Category 4: Collections and cash letters
MT450 Cash Letter Credit Advice
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The MT450 confirms to the account owner that the face amount of one or more cash letters it sent has been credited to its account, under usual reserve: the credit is subject to final payment of the items. The account servicing institution sends it.
- Message type
- MT450
- Category
- 4
- Status
- In the current standard
- ISO 20022
- No direct equivalent
What MT450 is used for
A cash letter is a batch of cheques or similar items sent to a correspondent for collection. The correspondent credits the face value straight away but can reverse it if items are returned unpaid: an item dishonoured later is advised with an MT456, and other corrections (a miscalculation or a missing item) with an MT455.
One MT450 covers up to ten cash letters, one per repetition, all in the same currency. Field 30 is the date the cash letter was prepared, which helps the account owner recognise it.
- Sent by
- The account servicing institution (the correspondent)
- Sent to
- The account owner that sent the cash letter
MT450 format: sequences and fields
Fields before the repetitive partMandatory
Appear once, at the start of the message.
| Tag | Name | Status | Format | Meaning |
|---|---|---|---|---|
| 25 | Account Identification | O | 35x | The account credited. Without it, the owner’s general or only account with the sender is meant. |
| 72 | Sender to Receiver Information | O | 6*35x | Additional information for the receiver. |
Repetitive part (one per cash letter)Mandatory, repeatable
Repeated up to ten times (rule C1, error T10). The currency in 32A must be the same in every repetition (rule C2, error C02).
| Tag | Name | Status | Format | Meaning |
|---|---|---|---|---|
| 20 | Transaction Reference Number | M | 16x | The sender’s reference for this advice. |
| 21 | Related Reference | M | 16x | The exact reference of the original cash letter. |
| 30 | Date of Cash Letter | M | 6!n | Date the cash letter was prepared (YYMMDD), not necessarily the date it was sent. |
| 32A | Value Date, Currency Code, Amount | M | 6!n3!a15d | Value date of the credit, currency and amount: the face value of the cash letter. |
| 52a | Sender of Cash LetterOptions A, B or D | O | A: [/1!a][/34x] 4!a2!a2!c[3!c] B: [/1!a][/34x] [35x] D: [/1!a][/34x] 4*35x | The branch or affiliate of the account owner that sent the cash letter, when it was not the account owner itself. |
Format notation: n digits, a upper-case letters, c upper-case letters and digits, x any character of the Swift character set, d a decimal number with a comma, ! fixed length, [ ] optional, 4*35x up to 4 lines of 35 characters. M mandatory, O optional, C conditional (a rule decides).
ISO 20022
No ISO 20022 equivalent: Swift’s MT and MX equivalence table lists none for this message. Collection and cash letter messages in category 4 were not part of the CBPR+ migration of cross-border payment instructions and remain MT messages on Swift.
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