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Settlement status codes

REPR: Repair

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REPR means the account servicer accepted your instruction but cannot process it as sent and has put it in a repair queue. It will not go to the market until the problem is fixed.

Code
REPR
Kind
Status (25D)
Qualifiers
IPRC

What REPR means

:25D::IPRC//REPR sits between acceptance and rejection. The servicer has the instruction but one or more fields are missing, invalid or inconsistent with its records, so it is held for correction instead of being refused outright.

The :24B::REPR// reason names the problem field with the same codes used for rejections: SAFE for the account, DSEC for the security, DDAT for the settlement date, ICAG for the agent, DEPT for the place of settlement and so on.

Who repairs is a matter of the service agreement. Some custodians correct obvious errors themselves after contacting you, others wait for a cancellation and a new instruction from you.

When you see it

  • In an MT548 soon after a new instruction, often when the instruction is close to a cut-off or the data is partly right (for example a known counterparty with an unknown account at the agent).
  • In the MT537 statement of pending transactions, for instructions still in repair at statement time.

What to do next

  • Read the :24B::REPR// reason and narrative, then call or message the servicer: ask whether they will repair it on your confirmation or need a new instruction.
  • If they need a new instruction, cancel the one in repair first (send the same message type with :23G:CANC) so you do not end up with two live instructions, then re-instruct with corrected data and a new reference.
  • Check the deadline. An instruction that stays in repair past the market cut-off will miss the intended settlement date.
  • Fix the static data that caused it.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT548 sequence A2, :25D::IPRC//REPR
  • MT548 sequence A2a, :24B::REPR//<reason>, for example :24B::REPR//DSEC, plus optional :70D::REAS//
  • MT537 sequence B or C3, :25D::IPRC//REPR, with reasons in B1 or C3a

MX (ISO 20022)

  • sese.024 PrcgSts/Rpr, with NoSpcfdRsn = NORE or Rsn/Cd/Cd = the repair reason (RepairReason4Code in sese.024.001.12)