What does PEND MONY mean in MT548?

Your instruction is matched but cannot settle yet because your cash account or credit line does not cover the settlement amount. Settlement on the intended date is still possible if you fund the account in time.

What is the difference between MONY and CMON?

MONY: you are short of cash. CMON: the counterparty is short of cash to pay for securities you deliver. Only MONY can be fixed from your side.

Settlement status codes

MONY: Insufficient Money

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

MONY tells you that your receipt against payment cannot settle because there is not enough cash on your settlement account, or your credit line does not cover the amount. The cash shortfall is on your side.

Code: MONY
Kind: Reason (24B)
Used with: PEND, PENF, PPRC

What MONY means

MONY is the cash twin of LACK. It is reported on an instruction where you pay: a receive against payment (MT541) or, less often, a delivery with payment. The account servicer or settlement system checked your cash account and credit or collateral limits and found less than the settlement amount.

Under PEND you can still fund the account in time for settlement on the intended date. Under PENF the trade is failing. Under PPRC the custodian has not yet processed the instruction because it is waiting for cover, which some custodians require before they instruct the local market.

If the counterparty is the one short of cash on a delivery versus payment you are making, you see CMON instead.

When you see it

In an MT548 or sese.024 on the intended settlement date, often in the early cycles before funding arrives, and on the MT537 while the trade stays open.
Typical causes: the funding payment or FX deal has not settled yet, cash is in the wrong currency (see NOFX), the cash account at the CSD or settlement bank was not topped up, or an auto-collateralisation or credit limit is exhausted.
In T2S, MONY comes from the provision check on the dedicated cash account and its limits, and can be reported together with LACK on a delivery with payment or with CLAC on a receipt against payment (ECB T2S multiple-status reporting).

What to do next

You must act. Check the cash balance and the limits on the settlement account against the settlement amount and the other trades due that day.
Fund the account (a transfer, an FX deal, a credit line increase) or release collateral, then confirm with your custodian which settlement cycle the trade can still catch.
If funding will be late, tell the counterparty. A receipt that fails for lack of cash is your fail, so in the EU the CSDR cash penalty for it is charged to you.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2a (REAS), :24B::PEND//MONY after :25D::SETT//PEND, or :24B::PENF//MONY after :25D::SETT//PENF.
MT548 :24B::PPRC//MONY after :25D::IPRC//PPRC when the custodian waits for cover before processing.
MT537 sequence B1 or C3a, :24B::PEND//MONY or :24B::PENF//MONY.

MX (ISO 20022)

sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = MONY or SttlmSts/Flng/Rsn/Cd/Cd = MONY.
sese.024 PrcgSts/PdgPrcg/Rsn/Cd/Cd = MONY for pending processing.

Questions

What does PEND MONY mean in MT548?: Your instruction is matched but cannot settle yet because your cash account or credit line does not cover the settlement amount. Settlement on the intended date is still possible if you fund the account in time.
What is the difference between MONY and CMON?: MONY: you are short of cash. CMON: the counterparty is short of cash to pay for securities you deliver. Only MONY can be fixed from your side.