SWIFT Standard Release 2023

CR 001892

Add new code to field 22L across Category 3 and Category 6 messages.

To allow reporting in Switzerland of derivatives trades with a jurisdiction reporting code for the Swiss Financial Market Infrastructure Act. Code FMIA is already being populated in field 22L by SWIFT users, this change seeks to add the code to the user handbook.

Impact level: 1

CR 001899

Address the business need of identifying a non-ISO currency in a message.

Extension of field to align with ISO 24165 which includes an extra check character for the 8-character digital token identifier.

• Amend 35C format to 9x[/30x]

Impact level: 2-

CR 001651

Add a new field dedicated to the bank of the beneficiary that could be used (if any) when a Local Guarantee is requested alternatively to field 57 of sequence B that could be used in case of Direct Guarantee issuance.

Enhancement to new structured MT 760.

Impact level: 2+

MT 760

MT 767

CR 001773

Add usage rule for transmission outside SWIFT network.

To clarify the practice of using the SWIFT message in "pretty print" to advise the beneficiary or applicant.

Impact level: 1

CR 001784

Add an optional subfield for country subdivision after country in field 44H.

For a number of countries, the law cannot be specified by a country code only. For example, UK where you have to specify England, or Scotland, etc. For the USA, where you have to specify the state.

Impact level: 2+

CR 001797

Add optional field for reference of Advising Bank.

It is a consistency requirement because the reference is assigned by advising bank and already present in field 23 of MT 760.

Impact level: 2+

CR 001850

Increase the length of field 24G and allow Z-character set.

In many countries, the 6 lines of 35 digits are not enough to detail the contact and address information where the guarantee should be sent or collected and there are issues due to the limited character set where some characters like @ which are important part of name and address are currently not allowed.

Impact level: 2+

CR 001851

Add a missing NVR in MT 767 (similar to NVR C6 for MT 700): "In sequence A, if field 22A is ISCA or ICCA, then, in sequence B, fields 24E and 24G are not allowed". The rule must have been part of the previous SR and was found missing.

This is a technical change. This change request appears to be similar to CR 001882.

Impact level: 2+

CR 001852

MT 760 field 39D (Additional Amount Information) update to name/format/definition and addition of codes.

The definition and name of field 39D in MT 760 is not clear and has caused a lot of confusion in the trade finance community.

A change in definition and name will ease the use of the field and STP of information on the core trade systems.

The change applies to both sequences B and C of MT 760.

Impact level: 2-

CR 001853

MT 760 field 44H (Governing Law and/or Place of Jurisdiction) update to name and definition.

Precise name and definition of field 44H. This CR is an extension to CR#1784 approved earlier (yet to be implemented).

Impact level: 2-

CR 001854

MT 760 field 51 (Obligor/Instructing Party) update to definition.

Modify definition of field 51 in sequence C to avoid confusion with respect to the role of Obligor/Instructing Party.

Impact level: 2-

MT 700

MT 707

MT 710

CR 001856

Increase the length of fields 50, 59, 44A, 44B, 44E, 44F of MT 700 and similar.

Increase the length of fields to allow for more information.

Impact level: 2-

CR 001857

Add a new field for INSTRUCTIONS FROM INTERMEDIARY BANK.

Change would make MT 710 more clear for intermediary and advising banks.

Impact level: 2+

Updates to the Standards Release Guide as of 24 February 2023

• MT 710, field 78D, change the name from "Instructions to Intermediary Bank" to "Instructions from Intermediary Bank"

  • Content/Options: 12*65x

CR 001882

Rule C3 in MT 767 about 24G and 24E to be compliant with rules in MT 760.

This is a technical change. The missing NVR must be implemented. This change request appears to be similar to CR 001851.

Impact level: 2+

CR 001885

Field 41a should not be allowed in sequence C for DEPU undertaking.

To include code DEPU (available in field 22D) along with DGAR in the NVR C11 so that the field 41a (Available With) is available only for Standby Letter of Credit STBY.

Impact level: 2-

Updates to the Standards Release Guide as of 24 February 2023

• MT 760, field 39F (Supplementary Information About Amount), change "lines 2-6" in the format to "lines 2-12"

  • Field 39F: Supplementary Information About Amount

    FORMAT:

    Option F 12*65z (Narrative)

    One or more of the following codes or any bilaterally agreed code may be used

    Line 1 /4a/[additional information] (Code)(Narrative)

    Lines 2-12 [/4a/[additional information]] (Code)(Narrative)

    or //continuation of additional information] or (Narrative)

• MT 760, field 39F, change code "MULT" to "MUCU" for multi-currency description and correction to field example

  • Field 39F: Supplementary Information About Amount

    CODES:

    One or more of the following codes or any bilaterally agreed code may be used in Code:

    ADAM Additional Amount Specifies additional amount not included in field 32B amount.

    INFO Specific Information Specific information about the undertaking amount specified in field 32B.

    INTR Interest A value (amount or percentage rate) in addition to the undertaking amount specified in field 32B.

    MUCU Multi-Currency In case of multi-currency undertakings, specifies an amount in a different currency.

    It must be stated how this amount is to be interpreted against field 32B. The value(s) coded with

    'MUCU' and accompanying narrative are left to user discretion, taking note that it must be

    stated in the narrative how the 'MUCU' amount is to be interpreted against field 32B.

    TOLR Plus/Minus Tolerance Specified as 2n/2n.