MT527: (4) Field 23G: Function of the Message
FORMAT
| Option G | 4!c[/4!c] | (Function)(Subfunction) |
PRESENCE
Mandatory (referenced in rule C1) in mandatory sequence A
DEFINITION
This field identifies the function of the message.
CODES
Function must contain one of the following codes:
CANC |
Cancellation Request |
Message requesting the cancellation of a previously sent message. |
NEWM |
New |
New message. |
REPL |
Replacement |
Message replacing a previously sent message. |
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. |
USAGE RULES
To cancel a previously sent instruction, Function is CANC. 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.
The replacement is used to, for example, for matched deals, to modify the list of proposed collateral without changing the terms of the deal. In case the terms of the deal need to be changed, the instruction must be cancelled and a new instruction sent.
