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Settlement status codes

REFU: Instruction Refused/Not Recognised

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REFU tells you that the instruction was refused or not recognised and the market will present it again automatically. It is a pending reason, not a final rejection.

Code
REFU
Kind
Reason (24B)
Used with
PEND

What REFU means

The instruction met a refusal or was not recognised on the way to settlement. Instead of rejecting it, the system or agent presents it again automatically, and REFU reports that it is waiting for the next attempt.

It is only used under PEND. A final refusal by your own account servicer is a REJT with its own reason codes.

When you see it

  • Rarely, and mostly where the receiving side or an agent can refuse a delivery, for example when the counterparty does not recognise the trade or disputes its details.

What to do next

  • Contact the counterparty to confirm the trade details (quantity, amount, settlement date, accounts) so the next presentation is accepted, or agree to cancel.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2a (REAS), :24B::PEND//REFU after :25D::SETT//PEND.
  • MT537 sequence B1 or C3a, :24B::PEND//REFU.

MX (ISO 20022)

  • sese.024 SttlmSts/Pdg/Rsn/Cd/Cd = REFU. Not in the failing reason list (SttlmSts/Flng).