What is the difference between PEND and PENF?

PEND means settlement on the intended date is still possible. PENF means it is no longer possible: the instruction is failing.

Is PEND before the settlement date a problem?

Not by itself. Look at the reason: FUTU just means it is waiting for the date, while LACK or MONY means it will fail unless someone acts.

Where is PEND in ISO 20022?

In sese.024 under SttlmSts/Pdg, with the reason code in Rsn/Cd/Cd.

Settlement status codes

PEND: Pending Settlement

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

PEND means the instruction has not settled yet but settlement on the intended settlement date is still possible. The 24B reason tells you what it is waiting for.

Code: PEND
Kind: Status (25D)
Qualifiers: SETT

What PEND means

:25D::SETT//PEND is a settlement status. It is reported before the intended settlement date, or on the date while there is still time to settle. Once the date is lost, the status becomes PENF.

The :24B::PEND// reason explains the wait. Some reasons are harmless, such as FUTU (waiting for the settlement date). Others need action: LACK (not enough securities on your account), MONY (not enough cash or credit), PREA (your instruction is on hold), CLAC or CMON (the counterparty lacks securities or cash), PRCY (the counterparty’s instruction is on hold) and LINK (waiting for a linked instruction).

When you see it

In an MT548 after matching, often days before the settlement date.
On the settlement date when provision is short on either side.
In some markets PEND is used for a narrower case. Austraclear, for example, documents SETT//PEND for paired transactions that wait for authorisation.

What to do next

Check the reason. If it points at your side (LACK, MONY, PREA), fix it: fund the account, borrow or recall securities, or release the hold.
If it points at the counterparty (CLAC, CMON, PRCY), tell the front office and the counterparty, and decide whether partial settlement is acceptable.
Before the market cut-off, confirm the status has moved on. If not, prepare for a fail. See PEND with LACK.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2, :25D::SETT//PEND
MT548 sequence A2a, :24B::PEND//<reason>, for example :24B::PEND//LACK
MT537 sequence B or C3, :25D::SETT//PEND, with reasons in B1 or C3a

MX (ISO 20022)

sese.024 SttlmSts/Pdg, with NoSpcfdRsn = NORE or Rsn/Cd/Cd = the pending reason (PendingReason24Code in sese.024.001.12)

Questions

What is the difference between PEND and PENF?: PEND means settlement on the intended date is still possible. PENF means it is no longer possible: the instruction is failing.
Is PEND before the settlement date a problem?: Not by itself. Look at the reason: FUTU just means it is waiting for the date, while LACK or MONY means it will fail unless someone acts.
Where is PEND in ISO 20022?: In sese.024 under SttlmSts/Pdg, with the reason code in Rsn/Cd/Cd.