ISO 15022 Data Field Dictionary

MT670 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:

MT670 Format Specifications

Status Tag Qualifier Generic Field Name Detailed Field Name Content/Options No.

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!c]

8

-----|

----->

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

M

16S

 

 

End of Block

GENL

15

End of Sequence A General Information

-----> Mandatory Repetitive Sequence B Standing Settlement Instruction Details

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

-----| End of Sequence B Standing Settlement Instruction Details

Optional Sequence C Other Details

M

16R

 

 

Start of Block

OTHRDET

32

----->

O

70E

ADTX

Narrative

Additional Text Narrative

:4!c//10*35x

33

-----|

O

22F

PMTH

Indicator

Payment Method Indicator

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

34

M

16S

 

 

End of Block

OTHRDET

35

End of Sequence C Other Details

MT670 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.

    Subsequence A2 Distribution Parameter

    if field :95P::SSIR SSI Recipient is ...

    Subsequence A2 Distribution Parameter

    then field :94C::SSIR SSI Recipient Country is ...

    Subsequence A2 Distribution Parameter

    and field :22H::SSIR SSI 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.

    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.

  • 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.

  • 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.

  • 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.

    Subsequence B1 Cash Parties

    if field :95a::INT1 Intermediary is ...

    Subsequence B1 Cash Parties

    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.

    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.

  • C7 In subsequence B1 Cash Parties, fields :95P::ACCW, :95Q::ACCW and :95R::ACCW Account with Institution may all be present but once only.

    In subsequence B1 Cash Parties, fields :95P::INT1, :95Q::INT1 and :95R::INT1 Intermediary may all be present but once only.

    In subsequence B1 Cash Parties, fields :95P::INT2, :95Q::INT2 and :95R::INT2 Second Intermediary may all be present but once only.

  • 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.

    Subsequence A2 Distribution Parameter

    if field :95P::SSIR SSI Recipient is ...

    Subsequence B2 Other Details

    then field :22F::PMTH Payment Method Indicator is ...

    Subsequence C Other Details

    then field :22F::PMTH Payment Method Indicator is ...

    Present

    Present

    Not allowed

    Present

    Not present

    Optional

    Not present

    Not allowed

    Not allowed

  • 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.

MT670 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.

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