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ISO 15022
Data Field Dictionary

MT540: (3) Field 23G: Function of the Message

FORMAT

Option G 4!c[/4!c] (Function)(Subfunction)

PRESENCE

Mandatory (referenced in rules C7 and C9) in mandatory sequence A

DEFINITION

This field identifies the function of the message.

CODES

Function must contain the following codes:

CANC

Cancellation Request

Message requesting the cancellation of a previously sent message.

NEWM

New

New message.

PREA

Preadvice

Message preadvising a settlement instruction. It can be used for matching purposes, but is, without further notice from the account owner, not binding for execution.

CODES

Subfunction, when present, must contain one of the following codes:

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.

RECO

Reconciliation Only

Settlement instruction is already on the market. Sent by an account owner to an account servicer or vice versa for reconciliation purposes.

USAGE RULES

To cancel a previously sent message, Function is CANC. The reference in the linkages sequence must contain the Sender's reference of the message to be cancelled. A copy of at least the mandatory fields of the message to be cancelled must be present; optional fields need not be present for SWIFT validation.

Market Practice Rules

Function of the message usage clarifications have been published by the Securities Market Practice Group (SMPG).

For more details, see the relevant market practice document on www.smpg.info.