Narrative
On 5 January, a CLS settlement member (BANKGB2L) receives an instruction from CLS Bank to fund JPY 5,000,000 by 07.00 AM CET to CLS Bank.
BANKGB2L sends an MT 202 to their JPY nostro correspondent (BANKJPJT), indicating that the funds need to be credited to CLS Bank by 07.00 AM CET.
Information Flow
SWIFT Message
In the MT 202 which BANKGB2L sends to its JPY correspondent BANKJPJT, it can indicate the time by which BANKJPJT has to credit the funds to CLS bank as follows: :13C:/CLSTIME/0700+0100
whereby
0700 is the time by which the funds have to be credited to CLS Bank. By convention CLS time instructions are quoted in CET.
+0100 is the offset (during wintertime) of CET against UTC.
Upon receipt of the MT 202, BANKJPJT can recalculate the CET time indication into its local time by comparing the offset in 13C to its own offset against UTC. Japan is UTC +0900, therefore BANKJPJT knows it has to process the instruction before 15.00 local time in Japan.
Offsets of local delta time zones against UTC are published on www.swift.com in the BIC Directory, General Country Information.
