Validation Collaborations are provided for the following SWIFT Message types and their corresponding OTDs in the library:
MFVR
MT 101: Request for Transfer
MT 103+ (STP): Single Customer Credit Transfer
MT 202: General Financial Institution Transfer
MT 300: Foreign Exchange Confirmation
MT 500: Instruction to Register
MT 502: Order to Buy or Sell
MT 502 (FUNDS): Order to Buy or Sell
MT 508: Intra-Position Advice
MT 509; Trade Status Message
MT 513: Client Advice Execution
MT 515: Client Confirmation of Purchase or Sell
MT 515 (FUNDS): Client Confirmation of Purchase or Sale
MT 517: Trade Confirmation Affirmation
MT 518: Market Side Security Trade
MT 527: Tri-party Collateral Instruction
MT 535: Statement of Holdings
MT 536: Statement of Transactions
MT 537: Statement of Pending Transactions
MT 538: Statement of Intra-Position Advices
MT 540: Receive Free
MT 541: Receive Against Payment Instruction
MT 542: Deliver Free
MT 543: Deliver Against Payment Instruction
MT 544: Receive Free Confirmation
MT 545: Receive Against Payment Confirmation
MT 546: Deliver Free Confirmation
MT 547: Deliver Against Payment Confirmation
MT 548: Settlement Status and Processing Advice
MT 558: Tri-party Collateral Status and Processing Advice
MT 559: Paying Agent's Claim
MT 564: Corporate Action Notification
MT 565: Corporate Action Instruction
MT 566: Corporate Action Confirmation
MT 567: Corporate Action Status and Processing Advice
MT 568: Corporate Action Narrative
MT 576: Tri-party Collateral and Exposure Statement
MT 578: Statement Allegement
MT 586: Statement of Settlement Allegement
MT 590: Advice of Charges, Interest and Other Adjustment
MT 595: Queries
MT 596: Answers
MT 598: Property Message
MT 900: Confirmation of Debit
MT 910: Confirmation of Credit
MT 940: Customer Statement Message
MT 950: Statement Message
The MFVR support for the SWIFT OTD Library is a set of functions collectively known as the message format validation rules methods. These functions accurately test the semantic validity of a given subset of the SWIFT messages. Validation is performed according to standards provided in SWIFT’s publication, the Message Format Validation Rules Guide (current version).
There is one validation method for each MFVR message type and its corresponding OTD. Each method is called on a particular OTD and is used to validate the data of a given instance of that message type. Because business practices vary greatly between organizations, these functions can be modified as needed.
For examples of how the MFVR validation process works, you can import the sample validation Projects. For details, see SWIFT Projects.
SWIFT’s MFVR validation rules are known as semantic verification rules (SVRs) or semantic rules, as opposed to the syntactic rules, which verify the syntax of the fields only. Syntactic verification is built into each OTD.
SWIFT defines a total of 299 SVRs that are validated by the FIN network engine. SWIFT Alliance Access or IBM’s Merva products do not implement these rules, mainly because there is no functional model, and the implementation work is mostly manual. Each message type has to be validated against a subset of these rules.
In addition this set of 299 SVRs, SWIFT has defined a new series of rules to help enable straight-through processing (STP) in the securities industry. The OTD methods that validate for MFVR compliance also validate for compliance with STP rules.
The MFVR methods adhere to SWIFT’s current Message Format Validation Rules Guide, including those in any updates section in the back of the manual. The methods implement all of the “special functions” as defined in the guide, which are required by the validation rules.
The SVR methods also implement the semantic validation “rules” or functionality used in the validation functions, as defined by the current Message Format Validation Rules Guide.
Using this semantic validation, eGate can verify the contents of each message before it is sent into the FIN network, saving time and usage fees.
These errors result from the application of the Semantic Validation Rules. Multiple errors are possible, and they are given in the order in which they occurred and with the sequences, fields, or subfields used to determine them.
For example, an MFVR failure on a 535 Collaboration OTD appears as follows:
MFVR MT535 Error SVR Rule 103 - Error code: D031001 = Since field :94a:: is present in Sequence B, then fields :93B::AGGR and :94a::SAFE are not allowed in any occurrence of Subsequence B1a.mt_535.Mt_535.Data[1]. SubSafekeepingAccount mt_535.Mt_535.Data[1].SubSafekeepingAccount[0]. SubSeqB1[0].SubSeqB1a.Balance SVR Rule 104 - Error code: D04-1001 = Since field :93B:: AGGR is present in Subsequence B1a,then :field 94a::SAFE must be present in the same Subsequence B1a. mt_535.Mt_535.Data[1].SubSafekeepingAccount[0].SubSeqB1[0]. SubSeqB1a.Balance |
For more information on error messages, see Error Message Information.