MT 671 Scope

The MT 671 Standing Settlement Instruction (SSI) Update Notification message is sent by SWIFT to an institution as a result of receiving an MT 670 Standing Settlement Instruction Update Notification Request. The MT 671 is created from the corresponding MT 670. The MT 671 is a notification of an SSI update from the party identified in the message as the Submitting Party to:

• one or more institutions or

• all institutions in one or more countries or

• all institutions.

The MT 671 specifies standing cash settlement information for the account of the Submitting Party or on behalf of another party. The party and account information in the SSI is then used in FX confirmations, payments messages, etc.

The MT 671 is sent by SWIFT to one or more institutions as defined in the MT 670:

Note:

The MT 671 is created from the corresponding MT 670. In other words, the data in the MT 670, with the exception of fields concerning distribution information, is copied into the MT 671: If field :95P::SSIR// is present in the MT 670, this is not copied into the MT 671. If field :94C::SSIR// is present in the MT 670, this is not copied into the MT 671. If field :22H::SSIR// is present in the MT 670, this is not copied into the MT 671. To understand the rules governing the creation of the MT 670 Standing Settlement Instruction Update Notification request message, see the MT 670.

Although error codes are included in the documentation of the MT 671, they have no purpose and can be ignored.