MT548 Settlement Status and Processing Advice

When MT548 is used

An account owner (a broker, investment manager, bank or global custodian) instructs its account servicer with an MT540 to MT543. From that moment the account servicer reports what happens to the instruction in MT548 messages: first whether it accepted the instruction, then whether the market matched it with the counterparty’s instruction, then, around the settlement date, whether settlement is pending or failing and why. Settlement itself is not reported in an MT548: it is confirmed by MT544, MT545, MT546 or MT547. Most account servicers send an MT548 on every change of status without being asked; the account owner can also request one with an MT549.

Field 23G says what the advice is about. INST reports on an instruction. CAST reports on a cancellation request, that is an MT540 to MT543 with 23G CANC, and carries 25D::CPRC. A subfunction can mark a COPY sent to a third party or a DUPL re-send.

The MT548 is tied to your instruction by references. The LINK sequence carries 20C::RELA with the 20C::SEME of the instruction (or of the cancellation request for CAST), usually with :13A::LINK//543 or the relevant message type next to it. Other LINK blocks can add the market infrastructure reference (MITI, for example the T2S or CSD transaction id) and the processor reference (PCTI). Optional sequence B repeats the key trade details (ISIN, quantity, amount, account, dates, direction and payment type), which helps when RELA cannot be found.

Each status sits in a STAT block (sequence A2). Field 25D gives a qualifier and a code: the qualifier says which dimension the status describes (IPRC instruction processing, MTCH matching, SETT settlement, CPRC cancellation, and a few more) and the code gives the status (PACK, NMAT, PEND and so on). Reasons sit in REAS blocks (sequence A2a) inside the STAT block: field 24B repeats the status code as its qualifier and adds the reason, for example :24B::PEND//LACK, and 70D::REAS can add free text.

A typical lifecycle for a delivery against payment: PACK (instruction accepted), NMAT with CMIS (no counterparty instruction yet), MACH (matched), PEND with FUTU (waiting for the settlement date), then either settlement confirmed by MT547 or a problem: PEND with LACK (your account is short of securities) while settlement on the intended date is still possible, and PENF (failing) once it is not. An unmatched instruction can show differences such as DDAT (settlement date) or DMON (amount); a rejected one comes as REJT with a reason like SAFE or DSEC. See the securities settlement lifecycle.

The MT548 does not report allegements. When a counterparty’s instruction is waiting for yours, the account servicer reports it in an MT578 Settlement Allegement. The MT537 Statement of Pending Transactions gives the same statuses for all open instructions at once.

MT548 format: sequences and fields

Rules worth knowing

• The 24B qualifier is the status code it explains, in the same STAT block: :25D::SETT//PEND is explained by :24B::PEND//..., :25D::MTCH//NMAT by :24B::NMAT//..., :25D::IPRC//REJT by :24B::REJT//... and :25D::CPRC//DEND by :24B::DEND//....
• The reason code must come from the list allowed for that qualifier: LACK is valid under PEND, PENF and PPRC but not under NMAT; DDAT is valid under NMAT, REJT and REPR but not under PEND.
• When the middle part of 25D or 24B holds a data source scheme, for example :24B::PEND/ABCD/X123, the code comes from that issuer’s proprietary list, not from the standard list. Ask the account servicer for its code table.
• PEND or PENF depends on time, not on the reason: the same LACK is reported under PEND while settlement on the intended date is still possible and under PENF once it is not. Expect the switch at the market’s end of day on the settlement date.
• One advice can hold several STAT blocks (for example MTCH//MACH and SETT//PEND) and a status can carry several REAS blocks. Statuses for different dimensions are independent: keep the latest status per qualifier rather than overwriting the whole instruction status.
• There is no "settled" status in the MT548. Settlement is confirmed with an MT544, MT545, MT546 or MT547; a partially settled instruction keeps receiving MT548 advices for the open quantity.
• Sequence B is optional. When present, 35B, 36B::SETT, 97a::SAFE, 22F::SETR, 22H::REDE, 22H::PAYM and 98a::SETT are mandatory in it.
• With reason code NARR, put the explanation in 70D::REAS in the same REAS block.

MT548 example

ZAGTAEADXXX sold 10,000 shares of a test equity and sent its custodian CUSTAEADXXX an MT543 Deliver Against Payment with the reference ZT2610200123, to settle on 22 October 2026. On the morning of the settlement date the custodian reports that the instruction is matched but pending, because the safekeeping account does not hold enough shares (LACK). Settlement on the day is still possible, so the status is PEND, not PENF.

{1:F01CUSTAEADAXXX0000000000}{2:I548ZAGTAEADXXXXN}{4:
:16R:GENL
:20C::SEME//CA548-0004711
:23G:INST
:98C::PREP//20261022093015
:16R:LINK
:13A::LINK//543
:20C::RELA//ZT2610200123
:16S:LINK
:16R:STAT
:25D::MTCH//MACH
:16S:STAT
:16R:STAT
:25D::SETT//PEND
:16R:REAS
:24B::PEND//LACK
:70D::REAS//AVAILABLE BALANCE 6000 UNITS
REQUIRED 10000 UNITS
:16S:REAS
:16S:STAT
:16S:GENL
:16R:SETTRAN
:35B:ISIN AEZAGT000016
ZAGTRADER TEST HOLDING PJSC
:36B::SETT//UNIT/10000,
:19A::SETT//AED254500,
:97A::SAFE//ZAG-SAFE-0001
:22F::SETR//TRAD
:22H::REDE//DELI
:22H::PAYM//APMT
:98A::SETT//20261022
:98A::TRAD//20261020
:16R:SETPRTY
:95P::REAG//BRKRAEADXXX
:16S:SETPRTY
:16R:SETPRTY
:95P::PSET//CSDXAEADXXX
:16S:SETPRTY
:16S:SETTRAN
-}

Line by line

If the shares do not arrive before the end of the settlement day, the next advice will carry :25D::SETT//PENF with :24B::PENF//LACK. If 6,000 shares settle as a partial, the custodian confirms them with an MT547 carrying 22F::PARS//PAIN and keeps reporting the remaining 4,000 here.

An unmatched variant of the same advice would carry :25D::MTCH//NMAT with :24B::NMAT//DDAT if the buyer instructed a different settlement date, or :24B::NMAT//CMIS if no buyer instruction was found yet.

All BICs, references, accounts and the ISIN are made up; the ISIN has a valid check digit.

Common errors and rejects

1. Instruction rejected (IPRC//REJT)

   The account servicer did not accept the instruction, so nothing reaches the market. The 24B::REJT reason names the field: SAFE (account), DSEC (security), DDAT (settlement date), ICAG (counterparty agent), LATE or ADEA (deadline). Correct the data and send a new instruction with a new SEME; do not cancel a rejected instruction.

   How to fix it

2. Instruction unmatched (MTCH//NMAT)

   The market has no matching counterparty instruction (CMIS) or the two differ on a matching field (DDAT, DQUA, DMON, DSEC, DEPT, ICAG). Compare your instruction with the trade confirmation and call the counterparty before the settlement date.

   How to fix it

3. Pending for lack of securities (PEND//LACK)

   Your account does not hold enough securities to deliver. Check for receipts that have not settled yet (LAAW or a linked receipt), securities on loan (LALO) or blocked (SBLO), and decide whether to borrow, partial-settle or move the settlement date.

   How to fix it

4. Failing settlement (SETT//PENF)

   The settlement date has passed, or settlement on that date is no longer possible. Look at the reason: on your side LACK or MONY, on the counterparty side CLAC or CMON. Failing trades can attract penalties and buy-ins in many markets, so chase the cause the same day.

   How to fix it

5. The advice cannot be tied to an instruction

   RELA is missing, NONREF, or not one of your references (for example a transaction generated for you, reported as CGEN). Match on sequence B (ISIN, quantity, settlement date, REDE and PAYM) and on MITI, and ask the account servicer to quote your SEME.

6. Statuses arrive out of order

   Advices for different dimensions are independent, and two advices can cross. Keep the latest status per 25D qualifier using 98a::PREP, so an old NMAT does not overwrite a newer MACH.

MT548 in ISO 20022

The ISO 20022 equivalent is sese.024 Securities Settlement Transaction Status Advice. Each 25D qualifier has its own element: IPRC becomes PrcgSts (for example PrcgSts/AckdAccptd for PACK or PrcgSts/Rjctd for REJT), MTCH becomes MtchgSts (Mtchd or Umtchd), INMH becomes IfrrdMtchgSts, and SETT becomes SttlmSts with Pdg for PEND and Flng for PENF. Reason codes keep their four-letter values, for example SttlmSts/Pdg/Rsn/Cd/Cd = LACK or MtchgSts/Umtchd/Rsn/Cd/Cd = DDAT. The 20C::RELA reference becomes TxId/AcctOwnrTxId.

The status of a cancellation request (23G CAST, 25D::CPRC) has its own ISO 20022 message, sese.027 Securities Transaction Cancellation Request Status Advice. Settlement confirmations move to sese.025.

Securities messages were not part of the November 2025 payments deadline. The MT548 remains in use on FIN, while T2S and its directly connected participants receive sese.024. Many custodians receive sese.024 from the market and send MT548 to clients, so a status or reason that looks odd may be a translation issue: compare the code with the original sese.024 when in doubt.

Related messages

• MT540Receive Free
• MT541Receive Against Payment
• MT542Deliver Free
• MT543Deliver Against Payment
• MT544Receive Free Confirmation
• MT545Receive Against Payment Confirmation
• MT546Deliver Free Confirmation
• MT547Deliver Against Payment Confirmation
• MT537Statement of Pending Transactions
• sese.024Securities Settlement Transaction Status Advice
• sese.025Securities Settlement Transaction Confirmation
• sese.023Securities Settlement Transaction Instruction

• From instruction to settled position: MT540-548, sese.023/024/025 and the statements that follow.
• Unmatched instruction (NMAT)
• PEND LACK (lack of securities)
• Failing settlement (PENF)
• Rejected instruction (REJT)

Codes used in MT548

• PACK
• REJT
• MACH
• NMAT
• PEND
• PENF
• LACK
• CLAC
• MONY
• CMON
• CMIS
• DDAT
• FUTU
• CAND
• DEND

MT548 questions

What is an MT548 message?

A Settlement Status and Processing Advice: the message in which a custodian or CSD participant tells its client what is happening to a settlement instruction. It reports acceptance or rejection, matching, and pending or failing settlement, each with a reason code.

What is the difference between PEND and PENF in an MT548?

PEND means settlement is pending but can still happen on the intended settlement date. PENF means it is failing: settlement on that date is no longer possible. The reason code, for example LACK, can be the same in both.

What does NMAT mean and how do I fix it?

NMAT means your instruction has not matched the counterparty’s. The 24B::NMAT reason tells you why: CMIS (no counterparty instruction) or a difference such as DDAT or DQUA. Agree the details with the counterparty, then one side corrects its instruction. See unmatched instructions.

How do I link an MT548 to my MT543?

Use 20C::RELA in the linkage sequence: it carries the 20C::SEME of your MT543 (or other MT540 to MT543). :13A::LINK//543 tells you the message type. Sequence B, when present, repeats the trade details as a fallback.

What is the difference between 23G INST and CAST?

INST reports the status of an instruction. CAST reports the status of a cancellation request, with 25D::CPRC: accepted, pending, completed (CAND) or denied (DEND).

Does an MT548 confirm settlement?

No. Settlement is confirmed by MT544, MT545, MT546 or MT547. The MT548 covers everything before that, and the open part of a partially settled instruction.