Securities settlement
MT548 rejected instruction (IPRC//REJT): reasons and how to re-instruct
Written and maintained by ZagTrader. Last reviewed . How this page is sourced and checked
:25D::IPRC//REJT in an MT548 means your account servicer refused the settlement instruction during validation, before matching. The :24B::REJT// reason names the field it could not accept. A rejected instruction is not kept, so nothing settles until you send a corrected new instruction.
What it means
Every instruction you send (MT540 to MT543, or sese.023) is first validated by the account servicer: is the account yours, is the security known and eligible, are the dates, quantity and settlement chain valid, did it arrive before the deadline. If validation passes you receive PACK (acknowledged and accepted). If it fails you receive REJT under the instruction processing status IPRC.
Do not confuse it with REPR: in repair means the instruction was accepted but the account servicer is fixing or waiting for something, and it may still go ahead. REJT under IPRC is final for that instruction. The same code under CPRC means something different: your cancellation request was rejected, while the original instruction is still live.
Because the instruction was never accepted, there is nothing to cancel. Send a corrected instruction as a new message with :23G:NEWM and a new :20C::SEME. Reusing the old reference can itself be refused as a duplicate: REFE (reference identical to a previously received instruction) is a valid rejection reason. Your account servicer’s guide is the final word on how it treats a resent reference.
In ISO 20022 the same status is sese.024 PrcgSts/Rjctd with the code in PrcgSts/Rjctd/Rsn/Cd/Cd.
Common causes
- The safekeeping account in
:97A::SAFEis unknown, closed, or not one the sender may instruct on: SAFE. - The security is unknown to the account servicer or not eligible at the place of settlement, or the ISIN is mistyped: DSEC.
- The settlement date is invalid: a holiday at the place of settlement, a date in the past, or too far ahead: DDAT. The trade date can also be refused: DTRD.
- The counterparty agent or custodian is not a valid participant of the place of settlement, or its format is wrong: ICAG, ICUS, IEXE, and DEPT for an invalid place of settlement.
- The quantity or amount cannot be used: zero, negative, too many decimals, or not a valid lot: DQUA, DMON, NCRR, MINO, MUNO.
- The instruction arrived after the deadline: the account servicer’s own cut-off (ADEA) or the market deadline (LATE).
- The transaction type in
:22F::SETRis not accepted for that market or account: SETR.
How to fix it
- Read every
:24B::REJT//reason and any narrative in:70D::REAS. One rejection can carry several reasons. - Find the field in your original instruction using the table below. Compare it with the account servicer’s market guide and your standing settlement instructions, not only with the trade.
- Fix the source: static data for accounts, counterparties and securities, or the booking itself. Fixing only the outgoing message means the next trade fails the same way.
- Send a new instruction with
:23G:NEWMand a new:20C::SEME. Do not send a cancellation for the rejected instruction: there is nothing live to cancel, and the cancellation will usually be rejected too. - If the rejection was for a deadline (ADEA or LATE), ask the account servicer whether a late instruction can still be processed on a best effort basis, and warn the counterparty that settlement may slip.
- Check the next MT548:
IPRC//PACKconfirms the new instruction was accepted. Matching and settlement statuses follow.
Common MT548 rejection reasons (24B::REJT) and what to fix. Code names from the MT548 reason code list; actions are our own.
| Reason | Name | Field to check | Typical fix |
|---|---|---|---|
| SAFE | Safekeeping Account Rejection | 97A::SAFE (sequence C) | Use the account number exactly as the account servicer opened it; check it is active and linked to your BIC. |
| DSEC | Security Rejection | 35B | Check the ISIN check digit and that the security is set up and eligible at that place of settlement. |
| DDAT | Settlement Date Rejection | 98A::SETT (sequence B) | Use a business day of the place of settlement and of the settlement currency. |
| DTRD | Trade Date Rejection | 98A::TRAD (sequence B) | Trade date cannot be after the settlement date or in the future. |
| DQUA | Quantity Rejection | 36B::SETT (sequence C) | Use UNIT for shares and FAMT for bonds, with the right number of decimals. |
| DMON | Settlement Amount Rejection | 19A::SETT (sequence E3) | Amount format: comma decimal mark and no more decimals than the currency allows. |
| NCRR | Settlement Amount Currency Rejection | 19A::SETT currency | Use a currency the place of settlement settles in, or instruct free of payment and settle the cash separately. |
| ICAG | Agent Rejection | 95P::DEAG or ::REAG (sequence E1) | The counterparty agent must be a participant of the place of settlement. Check its BIC11 or local code. |
| DEPT | Place of Settlement Rejection | 95P::PSET (sequence E1) | Use the CSD BIC from the account servicer’s market guide. |
| SETR | Settlement Transaction Rejection | 22F::SETR (sequence E) | Use a type the account servicer supports, for example TRAD for a normal trade. |
| ADEA | Account Servicer Deadline Missed | Time of sending | Send before the account servicer’s cut-off; ask about best effort processing. |
| LATE | Market or Processing Deadline Missed | Time of sending | Send before the market deadline; a new settlement date may be needed. |
REFE | Reference Rejection | 20C::SEME (sequence A) | Use a reference you have never sent before to this account servicer. |
VALR | Rule Rejection | Depends on the rule | An account servicer rule failed; the narrative or the servicer’s guide says which. |
Example
ZagTrader Test Bank sent a receive free of payment instruction with a mistyped safekeeping account. The custodian rejects it.
{1:F01CUSTGB2LAXXX0000000000}{2:I548ZAGTAEADXXXXN}{4:
:16R:GENL
:20C::SEME//ST26102000311
:23G:INST
:98C::PREP//20261020143005
:16R:LINK
:13A::LINK//540
:20C::RELA//ZT26102000045
:16S:LINK
:16R:STAT
:25D::IPRC//REJT
:16R:REAS
:24B::REJT//SAFE
:70D::REAS//ACCOUNT ZAG-SAFE-0010 UNKNOWN
:16S:REAS
:16S:STAT
:16S:GENL
:16R:SETTRAN
:35B:ISIN GB00ZAGT0021
ZAGTRADER TEST HOLDINGS PLC
:36B::SETT//UNIT/12000,
:97A::SAFE//ZAG-SAFE-0010
:22F::SETR//TRAD
:22H::REDE//RECE
:22H::PAYM//FREE
:98A::SETT//20261022
:16S:SETTRAN
-}Open this example in the parserThere is only one status block: a rejected instruction gets no matching or settlement status.
The fix is a new MT540 with the correct account and a new :20C::SEME, not a cancellation of ZT26102000045.
Questions
- Should I cancel a rejected instruction before resending it?
- No. A rejected instruction was never accepted, so the account servicer holds nothing to cancel, and a cancellation request would normally be rejected as well. Send a corrected new instruction with a new reference.
- Can I reuse the same SEME reference when I resend?
- It is safer not to. Account servicers check for duplicate references and
REFE(reference identical to a previously received instruction) is a valid rejection reason. Use a new:20C::SEME; your own systems can keep the link to the original trade. - What is the difference between REJT and REPR?
- REJT is final: the instruction will not be processed. REPR means the instruction was accepted but is in repair; the account servicer may fix it or ask you for information, and it can still settle.
- What does REJT under CPRC mean?
- It is your cancellation request that was rejected, not the instruction. The cancellation could not be processed, for example because the referenced instruction was not found or has already settled. Unless it has settled, the original instruction is still live. A cancellation that is waiting for the counterparty is reported as CANP instead.
- Where is the rejection in ISO 20022?
- In sese.024 under
PrcgSts/Rjctd, with the reason code inPrcgSts/Rjctd/Rsn/Cd/Cdand optional free text inPrcgSts/Rjctd/Rsn/AddtlRsnInf.