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Settlement status codes

NARR: Narrative Reason

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

NARR tells you that no standard code fits and the reason is written as free text in the narrative of the same reason block.

Code
NARR
Kind
Reason (24B)
Used with
PEND, PENF, PPRC, PACK, NMAT, REJT, REPR, CAND, CANP, CGEN, DEND, MOPN

What NARR means

Almost every status in MT548 allows NARR (the repo call answer CACK does not). The actual reason is then in :70D::REAS// right after the 24B line, up to six lines of 35 characters. Read it carefully; it often contains a market-specific cause or a request for action.

A servicer can also give a proprietary reason with a data source scheme instead of a standard code, for example :24B::PEND/XXXX/R005 where XXXX names the issuer of the code list. Check your servicer’s guide for its own codes.

When you see it

  • With any status: pending, failing, rejected, unmatched, cancelled or in repair, whenever the servicer’s reason has no standard code.

What to do next

  • Read the :70D::REAS// narrative and act on it. If it is unclear or missing, ask the custodian; a NARR without text is a gap in the servicer’s reporting.
  • If you process statuses automatically, route NARR to a person rather than treating it as a known reason.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a (REAS), :24B::<status>//NARR (for example :24B::PENF//NARR), followed by :70D::REAS// with the text.
  • MT537 sequence B1 or C3a, :24B::<status>//NARR with :70D::REAS//.

MX (ISO 20022)

  • sese.024 has no NARR code in any of its reason lists. Free text goes into AddtlRsnInf next to a code, for example SttlmSts/Flng/Rsn/AddtlRsnInf; the code lists offer OTHR, and a proprietary code can be sent in .../Rsn/Cd/Prtry with Id and Issr.