Category 6: Commodities and reference data
MT671 Standing Settlement Instruction Update Notification
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
The MT671 delivers an institution’s standing settlement instructions to its counterparties. Swift creates it from the MT670 that the submitting institution sent and forwards it to the chosen recipients, from a pseudo logical terminal rather than from the submitting bank itself.
- Message type
- MT671
- Category
- 6
- Status
- In the current standard
- ISO 20022
- No direct equivalent
What MT671 is used for
Apart from the distribution fields, the MT671 carries all data of the MT670: the submitting party, each SSI with its purpose code, currency, effective date and market area, and the cash parties to pay through. The receiving bank loads the instructions into its static data so that its MT300 confirmations and MT202 payments name the right correspondent and account.
Because the message is generated by Swift, error codes shown in its documentation do not apply to the receiver. Settlement teams should still check an incoming SSI change through their own call-back or verification procedure before using it for payments.
- Sent by
- Swift, on behalf of the institution that submitted the MT670
- Sent to
- The institutions selected by the submitting institution
Fields
This is a catalogue entry: the field-by-field structure is not shown here because we publish structures only where we have checked them against public sources. Paste an MT671 into the parser to see each field decoded with its tag, name and value.
ISO 20022
No ISO 20022 equivalent: Swift’s MT and MX equivalence tables list none for the category 6 reference data messages, and this flow was not part of the November 2025 payments migration.
All MT messages · Category 6 messages · ISO 20022 messages · Codes · Troubleshooting