SWIFT Standards 2016 Annual Maintenance

SWIFT Standards MT November 2016
TEMENOS T24
Changes to T24 for SWIFT 2016 Standards Release
Version 1.0
Information in this document is subject to change without notice.
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TEMENOS Confidential Page 1 SWIFT Standards 2016 Annual Maintenance.docx
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Version Date Author Amendment

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V1.0 21 April 2016 Temenos First publication

Table of Contents
1 Introduction .................................................................................................................................... 5
1.1 Executive Summary ............................................................................................................. 6
1.2 New SWIFT MX Format ....................................................................................................... 6
1.3 Swift Ref ............................................................................................................................... 7
1.4 Timetable for Changes ......................................................................................................... 8
1.5 References ........................................................................................................................... 9
2 SWIFT Message Changes .............................................................................................................. 9
2.1 T24 Compliance with SWIFT Standards .............................................................................. 9
2.2 T24 Compliance with new Rule Book .................................................................................. 9
2.3 T24 Changes for SWIFT 2016 ........................................................................................... 10
2.3.1 T24 Automatic Release Support for Swift 2016 ............................................................... 10
2.3.2 Additional Release support .............................................................................................. 10
2.3.3 Release Availability .......................................................................................................... 10
3 SWIFT 2016 Amendments Detailed Requirements ................................................................ 10
3.1 Payment Message Group 1 ............................................................................................... 10
3.1.1 Overview .......................................................................................................................... 10
3.1.2 Group 1 Messages requiring changes to the system ...................................................... 10
3.1.3 Group 1 Message changes that do not affect the system ............................................... 11
3.2 Payment Message Group 2 ............................................................................................... 11
3.2.1 Overview .......................................................................................................................... 11
3.3 Treasury Message Group 3 ............................................................................................... 11
3.3.1 Overview .......................................................................................................................... 11
3.3.2 Treasury Group 3 Messages requiring changes to the system .................................... 11
3.3.3 Treasury - Group 3 Message changes that do not affect the system .............................. 13
3.4 Retail - Message Group 3 .................................................................................................. 15
3.4.1 Overview .......................................................................................................................... 15
3.4.2 Retail - Group 3 Messages requiring changes to the system .......................................... 15
3.5 Corporate Collections and Guarantees Group 4 ............................................................... 16
3.5.1 Overview .......................................................................................................................... 16
3.5.3 Group 4 Message Changes that do not affect the system .............................................. 16
3.6 Securities Group 5 ............................................................................................................. 16
3.6.1 Overview .......................................................................................................................... 16
3.7 Corporate and Treasury Group 6 ....................................................................................... 17

3.7.1 Overview .......................................................................................................................... 17

3.7.3 Group 6 Message Changes that do not affect the system .............................................. 17
3.8 Trade Finance Group 7 ...................................................................................................... 18
3.8.1 Overview .......................................................................................................................... 18
3.8.2 Group 7 Message requiring changes to the system ........................................................ 18
3.9 Utility Group 9 .................................................................................................................... 18
3.9.1 Overview .......................................................................................................................... 18
3.10 Common Group Category n ............................................................................................... 22
3.10.1 Overview .......................................................................................................................... 22
3.10.2 Group n Messages requiring changes to the system ...................................................... 22
3.10.3 Group n Message changes that do not affect the system ............................................... 22
4 Further Information ...................................................................................................................... 23
4.1 Contact Details ................................................................................................................... 23

1 Introduction
This document describes the changes required to T24 in order to comply with the SWIFT Standards
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changes which come into effect on 20 November 2016.
The changes described will allow T24 to continue to send and receive correctly formatted SWIFT
messages.

1.1 Executive Summary

The SWIFT 2016 changes are a series of relatively minor format changes that do not have a
significant impact on T24. A summary by product is shown below.
Payment Group Series 1 No changes to the Series 1 messages

Messages
Payment Group Series 2

No changes to the Series 2 messages
Messages
Retail Series 3 Messages MT350 Tag 37J
MT300 Tag 22M and 22P

Treasury Series 3 Messages MT360 and MT361 Tag 37U
Corporate Collections and No changes to the Series 4 messages

Guarantees Series 4 Messages
Securities Series 5 Messages No changes to messages that impact T24
Treasury Metals Series 6

No changes that impact T24
Messages
Corporate Syndications Series

No changes to messages that impact T24
6 Messages
Trade Finance Series 7

No changes to the Series 7 messages
Messages
Traveller Cheques Series 8 Not supported by T24

Messages
MT900, MT910, MT940, MT941 MT942 Tag 50F

Utiity Series 9 Messages MT935 Tag 37H
Common Group Category n No changes to the category n messages
Figure 1 - Overview of Message Changes for 2016 and T24
1.2 New SWIFT MX Format

T24 supports the traditional tag based MT format of SWIFT messages. In recent years
SWIFT has participated in the ISO20022 or UNIFI standard for financial messaging and has
introduced a series of XML based messages referred to as MX format.

In addition to the traditional MT messages, T24 currently supports the following MX messages
CAMT
The following CAMT messages are supported from R14
CAMT 52
CAMT 53
CAMT 54
SC MX messages:
The following MX messages are supported from 201408 Release.
Outward Inward
setr.010.001.03 - subscription order
setr.012.001.03 Subscription order
confirmation
setr.004.001.03 - redemption
setr.006.001.03 Redemption order
order
confirmation
setr.010.001.03 - subscription
setr.016.001.03 Order status report
order
setr.004.001.03 - redemption
setr.016.001.03 Order status report
order
A separate document will be published to cover any changes required to MX messages.

Temenos recognises that support for MX message format is an important strategic
requirement and continues to work to finalise the strategy in this area.
1.3 Swift Ref

T24 currently supports
Bank Directory Plus
IBAN Plus
Bank Directory Plus is supported in the following releases

R05, R09, R10, R11, R12, R13, R14
Any change required to the current solution will be published in a separate document
IBAN Plus is supported from R13 release.

Any change required to the current solution will be published in a separate document

1.4 Timetable for Changes

The following table is SWIFT published timetable for MT Standards.
Date Details
17 July 2015 High-Level Information on Standards MT Release 2016

Summary of (not yet approved) change requests received for SR 2016
For resource and budget allocation purposes only
20 November 2015 Updated High-Level Information on Standards MT Release 2016

Summary of approved change requests received for SR 2016
18 December 2015 Standards MT Release Guide 2016 (public)

Message Format Validation Rules 2016 (login required)
Describes the changes to Standards messages effective as of 20
November 2016
26 February 2016 Update to Standards MT Release Guide 2016

Update to Message Format Validation Rules 2016
Updates to documents published on 18 December 2015Advance
information
SR 2016 changes to System Messages and FIN Operations

Guide
SR 2017 changes to MTs 300, 304, and 305
SR 2018 and SR 2019 changes to category 7 messages
1 May 2016 Vendor Test System

22 July 2016 Standards User Handbook
Online publication of the Standards user handbook for Standards
MT release 2016.
If necessary, updates to Message Format Validation Rules 2016
also published.
20 November 2016 Standards release 2016 Live

1.5 References
http://www.swift.com
Swift Maintenance Documents
Swift Book Description
us1m Category 1 Customer Payments and Cheques
us2m Category 2 Financial Institution Transfers
us3ma Category 3 - Treasury Markets Foreign Volume 1 - MT300 - MT341
us3mb Exchange Money Market and Derivatives Volume 2 - MT350 - MT399
us4m Category 4 Collections and Cash Letters
us5ma Volume 1 MT500 - MT518
us5mb Volume 2 - MT519 - MT543
Category 5 - Securities Markets
us5mc Volume 3 MT544 - MT567
us5md Volume 4 MT568 - MT599
us6mpm Category 6 Treasury Markets Commodities
us6mr Category 6 Treasury Markets Syndications
us6ms Category 6 Reference Data Not Supported in T24
us7m Category 7 - Documentary Credits and
Guarantees
us8m Category 8 - Travellers Cheques Not Supported in T24
us9m Category 9 - Cash Managements and Customer
Status
uscm Category n - Common Group Messages
2 SWIFT Message Changes

2.1 T24 Compliance with SWIFT Standards
T24 provides the ability to generate SWIFT messages for the financial applications the product
supports. SWIFT annually revises its rule book and a new version is implemented in
November each year. Changes may be made to the format and rules for the formatting of the
different messages.
Temenos provides the necessary updates to T24 to ensure that the application remains
compliant with the new SWIFT standard.
2.2 T24 Compliance with new Rule Book

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Temenos will ensure that T24 will be updated so that after 20 November 2016 the system will
continue to generate valid SWIFT MT format messages.
Support for new mandatory fields and new or amended conditional field rules will be provided
for previously supported message types.
SWIFT may introduce new optional fields or new options within an existing field for previously
supported message types. In this case Temenos may provide support for the new option
where appropriate, but we reserve the right not to so.
Temenos will provide support for new messages where a previous message type is replaced,
and will provide support for all mandatory or conditionally mandatory fields and options in the
new message type.

2.3 T24 Changes for SWIFT 2016

2.3.1 T24 Automatic Release Support for Swift 2016
The SWIFT 2016 Rule book changes will be automatically supported on the following releases
R16
201608 release
2.3.2 Additional Release support

The SWIFT 2016 Rule book change will not be automatically supported on any release prior to
R16.
It is Temenos policy is to charge for changes to T24 to maintain compliance with SWIFT
standards for all releases prior to R16.
Should you require the SWIFT 2016 enhancements to be supported on a release prior to R16
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please contact your account manager before 16 May 2016 to ensure that these can be
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developed and delivered prior to 20 November 2016 effective date.
2.3.3 Release Availability

The updates are expected to be available on the customer support portal for the following
releases/dates.
Release Expected available date
R16 Aug 2016
201608 Aug 2016
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Providing we are notified before 16 May we will make other releases available by the end of August.
3 SWIFT 2016 Amendments Detailed Requirements

3.1 Payment Message Group 1
3.1.1 Overview
Added Message Types
None
Removed Message Types

None
Modified Message Types

None
3.1.2 Group 1 Messages requiring changes to the system

No Changes are required

3.1.3 Group 1 Message changes that do not affect the system

None
3.2 Payment Message Group 2

3.2.1 Overview
Added Message Types
None

None

None


3.3 Treasury Message Group 3

3.3.1 Overview
Added Message Types
None

None

The following messages are identified as having changes by SWIFT
MT300 MT304 MT305 MT306 MT340 MT341 MT350 MT360 MT361 MT362 MT364 MT365
3.3.2 Treasury Group 3 Messages requiring changes to the system

MT 300- Foreign Exchange Confirmation
Sequence E: Tag 22M and 22 P: UTI/PUTI Name Space/ Issuer code

Field length is increased from 20 to 30 Characters.
Format:
Option M & N 30 x

Presence:
Mandatory in optional subsequence E1
Definition:
This field specifies a unique code that identifies the registered entity creating the Unique
Transaction Identifier/ Previous Unique Transaction identifier.
Changes to T24:
The fields on OC.PARAMETER and OC.CUSTOMER allow 35 characters but the
DE.MESSAGE has a restriction to 20 characters. The same would require a change.
MT360 - Single Currency Interest Rate Derivative Confirmation

Format/Field Specification
Sequence 15 B and 15 E: Field 37U M: Fixed Rate
Format:
Option M [N] 12d (Sign) (Rate)
Presence:
Conditional (see rule C16) in conditional (See Rule C10) sequence B
Definition:
This field specifies the fixed Rate.
For an ISDA Master (Type in field 77H is ISDA), this field specifies the Fixed Rate as per ISDA
Definitions.
Usage Rules:
Rate is expressed as a Percentage.
Sign must not be used if the rate is zero.
Changes to T24:
Changes will be done such that when FIXED Rate Leg contains a negative rate either in Asset
Leg or Liability leg, the Tag 37 M is populated with Negative sign [N]. When the rate is Zero,
no sign should be used. When sign is not present the rate is considered as positive. Also, the
existing tag 37 U is to be renamed as 37 M in DE.FORMAT.SWIFT, DE.MAPPING
MT361 Cross Currency Interest Rate Derivative Confirmation

Sequence 15 B and 15 E: Field 37U M: Fixed Rate
Format:
Presence:
Conditional (see rule C16) in conditional (See Rule C10) sequence B
Definition:
This field specifies the fixed Rate.
For an ISDA Master (Type in field 77H is ISDA), this field specifies the Fixed Rate as per ISDA
Definitions.
Usage Rules:

Rate is expressed as a Percentage.

Changes to T24:
Changes will be done such that if FIXED Rate Leg contains a negative rate either in Asset Leg
or Liability leg, the Tag 37M is populated with Negative sign [N]. When the rate is Zero, no
sign should be used. When sign is not present the rate is considered as positive. Also, the
existing tag 37U is to be renamed as 37M in DE.FORMAT.SWIFT, DE.MAPPING
MT350 Advice for Payment of Interest on deposit/loan

Sequence 15 B: Field 37U J: Fixed Rate
Format:
Presence:
Mandatory in mandatory sequence B
Definition:
This field specifies the interest Rate.
Usage Rules:
The integer part of rate must contain at least one digit. A decimal comma is mandatory and is
included in the maximum length.
Changes to T24:
LD.LOANS.AND.DEPOSITS, AA - AD Retail Deposits and AL Retail Loans
- Tag name change from 37U to 37J. Changes to DE.FORMAT.SWIFT, Mapping
- Allow Negative sign to denote negative interest rate
- Generation of MT 350 for a Loan with Negative interest rate
3.3.3 Treasury - Group 3 Message changes that do not affect the system
MT300 - Foreign Exchange & NDF Confirmation
Sequence E: Tag 98G and 98 H: Confirmation/Clearing Time stamp
New Tags introduced to support clearing functionality for NDF deals.
Format:
Option G&H
Presence:
Optional in optional sequence E
Definition:
This field specifies the date and time of confirmation of the trade in UTC
This Field specifies the time at which the CCP has legally taken on the clearing of the trade
in UTC
Changes to T24:
These tags will become relevant when clearing functionality for NDF is supported under NDF
application. No changes are required to T24.

Sequence C: Tag 72 Sender to Receiver Information

Network Validated Rules:
Code must not be UTI or PUTI, USI or PUSI.
Changes to T24:
Dedicated field for UTI and PUTI are present on the FX template and the need for building the
validation does not arise. No changes are required to T24.
MT 340 - Forward Rate Agreement Confirmation;

MT 341 - Forward Rate Agreement Settlement Confirmation;
MT 360 - Single Currency Interest Rate Derivative Confirmation and
MT 361 - Cross Currency Interest Rate Swap Confirmation
Sequence for Reporting Information: Tag 22M and 22 P: UTI/PUTI Name Space/ Issuer
code
Format:
Option M & N 30 x
Presence:
Definition:
Transaction Identifier/ Previous Unique Transaction identifier.
Changes to T24:
In all the above messages, Sequence for Reporting is not supported currently. No changes
are required to T24.
MT 340 - Forward Rate Agreement Confirmation;

MT 341 - Forward Rate Agreement Settlement Confirmation;
MT 360 - Single Currency Interest Rate Derivative Confirmation and
Changes to T24:
As the reporting sequence is not supported in T24 currently, this validation does not arise. No
changes are required to T24.
MT 360 - Single Currency interest Rate Derivative confirmation and

Sequence C: Tag 37V and 37 G: CAP and FLOOR Rate.
To allow negative rate in the tags earlier known as 37J and 37K but renamed as 37V and 37G
Changes to T24:

CAP and FLOOR functionality is not available in Swap module. No changes are required to
T24.
MT362 Interest Rate reset/Advice of payment

Sequence B: Tag 37V and 37G: CAP Rate and FLOOR Rate.
Tags 37J and 37L are renamed 37V and 37G respectively
Sign must not be used if Rate is zero (Error code(s): T14).
Sequence D: Tag 37V and 37G: CAP Rate and FLOOR Rate.
To allow negative rate in the tags earlier known as 37J and 37L but renamed as 37V and 37G
Changes to T24:
CAP and FLOOR functionality is not available in Swap module. No changes are required to
T24.
MT364 Single Currency Interest Rate Derivative Termination/Recouponing

Confirmation
MT364 is currently not supported
MT365 Cross Currency Interest Rate Swap Termination/Recouponing Confirmation

3.4 Retail - Message Group 3

3.4.1 Overview
Added Message Types
None

None

The following message has been identified as having changes by SWIFT
MT350 will need to be changed for AA (AL and AD) and LD.
3.4.2 Retail - Group 3 Messages requiring changes to the system

MT350 - Advice of Loan / Deposit Interest Payment
Sequence B: Tag 37J changed to 37M
Status Tag Field Name Content/Options No
M 37M Interest Rate [N] 12d 17
37J

Format:
Option M (N)12d (Sign)(Rate)
Presence:
Mandatory in sequence B
Definition:
This field specifies the interest rate.
NETWORK VALIDATION RULES
Sign must not be used if Rate is zero (Error codes(s): T14)
Changes to the system:
Changes to DE.FORMAT.SWIFT and DE.MAPPING records are needed.
3.5 Corporate Collections and Guarantees Group 4

3.5.1 Overview
Added Message Types
None

None

There are no changes to this group of messages.

No changes required.
3.5.3 Group 4 Message Changes that do not affect the system

None
3.6 Securities Group 5

3.6.1 Overview
Added Message Types
None

None

The following messages are identified as requiring changes by SWIFT:

MT575 MT576 MT578 MT586


Please contact ptaylor@temenos for details on the messages.
MT575 MT576 MT578 MT586
3.7 Corporate and Treasury Group 6

3.7.1 Overview
Added Message Types
None

None

The following messages are identified as requiring changes by SWIFT:
MT600 MT601

3.7.3 Group 6 Message Changes that do not affect the system

MT 600 - Commodity Trade Confirmation
Changes to T24:
As the reporting sequence is not supported in T24 currently, this validation does not arise.
MT 600 - Commodity Trade Confirmation
Sequence for Reporting Information: Tag 22M and 22 P: UTI/PUTI Name Space/ Issuer
code
Format:
Option M & N 30 x
Presence:


Definition:
Transaction Identifier/Previous Unique Transaction Identifier
Changes to T24:
In all the above messages, Sequence for Reporting is not supported currently. No changes
are required to T24
MT601 Commodity Option Confirmation

3.8 Trade Finance Group 7

3.8.1 Overview
Added Message Types
None

None

None
3.8.2 Group 7 Message requiring changes to the system


None
3.9 Utility Group 9

3.9.1 Overview
Added Message Types
None

None

Swift have identified changes to the following message types
MT900, MT910 MT935, MT940, MT941 and MT942


MT900 Confirmation of Debit
Format Specification
M 25a Account Identification No letter option or P 3
M 25 Account Identification 35x 3

Field Specifications
Field 25a: Account Identification
FORMAT
No letter option 35x (Account)
Option P 35x (Account)
4!a2!a2!c[3!c] (Identifier Code)
PRESENCE
Mandatory
DEFINITION
This field identifies the account which has been debited and optionally the identifier code of the
account owner.
NETWORK VALIDATED RULES
Identifier Code must be a registered BIC (Error code(s): T27, T28, T29, T45).
Changes to T24
T24 will be enhanced to retrieve the identifier code of the Account Owner (Debit Account)
enabling the system to generate option P, when both Debit Account Number and Identifier
Code are available.
MT910 - Confirmation of Credit

Format Specifications

FORMAT
PRESENCE
Mandatory
DEFINITION
This field identifies the account which has been debited and optionally the identifier
code of the account owner.
Changes to T24
code are available.

MT935 Rate Change Advice
M 37H New Interest Rate 1!a[N]12d 1!a12d 5

FORMAT
Option H 1!a[N]12d (Indicator)(Sign)(Rate)
The integer part of Rate must contain at least one digit. The decimal comma , is
mandatory and is included in the maximum length (Error code(s): T40, T43)
Sign must not be used if Rate is zero (Error code(s): T14).
Changes to T24
T24 will be enhanced to validate when the Rate is zero a sign is not used in the field.
MT940 Customer Statement Message

FORMAT
PRESENCE
Mandatory
DEFINITION
This field identifies the account and optionally the identifier code of the account owner for which
the statement is sent.
Changes to T24
Code are available.
MT941 Balance Report


FORMAT
PRESENCE
Mandatory
DEFINITION
the balance information is sent.
Changes to T24
Code are available.
MT942 Interim Transaction Report

Format Specification

FORMAT
PRESENCE
Mandatory
DEFINITION
the interim transaction report is sent.
Changes to T24
T24 will be enhanced to retrieve the identifier code of the Account Owner (Debit Account) enabling the
system to generate option P, when both Debit Account Number and Identifier Code are available.

None

3.10 Common Group Category n

3.10.1 Overview
Added Message Types
None

None

None
3.10.2 Group n Messages requiring changes to the system

3.10.3 Group n Message changes that do not affect the system

None

4 Further Information
4.1 Contact Details
Area Product Manager Contact Address
General SWIFT questions, Lisa Hall lhall@temenos.com

payments and utility
Phil White pwhite@temenos.com
messages
Derivatives Balasubramanian Viswanath bsviswa@temenos.com
Securities Paul Taylor ptaylor@temenos.com
Treasury Adam Gable agable@temenis.com

SWIFT Standards 2016 Annual Maintenance

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SWIFT Standards MT November 2016

Information in this document is subject to change without notice.

Version Date Author Amendment

TEMENOS Confidential Page 2 SWIFT Standards 2016 Annual Maintenance.docx

TEMENOS Confidential Page 3 SWIFT Standards 2016 Annual Maintenance.docx

3.7.1 Overview .......................................................................................................................... 17

TEMENOS Confidential Page 4 SWIFT Standards 2016 Annual Maintenance.docx

TEMENOS Confidential Page 5 SWIFT Standards 2016 Annual Maintenance.docx

1.1 Executive Summary

Payment Group Series 1 No changes to the Series 1 messages

Payment Group Series 2

Retail Series 3 Messages MT350 Tag 37J

MT300 Tag 22M and 22P

Corporate Collections and No changes to the Series 4 messages

Securities Series 5 Messages No changes to messages that impact T24

Treasury Metals Series 6

Corporate Syndications Series

Trade Finance Series 7

Traveller Cheques Series 8 Not supported by T24

MT900, MT910, MT940, MT941 MT942 Tag 50F

Common Group Category n No changes to the category n messages

Figure 1 - Overview of Message Changes for 2016 and T24

1.2 New SWIFT MX Format

TEMENOS Confidential Page 6 SWIFT Standards 2016 Annual Maintenance.docx

A separate document will be published to cover any changes required to MX messages.

1.3 Swift Ref

Bank Directory Plus is supported in the following releases

IBAN Plus is supported from R13 release.

TEMENOS Confidential Page 7 SWIFT Standards 2016 Annual Maintenance.docx

1.4 Timetable for Changes

17 July 2015 High-Level Information on Standards MT Release 2016

20 November 2015 Updated High-Level Information on Standards MT Release 2016

18 December 2015 Standards MT Release Guide 2016 (public)

26 February 2016 Update to Standards MT Release Guide 2016

SR 2016 changes to System Messages and FIN Operations

1 May 2016 Vendor Test System

TEMENOS Confidential Page 8 SWIFT Standards 2016 Annual Maintenance.docx

2 SWIFT Message Changes

2.2 T24 Compliance with new Rule Book

TEMENOS Confidential Page 9 SWIFT Standards 2016 Annual Maintenance.docx

2.3 T24 Changes for SWIFT 2016

2.3.2 Additional Release support

2.3.3 Release Availability

Release Expected available date

R16 Aug 2016

201608 Aug 2016

3 SWIFT 2016 Amendments Detailed Requirements

Removed Message Types

Modified Message Types

3.1.2 Group 1 Messages requiring changes to the system

TEMENOS Confidential Page 10 SWIFT Standards 2016 Annual Maintenance.docx

3.1.3 Group 1 Message changes that do not affect the system

3.2 Payment Message Group 2

Removed Message Types

Modified Message Types

3.2.2 Group 2 Messages requiring changes to the system

3.2.3 Group 2 Message changes that do not affect the system

3.3 Treasury Message Group 3

Removed Message Types

Modified Message Types

3.3.2 Treasury Group 3 Messages requiring changes to the system

Sequence E: Tag 22M and 22 P: UTI/PUTI Name Space/ Issuer code

TEMENOS Confidential Page 11 SWIFT Standards 2016 Annual Maintenance.docx

MT360 - Single Currency Interest Rate Derivative Confirmation