High-Level Information - Standards MT November 2018 - Swift
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Standards MT November 2018 High-Level Information This document describes the requested changes for the next Standards MT Release. These requests must still be validated by a maintenance working group and some may be modified or rejected. Country user groups must still vote the approved requests and the Board must ratify those that are accepted by the country vote. This document also includes other technical changes that are foreseen for implementation at the same time as the Standards MT Release. The purpose of this document is to help technical implementers and operational users of the Standards MT messages to evaluate the impact of changes on interfaces and applications. 20 July 2017
Standards MT November 2018
High-Level Information Table of Contents
Table of Contents
Preface .................................................................................................................................................3
1 Introduction ...............................................................................................................................4
2 Schedule for SR 2018 ...............................................................................................................5
3 Impact Levels of the Change Requests .................................................................................6
4 Evaluation of the Impact on Interfaces and Applications ....................................................7
5 Overview of Changes per Category .......................................................................................8
5.1 Category 0 – FIN System Messages ......................................................................................8
5.2 Other Technical Changes .......................................................................................................8
5.3 Category 1 – Customer Payments and Cheques ...................................................................9
5.4 Category 2 – Financial Institution Transfers .........................................................................11
5.5 Category 3 – Foreign Exchange, Money Markets, and Derivatives .....................................13
5.6 Category 4 – Collections and Cash Letters ..........................................................................15
5.7 Category 5 – Securities Markets ...........................................................................................16
5.8 Category 6 – Commodities and Reference Data ..................................................................22
5.9 Category 7 – Documentary Credits and Guarantees ............................................................23
5.10 Category 8 – Travellers Cheques .........................................................................................28
5.11 Category 9 – Cash Management and Customer Status .......................................................29
5.12 Category n – Common Group Messages .............................................................................30
Legal Notices ....................................................................................................................................31
20 July 2017 2Standards MT November 2018
High-Level Information Preface
Preface
About this document
This document gives an overview of all MT change requests received by SWIFT Standards
for the next Standards MT Release. The purpose of this document is to inform the
SWIFT community and allow them to start allocating budget and resources for the
next maintenance of the Standards MT messages. Technical implementers and
operational users of the MT messages can use this document to evaluate the impact
on interfaces and applications.
This document is not intended to be final. All change requests need to be validated
by a maintenance working group (MWG) and can be subject to modification or
rejection. After the MWG decision, user group chairpersons of all countries are able to
discuss the change requests in their user group and vote on the acceptance or rejection of
individual change requests. The SWIFT Board must ratify the outcome of the country vote.
Intended audience
This document is for the following audience:
• Technical implementers of the Standards MT messages
• Operational users of the Standards MT messages
• All other interested SWIFT users
20 July 2017 3Standards MT November 2018
High-Level Information Introduction
1 Introduction
Important This document describes changes that are still requests. These requests must be
validated by a maintenance working group and a number of them will be rejected.
Country user groups must then vote the approved requests and the Board must
ratify those that are accepted by the country vote.
The High-Level Information document is part of the normal standards development and
implementation procedures. This document describes the expected or requested changes
for Standards MT Release 2018 (SR 2018). SWIFT distributes this document 16 months
before the Standards MT Release live date.
This document also includes other technical changes that are foreseen for implementation
at the same time as the Standards MT Release, for example, changes to system messages.
The sole purpose of this document is to help technical implementers and operational users
of the SWIFT messages to evaluate the impact of changes on interfaces and applications.
Consequently, implementers and users can plan resources and budget allocations for SR
2018 implementation.
As this document describes requests that are not yet validated, a certain number of them
will not be implemented or will be implemented differently following the validation process.
Readers must therefore use this document for budget and resources planning purposes
only.
The Standards Release Guide 2018, which SWIFT will publish in December 2017, will fully
describe SR 2018. Approved changes will be effective as of 18 November 2018, the release
date on FIN.
Note This publication is supplied for information purposes only, and shall not be
binding nor shall it be construed as constituting any obligation,
representation or warranty on the part of SWIFT. The information in this
publication is the latest available at the date of its production, and may
change.
20 July 2017 4Standards MT November 2018
High-Level Information Schedule for SR 2018
2 Schedule for SR 2018
The timeline below describes the schedule for development and implementation of SR
2018.
SR 2018 Timeline
Important The only official source for information about a Standards MT Release is the
Standards Release Guide that is published in December.
20 July 2017 5Standards MT November 2018
High-Level Information Impact Levels of the Change Requests
3 Impact Levels of the Change Requests
All change requests contain an evaluation of their impact on interfaces and applications
expressed as a number in the range 0 - 3 with or without a plus "+" or minus "-" sign as in
the following table.
Index of impact levels
Level 0 This is a minor change that does not impact the format of the message. For example,
the scope of the message is updated, which may have an impact on some automated
applications.
Level 1 This change relates to the use of the message format but does not affect the message
structure or the FIN validation, for example, a definition or a usage rule is changed.
Level 1+ An existing message type is removed from the network
Level 2- The change has a small effect on the message structure and the FIN validation, for
example, field formats, qualifiers or codes are added or deleted.
Level 2+ The message layout or the FIN validation or both are significantly impacted, for example,
fields or sequences (mandatory or optional) are added or deleted.
Level 3- A new message type is created for use in a message user group (MUG) or the use of an
existing message type is changed from use in a MUG to general use, that is, all users
must be able to receive and process the new message.
Level 3 A new message type is created for general use, that is, all users must be able to receive
and process the new message.
20 July 2017 6Standards MT November 2018
High-Level Information Evaluation of the Impact on Interfaces and Applications
4 Evaluation of the Impact on Interfaces and
Applications
Impact on interfaces
All changes can have a direct impact on interfaces. This also applies to level 0 and level 1
changes, which may require an update to input screens or help screens or both.
Impact on applications
Level 0 changes should have no to minimum impact on applications.
Higher level changes will normally have an impact on applications, although the impact for
applications sending the message may be different from the impact for applications
receiving the message.
Some changes may apply to message types that are to be implemented in a Message User
Group (MUG). Users that are not registered in the MUG cannot send or receive messages
of these message types. The impact on any application depends directly on the need or
desire to support these message types.
20 July 2017 7Standards MT November 2018
High-Level Information Overview of Changes per Category
5 Overview of Changes per Category
When a change description is not clear without further explanation, a brief business context
is provided to help the readers better understand the reasoning behind the change.
5.1 Category 0 – FIN System Messages
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 097 CR 001364 2+ No
Remove field 434.
This field was designed and reserved for sanctions screening, but
never got used on the network.
5.2 Other Technical Changes
The following changes are tentatively scheduled for implementation in SR 2018, which are
all for the SWIFT Payments Control Service (PCS).
New change requests for SR 2018
Message
Impact
Types Short description of the modification MUG
level
(MT)
Header CR 001365 1 No
block 3
Update definition of code NOK in field 433.
To indicate that it is also possible that the message was auto released
by the service.
Header CR 001366 2+ No
block 3
Add field 434 with the new name Payment Controls Information for
the Receiver to header block 3.
To provide information to the receiver from the Payments Control
Service about the screened message.
Header CR 001367 2- No
block 3
Add field 434 to the list of header block 3 fields that do not allow
characters Cr and Lf.
To align with the other fields in the header block 3.
Header CR 001368 1 No
block 3
Modify the description of field 433.
To indicate that the screening service provides information to the
receiver of the screened message.
20 July 2017 8Standards MT November 2018
High-Level Information Overview of Changes per Category
5.3 Category 1 – Customer Payments and Cheques
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
New CR 001306 3 No
Develop a new MT to return payments.
To replace incorrect and inefficient use of MTs that have code RETN in
field 72, to increase STP for returns, to reduce sanctions screening
problems and to align with pacs.004 in ISO 20022.
MT 101 CR 001337 2+ No
MT 102 Except
Be able to receive field 111 (Service Type Identifier) and field 121
MT 102 (Unique End-to-End Transaction Reference (UETR)) in header MT 101
STP block 3. MT 102
MT 104 These two fields are used in the SWIFT Global Payment Innovation MT 104
MT 105 (SWIFT gpi) service that allows banks in the SWIFT gpi Closed User MT 105
MT 107 Group (CUG) to track payments based on a UETR. As of November MT 107
2017, members of SWIFT gpi will be able to include the header fields in
MT 110 all MTs 103 that they send, also to banks that are not in the CUG. The
MT 111 SWIFT gpi service is expanding in terms of MTs included in the service
MT 112 in which they also need to include field 111 and field 121 in header
block 3. To avoid different requests per SWIFT gpi service expansion, it
MT 190
would be beneficial to have the capability to receive the fields in the
MT 191 header block 3 for all category 1 and category 2 messages.
MT 192
MT 195
MT 196
MT 198
MT 199
MT 103 CR 001338 2+ No
MT 103 Except
Make field 121 (Unique End-to-End Transaction Reference (UETR))
REMIT mandatory in header block 3. MT 103
MT 103 REMIT
To provide SWIFT gpi banks and their corporates with real time visibility
STP
of where a transaction is, while on the SWIFT network.
MT 101 CR 001349 2- Yes
MT 103 Except
Add an optional code for VAT amount in field 77B.
MT 103
To meet regulatory reporting requirements.
MT 101 CR 001343 2- Yes
MT 103 Except
Make it mandatory to indicate purpose of payment in field 77B.
MT 103
To fulfil AML regulations, sanctions screening and regulatory
requirements. It will increase payments transparency as well as data
monitoring and straight through processing of payments.
20 July 2017 9Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 102 CR 001333 2- No
MT 102 Except
Include codes for ultimate ordering and ultimate beneficiary party
STP in MT payments messages. MT 102
MT 103 MT 103
To fulfil the FATF requirement to give accurate originator and
MT 103 REMIT
beneficiary information and make sure there is a globally recognised
REMIT standard solution that can be passed on unchanged throughout the
MT 103 payment chain which will provide more transparency.
STP
MT 101 CR 001302 1 No
MT 102 Except
Add a usage guideline for use of Chinese commercial codes (CCC)
MT 102 in MT payment messages and refer to the published CCC MT 101
STP conversion table. MT 102
MT 103 To standardise conversion of Chinese characters between CNAPS and MT 103
MT 103 FIN messages, because the FIN character set does not allow for the REMIT
MT 103 use of Chinese characters.
REMIT
MT 103
STP
MT 110
20 July 2017 10Standards MT November 2018
High-Level Information Overview of Changes per Category
5.4 Category 2 – Financial Institution Transfers
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
New CR 001306 3 No
Develop a new MT to return payments.
To replace incorrect and inefficient use of MTs that have code RETN in
field 72, to increase STP for returns, to reduce sanctions screening
problems and to align with pacs.004 in ISO 20022.
Cat 2 CR 001337 2+ No
Except
Be able to receive field 111 (Service Type Identifier) and field 121
(Unique End-to-End Transaction Reference (UETR)) in header MT 204
block 3.
These two fields are used in the SWIFT Global Payment Innovation
(SWIFT gpi) service that allows banks in the SWIFT gpi Closed User
Group (CUG) to track payments based on a UETR. As of November
2017, members of SWIFT gpi will be able to include the header fields in
all MTs 103 that they send, also to banks that are not in the CUG. The
SWIFT gpi service is expanding in terms of MTs included in the service
in which they also need to include field 111 and field 121 in header
block 3. To avoid different requests per SWIFT gpi service expansion, it
would be beneficial to have the capability to receive the fields in the
header block 3 for all category 1 and category 2 messages.
MT 202 CR 001339 2+ No
COV
Make field 121 (Unique End-to-End Transaction Reference (UETR))
MT 205 mandatory in header block 3.
COV
To provide SWIFT gpi banks and their corporates with real time visibility
of where a transaction is, while on the SWIFT network.
MT 202 CR 001340 2+ No
MT 205 Make field 121 (Unique End-to-End Transaction Reference (UETR))
mandatory in header block 3.
To provide SWIFT gpi banks with real time visibility of where a
transaction is, while on the SWIFT network.
MT 202 CR 001333 2- No
COV
Include codes for ultimate ordering and ultimate beneficiary party
MT 205 in MT payments messages.
COV
To fulfil the FATF requirement to give accurate originator and
beneficiary information and make sure there is a globally recognised
standard solution that can be passed on unchanged throughout the
payment chain which will provide more transparency.
20 July 2017 11Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 202 CR 001302 1 No
COV
Add a usage guideline for use of Chinese commercial codes (CCC)
MT 202 in MT payment messages and refer to the published CCC
COV conversion table.
MT 205
To standardise conversion of Chinese characters between CNAPS and
COV
FIN messages, because the FIN character set does not allow for the
MT 210 use of Chinese characters.
20 July 2017 12Standards MT November 2018
High-Level Information Overview of Changes per Category
5.5 Category 3 – Foreign Exchange, Money Markets,
and Derivatives
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 300 CR 001310 2+ Yes
MT 304 Except
Remove free format options and update code lists in trade party
fields. MT 300
To improve message straight-through-processing and automated
matching.
MT 300 CR 001309 2+ Yes
MT 304 Except
Remove free format options and update code lists in settlement
party fields. MT 300
To improve message straight-through-processing and automated
matching.
MT 300 CR 001350 2+ No
MT 304 Except
Add field for place of settlement.
MT 305 MT 304
To avoid use of free format fields to indicate place of settlement for
MT 306 MT 321
offshore trades such as Hong Kong settled CNY.
MT 320 MT 380
MT 321 MT 381
MT 330
MT 340
MT 341
MT 360
MT 361
MT 380
MT 381
MT 300 CR 001341 2+ No
MT 305 Add MiFID II client reporting fields.
MT 306
To support MiFID II Delegated Act article 59 client reporting.
MT 320
MT 330
MT 350
MT 304 CR 001301 2- Yes
Change conditionality of commission and fees fields.
To allow for inclusion of commission and fees even where other
accounting information is not present.
20 July 2017 13Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 300 CR 001298 1 No
MT 304 Except
Update message usage rules.
MT 305 MT 304
To clarify that a FIN confirmation message cannot create a legal
MT 306 agreement between the parties.
MT 340
20 July 2017 14Standards MT November 2018
High-Level Information Overview of Changes per Category
5.6 Category 4 – Collections and Cash Letters
There are no changes requested for this category for SR 2018.
20 July 2017 15Standards MT November 2018
High-Level Information Overview of Changes per Category
5.7 Category 5 – Securities Markets
The following changes are tentatively scheduled for implementation in SR 2018.
5.7.1 All category 5 messages modification
There are no changes requested for SR 2018.
5.7.2 Trade Initiation and Confirmation
MTs 502, 509, 513, 514, 515, 517, 518, 528, 529, 576, 584 (alignment in other messages
possible)
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 502 CR 001320 2- No
MT 509 Add a buy-in code to the Settlement Transaction Type Indicator in
MT 513 sequence C and add a buying agent to the Trading Parties in
MT 514 sequence B2.
MT 515 To provide a buy-in mechanism, which is required by the CSDR for
MT 518 settlement fails.
MT 513 CR 001321 2- No
MT 514 Add a research fee qualifier RFEE to field 19A in sequence C3 of
MT 515 MT 513, MT 514, MT 515, and MT 518 and in sequence E3 of MT
MT 518 541 and MT 543.
To comply with MiFID II, which requires more transparency on research
fees.
5.7.3 Settlement and Reconciliation
MTs 508, 524, 535-8, 540-9, 578, 586 (alignment in other messages possible)
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 537 CR 001319 2+ No
MT 548 Add a Penalty sequence and a Penalty Redistribution sequence.
To enable CSDs to implement a penalty mechanism for settlement fails
by the CSDR.
20 July 2017 16Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 508 CR 001317 2- No
MT 536 Add an even type code TXEV, for tax events, in MTs 564, 566, and
MT 537 568 and add an optional non-repetitive qualifier TXEV to field 22F,
MT 538 in sequence C of MT 564 and in sequence D of MT 566 and add a
network validation rule to control the presence of these two
elements. Add also a new and non-repetitive gross taxable amount
qualifier GRTX to field 19B, in sequence E2 of MT 564 and in
sequence D2 of MT 566.
To be able to report to investors about a withholding tax on deemed
dividend distributions related to convertible securities as covered in the
section 305(c ) US regulation and a withholding tax on dividend
equivalent payment related to equity-linked derivative instruments as
covered in the section 871(m) US regulation.
MT 508 CR 001300 2- No
MT 536 Add code TAXD for tax debit events, to qualifier CAEV, in field 22F
MT 537 of MTs 564, 566, and 568. Add also a new optional and non-
MT 538 repetitive deemed payment rate qualifier DEEM and deemed
payment amount qualifier DEEM in field 92a in sequence E2 of MT
564 and in sequence D2 of MT 566.
To be able to report to non-resident investors about a withholding tax
on deemed income originating from Attribution Managed Investment
Trusts (AMIT) as covered in the new tax law amendment bill 2015. The
deemed income is attributed to the unit holder without being actually
distributed.
MT 536 CR 001295 2- No
MT 537 Add codes SWIF (switch from) and SWIT (switch to) to the qualifier
MT 540 SETR in field 22F.
MT 541 To enable users to indicate the settlement of switch orders.
MT 542
MT 543
MT 544
MT 545
MT 546
MT 547
MT 548
MT 549
MT 537 CR 001307 2- No
MT 548 Add a new reason code BPRI to qualifiers PEND and PENF in field
24B.
Due to the absence of a proper SWIFT reason code, CSDs send an MT
548 with :25D::SETT//PEND and :24B::PEND//NARR. Further
information is given in narrative field :70D::REAS// Overdue, higher, or
equal priority order not settled. Use of the narrative field reduces STP.
MT 537 CR 001296 2- No
MT 548 Add a new code word "COMMITED" to qualifier PEND in field 24B.
The "committed" code will give an assurance that the trade is
committed in the market.
20 July 2017 17Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 541 CR 001321 2- No
MT 543 Add a research fee qualifier RFEE to field 19A in sequence C3 of
MT 513, MT 514, MT 515, and MT 518 and in sequence E3 of MT
541 and MT 543.
To comply with MiFID II, which requires more transparency on research
fees.
5.7.4 Corporate Action
MTs 564, 565, 566, 567, 568 (alignment in other messages possible)
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 564 CR 001293 2+ No
Add a new network validated rule which applies to the stock
lending deadline qualifier BORD.
To remove inconsistencies in the number of occurrences that are
allowed for some of the format options. This fully aligns the restrictions
that are applied in ISO 15022 and ISO 20022.
MT 564 CR 001294 2+ No
MT 566 Add a network validated rule, which applies to qualifiers TAXR and
WITL.
To remove inconsistencies in the allowed number of occurrences of
TAXR and WITL, for some of the format options.
MT 564 CR 001305 2+ No
MT 567 Add three optional and non-repeatable price qualifiers to field 90a,
in sequence E of MT 564 and add a network validated rule to
control the presence of these qualifiers together with
:22F::OPTF//QCAS, also in sequence E. Add an optional and non-
repeatable amount qualifier STAC to field 19B in sequence B of MT
567 as well as a network validated rule.
To enable full STP for instructions on cash amount that was introduced
earlier in SR 2017 as some associated amounts information was
missing.
MT 565 CR 001334 2+ No
Add format option L to field 95a for an LEI identifier for the
alternate identification of Beneficial Owner party field in sequence
C of MT 565 and add a network validated rule to allow only one
occurrence of :95L::ALTE.
To enable the instructing party to quote an official LEI for the purpose of
disclosing the underlying asset owner.
20 July 2017 18Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 564 CR 001318 2- No
MT 566 Delete the non-resident rate qualifier NRES from field 92a in
sequence E2 of the MT 564 and in sequence D2 of the MT 566.
Delete the three rate type codes IMPU, PREC, and TIER from
qualifier TAXC in field 92a in sequences E1 and E2 of MT 564 and
in sequences D1 and D2 of MT 566.
To clean-up the unused tax related rates and rate type codes.
MT 564 CR 001299 2- No
MT 566 Add a rate type code CDFI (Conduit Foreign Income) to qualifiers
GRSS and NETT in field 92a in sequences E and E2 in MT 564 and
in sequences D and D2 in the MT 566 and add an optional, non-
repetitive qualifier CDFI to field 19B in sequence E2 of the MT 564
and in the sequence D2 of MT 566.
To be able to report to the investor within the frame of distribution of
income events, the exact nature of an income when it originates from a
foreign source and which is subject to different tax treatments as per
the investor resident status.
MT 564 CR 001317 2- No
MT 566 Add an even type code TXEV, for tax events, in MTs 564, 566, and
MT 568 568 and add an optional non-repetitive qualifier TXEV to field 22F,
in sequence C of MT 564 and in sequence D of MT 566 and add a
network validation rule to control the presence of these two
elements. Add also a new and non-repetitive gross taxable amount
qualifier GRTX to field 19B, in sequence E2 of MT 564 and in
sequence D2 of MT 566.
To be able to report to investors about a withholding tax on deemed
dividend distributions related to convertible securities as covered in the
section 305(c ) US regulation and a withholding tax on dividend
equivalent payment related to equity-linked derivative instruments as
covered in the section 871(m) US regulation.
MT 564 CR 001300 2- No
MT 566 Add code TAXD for tax debit events, to qualifier CAEV, in field 22F
MT 568 of MTs 564, 566, and 568. Add also a new optional and non-
repetitive deemed payment rate qualifier DEEM and deemed
payment amount qualifier DEEM in field 92a in sequence E2 of MT
564 and in sequence D2 of MT 566.
To be able to report to non-resident investors about a withholding tax
on deemed income originating from Attribution Managed Investment
Trusts (AMIT) as covered in the new tax law amendment bill 2015. The
deemed income is attributed to the unit holder without being actually
distributed.
MT 566 CR 001312 2- No
Add an optional and non-repeatable accepted balance and
unaccepted balance qualifiers to field 93a in sequence B of MT
566.
To improve payments processing and balance reporting for voluntary
events involving proration such as tender, exchange, or election merger
events.
20 July 2017 19Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 566 CR 001311 2- No
Add three optional and non-repeatable amount qualifiers OSUB,
REFU, and FINL to field 19B in sequence D2 of MT 566.
To be able to report charges amounts related to subscriptions and
oversubscriptions for rights or warrants exercise events.
MT 564 CR 001304 1 No
Modify the usage rule on the declared rate qualifier DEVI in field
92a in sequence D of MT 564.
To be able to announce the declared rate via the DEVI qualifier even
when that currency and rate is one of the currency options for the
event.
MT 564 CR 001323 1 No
MT 566 Modify the definition of the certification deadline qualifier CERT in
field 98 in sequence D of MT 564 and in the sequence C of MT 566.
To enlarge the scope of the certification deadline beyond the simple
declaration of beneficial ownership.
5.7.5 Collateral Management
MTs 503-507, 527, 558, 569 (alignment in other messages possible)
There are no changes requested for SR 2018.
5.7.6 Other Category 5 changes
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 575 CR 001317 2- Yes
Add an even type code TXEV, for tax events, in MTs 564, 566, and
568 and add an optional non-repetitive qualifier TXEV to field 22F,
in sequence C of MT 564 and in sequence D of MT 566 and add a
network validation rule to control the presence of these two
elements. Add also a new and non-repetitive gross taxable amount
qualifier GRTX to field 19B, in sequence E2 of MT 564 and in
sequence D2 of MT 566.
To be able to report to investors about a withholding tax on deemed
dividend distributions related to convertible securities as covered in the
section 305(c ) US regulation and a withholding tax on dividend
equivalent payment related to equity-linked derivative instruments as
covered in the section 871(m) US regulation.
20 July 2017 20Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 575 CR 001300 2- Yes
Add code TAXD for tax debit events, to qualifier CAEV, in field 22F
of MTs 564, 566, and 568. Add also a new optional and non-
repetitive deemed payment rate qualifier DEEM and deemed
payment amount qualifier DEEM in field 92a in sequence E2 of MT
564 and in sequence D2 of MT 566.
To be able to report to non-resident investors about a withholding tax
on deemed income originating from Attribution Managed Investment
Trusts (AMIT) as covered in the new tax law amendment bill 2015. The
deemed income is attributed to the unit holder without being actually
distributed.
20 July 2017 21Standards MT November 2018
High-Level Information Overview of Changes per Category
5.8 Category 6 – Commodities and Reference Data
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 600 CR 001341 2+ No
MT 601 Add MiFID II client reporting fields.
To support MiFID II Delegated Act article 59 client reporting.
MT 600 CR 001298 1 No
MT 601 Update message usage rules.
To clarify that a FIN confirmation message cannot create a legal
agreement between the parties.
20 July 2017 22Standards MT November 2018
High-Level Information Overview of Changes per Category
5.9 Category 7 – Documentary Credits and
Guarantees
The following changes are tentatively scheduled for implementation in SR 2018.
Change requests postponed from SR 2017
Message
Impact
Types Short description of the modification MUG
level
(MT)
New CR 000838 3 No
Create a new message (MT 744 Notice of Non-Conforming
Reimbursement Claim).
This message is sent by the reimbursing bank to the bank claiming
reimbursement.
It is used to notify the Receiver that the Sender considers the claim, on
the face of it, as not to be in accordance with the instruction in the
reimbursement authorisation for the reason(s) as stated in this
message. The Sender also provides the Receiver with details regarding
the disposal of the claim.
New CR 000839 3 No
Create a new message (MT 759 Ancillary Trade Structured
Message).
This message is sent to request or to provide information, such as a
fraud alert or a financing request, concerning an existing trade
transaction such as a documentary credit, demand guarantee, standby
letter of credit, or an undertaking (for example, a guarantee, surety,
etc.).
New CR 000833 3 No
Create new extension message MT 708
The redesign of the MT 707 calls for a new extension message, which
is this MT 708.
MT 707 CR 000848 3 No
Redesigned MT 707.
The MT 707 has been completely redesigned to be a mirror image of
the MT 700 Issue of a Documentary Credit. This way, any field present
in the MT 700 can be amended using the MT 707. Codes have been
added to specify which changes are being made in free format fields.
MT 707 CR 001110 2+ No
Full alignment of MT 707 with updated MT 700 (SR 2018 version),
so that all changes can be done in specific, structured fields.
Same business rationale as for the redesigned MT 707 planned for SR
2018. It will allow and enforce use of structured fields for amendments
instead of free text.
Senders will be impacted if they wish to amend MT 700 fields that are
now added to the MT 707. The free format field must not be used when
a specific field is available for the amendment. Receivers of the MT 707
must be able to accept and process messages that contain these
changes.
20 July 2017 23Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 756 CR 001111 2+ No
Add a free format text field in MT 756 as it is in MT 752 (SR 2018
version).
There is not enough space in field 72Z for all details related to the
reimbursement or payment conditions.
This change is optional for senders. Receivers of the MT 756 must be
able to accept and process messages that contain the new field.
MT 700 CR 000830 2+ No
MT 701 Add two new fields: Special Payment Instructions for
MT 710 Beneficiary/Receiving Bank.
MT 711 These two fields will provide a place for information that is now put in
MT 720 other free format fields. The first field specifies special payment
MT 721 conditions applicable to the beneficiary, for example, post-financing
request/conditions for beneficiary. The second field specifies special
payment conditions applicable to the receiving bank, for example, post-
financing request/conditions for receiving bank only.
MT 700 CR 000823 2+ No
MT 710 Add new field for Requested Confirmation Party after field 49
MT 720 Confirmation Instructions.
In some scenarios, it is not always clear which bank is requested to add
its confirmation, this field is therefore required to specify it.
MT 707 CR 000340 2+ No
Add field 45A, 46A, and 47A as optional fields in MT 707, and add
Sequence Of Total, so that multiple MTs 707 can be sent for one
amendment.
As part of an amendment, allow full replacement text to be provided for
the fields 45A Description of Goods and/or Services, 46A Documents
Required and 47A Additional Conditions.
MT 730 CR 000821 2+ No
MT 752 Add field 79 to MT 730 and MT 752.
To accommodate information that does not fit in the structured fields of
this message.
MT 742 CR 000998 2+ No
Add an optional field in MT 742 for compliance requirements.
This is needed for compliance (type of goods, vessel, bill of lading,
shipping company, etc.).
20 July 2017 24Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 700 CR 000813 2- No
MT 710 Use z character set in all charges fields.
MT 720
The X character set lacks some commonly used characters for example
MT 730 %, @, &. Current workarounds are not satisfactory.
MT 740
MT 742
MT 750
MT 752
MT 754
MT 700 CR 000812 2- No
MT 701 Use z character set in field 45A, 46A ,and 47A.
MT 705
The X character set lacks some commonly used characters for example
MT 710 %, @, &. Current workarounds are not satisfactory.
MT 711
MT 720
MT 721
MT 700 CR 000814 2- No
MT 705 Use z character set in field 72.
MT 707
The X character set lacks some commonly used characters for example
MT 710 %, @, &. Current workarounds are not satisfactory.
MT 720
MT 730
MT 732
MT 740
MT 742
MT 747
MT 750
MT 752
MT 754
MT 756
MT 700 CR 000824 2- No
MT 705 Delete all codes that relate to revocable documentary credits from
MT 710 field 40A.
MT 720 In practice, revocable instruments no longer exist. These codes are
therefore obsolete and must be removed.
MT 700 CR 000825 2- No
MT 710 Change the format of field 43P and introduce codes.
MT 720
To make the field more precise and more structured, allowing for
automation.
MT 700 CR 000826 2- No
MT 710 Change the format of field 43T and introduce codes.
MT 720
To make the field more precise and more structured, and to allow for
automation.
20 July 2017 25Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 700 CR 000828 2- No
MT 710 Change format and definition of field 48.
MT 720
To make the field more precise and more structured, and to allow for
automation.
MT 734 CR 000816 2- No
MT 750 Use z character set in fields 77J, 77B, and 77A.
MT 754
The X character set lacks some commonly used characters for example
%, @, &. Current workarounds are not satisfactory.
MT 734 CR 000815 2- No
MT 750 Use z character set in field 73.
MT 754
The X character set lacks some commonly used characters for example
%, @, &. Current workarounds are not satisfactory.
MT 700 CR 000831 1 No
MT 701 Change usage rule in fields 45a, 46a, and 47a.
MT 710
The rule about the number of occurrences of these fields is too
MT 711 restrictive and many institutions are forced to bypass it, as this is not a
MT 720 network-validated rule. This change aligns the usage rule with the
MT 721 market practice.
MT 700 CR 000832 1 No
MT 701 Change usage rule about number of continuation messages.
MT 710
The limit of three continuation messages is too low and many
MT 711 institutions send more than three, as this is not a network-validated
MT 720 rule. This change aligns the usage rule with the market practice.
MT 721
MT 700 CR 000829 1 No
MT 710 Change definition in field 49.
MT 720
To clarify the definition.
MT 700 CR 000827 1 No
MT 710 Rename field 48 Period for Presentation to "Period for
MT 720 Presentation in days"
To align field name and format change.
20 July 2017 26Standards MT November 2018
High-Level Information Overview of Changes per Category
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 700 CR 000822 1 No
MT 710 Rename field 42P Deferred Payment Details to
MT 720 "Negotiation/Deferred Payment Details"
MT 740 To clarify the field name as the field can also be used for negotiation
details.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 707 CR 001324 2+ No
Add field 50 Changed Applicant Details in new MT 707
This change relates to the new MT 707 that is part of SR 2018. This will
allow the sender to communicate changes to the name or address of
the applicant (for example, in case of merger)
MT 760 CR 001332 2+ No
Add an optional field for Transfer Conditions.
This change relates to the new MT 760 that is part of SR 2019.
MT 700 CR 001303 2- No
MT 705 Increase length of fields 50 and 59.
MT 710
These fields are not long enough.
MT 720
MT 740
MT 700 CR 001325 2- No
MT 705 Remove field 39B Maximum Credit Amount, which contains only
MT 710 one code NOT EXCEEDING.
MT 720 This change relates to the new MT 700 and related that is part of SR
MT 740 2018. This code does not seem to make any difference, being present
MT 747 or not.
MT 700 CR 001297 1 No
Delete some usage rules about freely negotiable documentary
credits
These sentences are out of scope of the SWIFT messages because it
is not related to the correct usage and transmission of documentary
credits information on the SWIFT network
20 July 2017 27Standards MT November 2018
High-Level Information Overview of Changes per Category
5.10 Category 8 – Travellers Cheques
There are no changes requested for this category for SR 2018.
20 July 2017 28Standards MT November 2018
High-Level Information Overview of Changes per Category
5.11 Category 9 – Cash Management and Customer
Status
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT 940 CR 001308 2+ No
MT 942 Add a subfield Timestamp to field 61 statement line.
MT 950
To indicate the date, time, and time zone when the entry is posted to
MT 970 the account and is necessary for intraday liquidity management and
MT 972 reporting.
MT 910 CR 001302 1 No
Add a usage guideline for use of Chinese commercial codes (CCC)
in MT payment messages and refer to the published CCC
conversion table.
To standardise conversion of Chinese characters between CNAPS and
FIN messages, because the FIN character set does not allow for the
use of Chinese characters.
20 July 2017 29Standards MT November 2018
High-Level Information Overview of Changes per Category
5.12 Category n – Common Group Messages
The following changes are tentatively scheduled for implementation in SR 2018.
New change requests for SR 2018
These requests must still be validated by a maintenance working group and can be
subject to modification or rejection.
Message
Impact
Types Short description of the modification MUG
level
(MT)
MT n92 CR 001335 2- No
Add optional cancellation reason codes to field 79.
To introduce structured codes that enable a consistent understanding
and alignment with ISO 20022, to reduce ambiguity and to allow code
word based prioritised workflow.
MT n96 CR 001346 2- No
Add optional codes to field 76.
To have dedicated answer codes for cancellation requests related to
fraud.
MT n96 CR 001336 2- No
Add optional response and reason codes to field 76.
To introduce different structured codes that enable a consistent
understanding and alignment with ISO 20022, to reduce ambiguity and
to allow code word based prioritised workflow.
MT n98 CR 001322 2- No
Change the character set for field 77E in the MT n98.
This change is required to include interbank trade messages starting
from SR 2018 (as they will contain z characters).
MT n92 CR 001347 1 No
Update usage rule for the code word FRAD in field 79.
To make the usage rule with code FRAD applicable when the payment
origin is suspected to be fraudulent.
20 July 2017 30Standards MT November 2017 High-Level Information Legal Notices Legal Notices Copyright SWIFT © 2017. All rights reserved. Disclaimer This publication constitutes advance information only and is not to be considered the final and complete standards documentation for the subject matter published herein. The information in this publication may change from time to time. You must always refer to the latest available version. SWIFT Standards Intellectual Property Rights (IPR) Policy - End-User License Agreement SWIFT Standards are licensed subject to the terms and conditions of the SWIFT Standards IPR Policy - End-User License Agreement, available at www.swift.com > About 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. SCRL. The following are registered trademarks of SWIFT: the SWIFT logo, SWIFT, SWIFTNet, Accord, Sibos, 3SKey, Innotribe, the Standards Forum logo, MyStandards, and SWIFT Institute. Other product, service, or company names in this publication are trade names, trademarks, or registered trademarks of their respective owners. 20 July 2017 31
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