What does REJT SAFE mean in an MT548?

The servicer rejected your instruction because it does not recognise or accept the safekeeping account in :97a::SAFE//. Check the account number and that the account is open and linked to you, then resend.

Is the SAFE reason code the same as the SAFE qualifier?

No. SAFE is also the qualifier of the safekeeping account field (:97A::SAFE//) and the place of safekeeping (:94a::SAFE//). As a 24B reason code it says that an account caused the problem.

Settlement status codes

SAFE: Disagreement Safekeeping Account

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

SAFE points at a safekeeping account. Under NMAT an account used for matching differs; under REJT or REPR your own safekeeping account is unknown or invalid.

Code: SAFE
Kind: Reason (24B)
Used with: NMAT, REJT, REPR

What SAFE means

Under :24B::NMAT//SAFE a safekeeping account that the market uses as a matching field does not agree. This can be the buyer’s or seller’s account, the client’s account at the agent, or the agent’s account at the CSD. In T2S the securities accounts of the delivering and receiving parties are optional matching fields: they must agree only when both sides give them.

Under :24B::REJT//SAFE or :24B::REPR//SAFE the problem is on your own side: the servicer does not recognise the safekeeping account in your instruction, or it is closed or not linked to you.

When you see it

Under REJT: after a new account is opened but not yet active at the servicer, or when a template still carries an old account number.
Under NMAT: when the counterparty quotes your client’s account differently from your instruction.

What to do next

For REJT or REPR, check :97a::SAFE// in sequence C of your instruction against the account list from your servicer; fix and resend.
For NMAT, compare the accounts in sequence E1 (:97a::SAFE// under each party) with the counterparty’s instruction; drop or correct the account that does not agree.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT548 sequence A2a, :24B::NMAT//SAFE, :24B::REJT//SAFE or :24B::REPR//SAFE
The fields it refers to: :97a::SAFE// in sequence C (your account) and in sequence E1 (party accounts) of the MT540 to MT543

MX (ISO 20022)

sese.024 MtchgSts/Umtchd/Rsn/Cd/Cd, PrcgSts/Rjctd/Rsn/Cd/Cd or PrcgSts/Rpr/Rsn/Cd/Cd = SAFE (sese.024.001.12); your account is echoed in TxDtls/SfkpgAcct

Questions

What does REJT SAFE mean in an MT548?: The servicer rejected your instruction because it does not recognise or accept the safekeeping account in :97a::SAFE//. Check the account number and that the account is open and linked to you, then resend.
Is the SAFE reason code the same as the SAFE qualifier?: No. SAFE is also the qualifier of the safekeeping account field (:97A::SAFE//) and the place of safekeeping (:94a::SAFE//). As a 24B reason code it says that an account caused the problem.