Thursday, December 21, 2017

MT 950 Statement Message

MT 950 Scope

This message type is sent by an account servicing institution to an account owner.
It is used to transmit detailed information about all entries, whether or not caused by a SWIFT message, booked to the account.

MT 950 Format Specifications

Status Tag Field Name Content/Options No.
M 20 Transaction Reference Number 16x 1
M 25 Account Identification 35x 2
M 28C Statement Number/Sequence Number 5n[/5n] 3
M 60a Opening Balance F or M 4
----->
O 61 Statement Line 6!n[4!n]2a[1!a]15d1!a3!c16x[//16x]
[34x]
5
-----|
M 62a Closing Balance (Booked Funds) F or M 6
O 64 Closing Available Balance (Available Funds) 1!a6!n3!a15d 7

MT 950 Network Validated Rules

  • C1 The first two characters of the three character currency code in fields 60a, 62a and 64 must be the same (Error code(s): C27).

MT 950 Usage Rules

  • Charges, interest and other adjustments may be referenced as follows:
    • By reference to a previous MT n90 Advice of Charges, Interest and Other Adjustments message (for information regarding the formatting of the MTn90, see Category n - Common Group Messages).
    • By original advice via this statement, under the following conditions:
      • The charges must be unambiguously identified with a single associated underlying transaction, for example, the account owner's reference of the original transaction.
      • The principal amount must be separately identified on the statement.
      • The required references must fit the constraints of the statement line.
  • It is important that amounts should be identical to those of related messages. Charges which are clearly indicated in another message concerning the same entry, or which form an integral part of another message, for example, proceeds of a collection, do not need to be specifically indicated in the statement. Deductions, for example, charges, above and beyond those previously accounted for in a related message shall appear separately with the appropriate code. They shall use the same reference for the account owner or other suitable reference if no reference for the account owner is available.
  • The account servicing institution must not 'bulk' separate transactions, charges, or charges with transactions. When booking multiple messages, individual transactions, for example, one entry per TRN (field 20), must be booked.
  • It is recommended that statements be sent daily, that is, at the end of each business day, when movement in the account has occurred. If no movement has occurred, that is, no entries have been posted, it is recommended that the statement frequency should be monthly, and that the maximum interval between statements should not exceed one year.
  • To facilitate manual reconciliation, it is recommended that statement entries be sorted by debits and credits and these by value date in ascending amounts.
  • Since the length of a SWIFT message is restricted to the maximum input message length, several messages may be required to accommodate all the information for one statement

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