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Glossary of Terms

In addition to the definitions which appear in the Standards MT General Information, Glossary of Terms, the following terms apply to Category 9 message types:

Account Servicing Institution: A financial institution which is a depository for an account.

Account Servicing Institution's Reference: A reference assigned by the account servicing institution to identify the transaction. (This is the reference to which the account owner refers in cases of inquiry to that financial institution.)

Available Balance: The balance at the disposal of the account owner on the date specified. The specific formula for the calculation of the balance is dependent upon national, local, legal or bilateral agreement/conventions/requirements.

Available Funds: Funds available for transfer or withdrawal in cash.

Bulking: The practice of totalling the amounts of a number of transactions to provide a single accounting entry.

Closing Available Balance: Amount at the disposal of the account owner at the close of the statement period.

Closing Balance: Balance of entries posted to the account at the close of the statement period.

Concentrating Institution: A financial institution authorised by the account owner to receive, collate and report status and movement information on behalf of the account owner.

Credit Advice: An advice by the account servicing institution of a credit to the account of the Receiver (Account Owner). This advice must not be used to transmit payment instructions.

Debit Advice: An advice by the account servicing institution of a debit to the account of the Receiver (Account Owner).

Due From Account: See 'Nostro Account'.

Due To Account: See 'Vostro Account'.

ECU Netting System: A multi-lateral payment netting service operated by SWIFT/SSP on behalf of the ECU Banking Association, with settlement through the Bank for International Settlement.

Enquired Party: The individual or institution about which information is requested or provided.

Entry: Any debit or credit item posted to an account.

Entry Date: Date on which entries are made in the records of an account.

Forward Available Balance: The balance of the booked items that will be available to the account owner on a specified future date.

Immediate Funds: Same day funds in which the settlement is simultaneous with execution of the transaction.

Intermediary: The financial institution from which an account servicing institution receives funds for an Account Owner.

Intermediate Closing Balance: Balance of entries posted to the account as reflected in the statement 'page' (message) of a statement consisting of multiple 'page' (messages).

Intermediate Opening Balance: Intermediate closing balance as reflected in the previous statement 'page' (message) of a statement consisting of multiple 'pages' (messages).

Lockbox: A financial service provided for the rapid collection of a customer's receivables and rapid credit to the customer's account.

Loro Account: See 'Vostro Account'

Netting Balance: The balance of entries posted to a netting position by a netting system.

Netting Position: The record of entries processed by a netting system on behalf of a financial institution.

Nostro Account: A record kept by an account owner of an account serviced on its behalf by an Account Servicing Institution. It is also known as a Due From account.

Opening Balance: Closing balance of the previous statement.

Reference for the account owner: The reference which identifies the transaction to the Account Owner.

Reference for the Beneficiary: See 'Reference for the Account Owner'.

Reporting Bank: The bank transmitting the information about accounts serviced by them.

Statement Line: Information related to one entry in a statement message.

Statement Number: A number for the sequential identification of statements. It may have a subfield indicating the 'page' number.

Vostro Account: An account serviced by a bank on behalf of an account owner Bank. It is also known as a Loro Account or Due To Account.