This message only confirms the settlement details of the forward rate agreement. For the actual transfer of funds at settlement or the confirmation of debits and credits, other messages outside Category 3 are available (for example, MT 202, 203, 205, 900, 910, 950).
In all cases, the Common Reference of the MT 341 must be quoted in the relevant reference field, that is, field 21 of the MT 202, 203, 205.
Only one of the financial institutions involved in a contract will send a settlement confirmation to the second financial institution when there is a retransmission due to errors in a previously sent settlement confirmation.
When cancelling a previously sent message (field 22A is CANC) using MT 341:
field 21 must contain the reference, that is, the content of field 20, of the message containing the instruction to be cancelled
the cancellation message must contain at least the mandatory fields of the original message.
To amend a previously sent message (field 22A is AMND):
field 21 must contain the reference, that is, the content of field 20, of the message containing the instruction to be amended
the amendment message must contain both the unchanged and the changed/new fields of the original message
the amendment message replaces the original message.
The MT 341 is used to confirm the settlement details between two parties, A and B:
It can also be exchanged on behalf of an institution or corporate:
Party A and party B are the legal entities which have agreed to the transaction.
Party A is either:
the Sender
the institution/corporate on whose behalf the message is sent
Party B is either:
the Receiver
the institution/corporate on whose behalf the message is received
