Settlement transaction types
REDI: Withdrawal
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REDI marks the withdrawal of specified amounts from specified sub-accounts. It is a rarely used code that identifies a withdrawal rather than a trade or a fund redemption.
- Code
- REDI
What REDI means
REDI covers movements that take a stated quantity out of a stated sub-account, for example where an account servicer keeps positions in sub-accounts and the holder withdraws part of them. It is not a fund redemption, which is REDM, and not a transfer between the holder’s own accounts, which is OWNI.
Support varies: Citi’s field 22F guide accepts REDI for only some regions. Check with your account servicer before using it.
When you see it
- Rarely, on MT542 free deliveries out of sub-accounts at account servicers that support it.
What to do next
- Use REDI only if your account servicer has told you to; otherwise use the code that describes the business (OWNI, OWNE or REDM). If the account servicer answers with REJT or REPR and reason SETR, the code was missing, unknown or not accepted in that market. Some custodians support only part of the list per market (Citi publishes its supported codes region by region), and BNY says it may change an instructed type into one the market accepts.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F,
:22F::SETR//REDI. The SETR qualifier is mandatory, so every instruction carries one code (format:4!c/[8c]/4!c; with a data source scheme a proprietary code may be sent instead). - Repeated in the confirmations MT544, MT545, MT546 and MT547 (sequence E,
:22F::SETR//REDI) and in the MT548 status advice (sequence B, where SETR is mandatory when the sequence is present). - Optional in the statements: MT536 subsequence B1a2 and MT537 subsequences B2b and C2.