Norway: Reminder - formatting of settlement instructions
Following announcement A11162 of 28 October 2011, Clearstream kindly reminds customers of the importance of the quality of data input in the settlement instructions as well as their correct formatting to avoid settlement delays.
For this reason, effective
immediately
settlement instructions containing incorrect information used in the market for matching purposes will no longer be repaired and instead an MT548 will be sent indicating the reason of the matching failure. Based on this information, customers must cancel the instruction and reinstruct with the correct information.
Formatting of instructions to ensure STP processing
We remind customers that the following fields are considered as mandatory and matching criteria in the Norwegian market:
- Seller/Buyer BIC; or
- Seller/Buyer account number
If, as is generally the case, a respective Seller/Buyer BIC is available, Clearstream Banking1 customers must ensure that they include it in their Norwegian domestic instructions. When the Seller/Buyer BIC is provided, inclusion of the Seller/Buyer account number is optional.
Customers must avoid, whenever possible, the use of name and address to specify the ordering party/beneficiary if a respective BIC code is available.
If, exceptionally, a respective Seller/Buyer BIC is not available and the name and address must be used, then the Seller/Buyer account number field must be included in the instruction. Failure to do so in these circumstances will mean that the instruction will have to be repaired and delays in the settlement of the instruction may occur as a consequence.
Also, customers must avoid using the field Delivering/Receiving Custodian fields as these are not used in the Norwegian market and their inclusion will result in instructions not being regarded as STP-compliant.
Further information
For the instruction specification formats used in the Norwegian market, please refer to the Instruction specifications – Creation via SWIFT and CreationDirect.
For further information, please contact Clearstream Banking Customer Service or your Relationship Officer.