receiving :57A:JANIGB22

agent) (1)
19 July 2024 115

Explanation Format

(1) 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
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
SSI Re-confirmations
1
PEFIGB22 BDAPGB22
BANKAU2L JANIUS33 WWYMCATT JANIZAJJ
PEFI’s AUD PEFI’s USD PEFI’s CAD PEFI’s ZAR

correspondent correspondent correspondent correspondent
D0060001
Message 1 MT 671 Standing Settlement Instruction (SSI) Update Notification Request

Explanation Format
Sender SWFTXXXX
19 July 2024 116

Explanation Format
Message Type 671
Receiver BDAPGB22
Purpose of the SSI :22H::SSIP//RECO

Institution)
Currency of the SSI :11A::SETT//USD
19 July 2024 117

Explanation Format
Account With Institution (also known as receiving agent) :95P::ACCW//JANIUS33

Institution)
Currency of the SSI :11A::SETT//CAD
Account With Institution (also known as receiving agent) :95P::ACCW//WWYMCATT

Institution)
19 July 2024 118

Explanation Format

Institution)
(1) 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.
19 July 2024 119

For Standards MT November 2024 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.
19 July 2024 120

For Standards MT November 2024 MT 691 Request for Payment of Charges, Interest and Other Expenses
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 and
Other Expenses for details concerning this message type.
19 July 2024 121

For Standards MT November 2024 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.
19 July 2024 122

For Standards MT November 2024 MT 695 Queries
MT 695 Queries
See Category n - Common Group Messages, Chapter n95 Queries for details concerning this message
type.
19 July 2024 123

For Standards MT November 2024 MT 696 Answers
MT 696 Answers
See Category n - Common Group Messages, Chapter n96 Answers for details concerning this message
type.
19 July 2024 124

For Standards MT November 2024 MT 698 Proprietary Message
MT 698 Proprietary Message

See Category n - Common Group Messages, Chapter n98 Proprietary Message for details concerning
this message type.
19 July 2024 125

For Standards MT November 2024 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.
19 July 2024 126

For Standards MT November 2024 Legal Notices
Legal Notices
Copyright
Swift © 2024. All rights reserved.
Disclaimer
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 Us > Legal > IPR Policies > Swift
Standards IPR Policy.
Translations
The English version of Swift documentation is the only official and binding version.
Trademarks
Swift is the trade name of S.W.I.F.T. SC. The following are registered trademarks of Swift: 3SKey,
Innotribe, MyStandards, Sibos, Swift, SwiftNet, Swift Institute, the Standards Forum logo, the Swift logo,
Swift GPI with logo, the Swift GPI logo, and UETR. Other product, service, or company names in this
publication are trade names, trademarks, or registered trademarks of their respective owners.
19 July 2024 127

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Category 6 - Reference Data

For Standards MT November 2024

Message Reference Guide

Link to this document: https://www2.swift.com/go/book/cat6r

Category 6 Reference Data Message Types..........................................................................................8

Euro - Impact on Category Message Standards.................................................................................10

MT 670 Standing Settlement Instruction Update Notification Request............................................ 11

MT 671 Standing Settlement Instruction Update Notification........................................................... 72

MT 690 Advice of Charges, Interest and Other Adjustments.......................................................... 120

MT 691 Request for Payment of Charges, Interest and Other Expenses.......................................121

MT 692 Request for Cancellation....................................................................................................... 122

MT 695 Queries.................................................................................................................................... 123

MT 696 Answers.................................................................................................................................. 124

MT 698 Proprietary Message.............................................................................................................. 125

MT 699 Free Format Message............................................................................................................ 126

Legal Notices....................................................................................................................................... 127

Volume Formatting Explanation

Mandatory Sequence A General Information

M 16R Start of Block GENL 1

M 20C SEME Reference Sender's Reference :4!c//16x 2

M 23G Function of the Message 4!c[/4!c] 3

O 98a PREP Date/Time Preparation Date/Time A or C 4

M 22F TRTR Indicator Trade Transaction Type :4!c/[8c]/4!c 5

-----> Repetitive Optional Subsequence A1 Linkages

M 16R Start of Block LINK 6

O 13A LINK Number Linked Transaction :4!c//3!c 7

M 20C 4!c Reference (see qualifier description) :4!c//16x 8

M 16S End of Block LINK 9

-----| End of Optional Subsequence A1 Linkages

M 16S End of Block GENL 10

MT Network Validated Rules

Category 6 Reference Data Message Types

MT MT Name Purpose Signed(1 Max MUG

670 Standing Settlement Requests Swift to create the MT 671 Y 10,000 N

671 Standing Settlement Specifies standing settlement Y 10,000 N

690 Advice of Charges, Advises an account owner of Y 2,000 N

691 Request for Payment Requests payment of charges, Y 2,000 N

692 Request for Requests the receiver to consider Y 2,000 N

695 Queries Requests information relating to a Y 2,000 N

696 Answers Responds to an MT 695 Queries or Y 2,000 N

698 Proprietary Message Contains formats defined and agreed Y 10,000 N

699 Free Format Message Contains information for which no Y 2,000 N

Euro - Impact on Category Message Standards

MT 670 Standing Settlement Instruction Update

Input MT Output MT/s

MT 670 SSI update MT 671 SSI

MT 670 Format Specifications

Mandatory Sequence A General Information

M 16R Start of Block GENL 1

M 20C SEME Reference Sender's Message Reference :4!c//16x 2

M 23G Function of the Message 4!c[/4!c] 3

-----> Optional Repetitive Subsequence A1 Linkages

M 16R Start of Block LINK 4

M 20C 4!c Reference (see qualifier description) :4!c//16x 5

M 16S End of Block LINK 6

-----| End of Subsequence A1 Linkages

Mandatory Subsequence A2 Distribution Parameter

M 16R Start of Block DISPAR 7

O 95P SSIR Party SSI Recipient :4!c//4!a2!a2!c[3! 8

O 94C SSIR Place SSI Recipient Country :4!c//2!a 9