MT541 — Receive Against Payment
The cornerstone of buyer-side DvP (Delivery versus Payment). The asset manager instructs the custodian to receive the securities against simultaneous cash payment to the seller — the indivisible operation any modern settlement engine processes atomically.
Purpose
MT541 asks the custodian to receive securities against payment — Delivery versus Payment (DvP). The operation is treated as one transaction by the settlement engine: the beneficiary securities account is credited at the exact moment the cash account is debited for the corresponding amount. If either leg fails, the entire transaction stays pending.
It is the main instruction message for the majority of equity, bond and UCITS trades bought via a broker. Typically issued by the asset manager after receipt of an MT515 confirmation, and must match an MT543 (Deliver Against Payment) sent by the seller's custodian.
Sequence structure
- GENL — reference and instruction identification.
- TRADDET — transaction details (dates, instrument, price).
- FIAC — beneficiary securities account, quantity.
- SETDET — settlement type (TRAD = trade) + APMT (Against Payment) indicator.
- SETPRTY — chain of agents (DEAG, REAG, BUYR, SELR).
- AMT — amount block
:19A::SETT//with currency and cash amount.
Key tags
| Tag | Name | Usage |
|---|---|---|
:22F::SETR//TRAD | Settlement Transaction Type | TRAD signals a trade settlement (with cash leg). |
:22H::PAYM//APMT | Payment Indicator | APMT (Against Payment) — defines the MT541. |
:19A::SETT// | Settlement Amount | Cash amount in currency (akin to MT103's :32A: without the date). |
:90B::DEAL// | Deal Price | Execution price. |
:36B::SETT// | Settlement Quantity | Quantity to receive. |
:97A::SAFE// | Safekeeping Account | Beneficiary securities account. |
:95P::DEAG// | Delivering Agent | BIC of the seller-side custodian. |
Real-world example
After the MT515 confirmation of 200 Apple shares executed at USD 189.75, BNP Paribas
instructs Clearstream to receive the 200 shares against USD 37,950 payment; delivery
via Northern Trust (NTRSUS33), custodian of the executing broker:
{1:F01BNPAFRPPAXXX0000000000}{2:I541CEDELULLAXXXN}{3:{108:RECP20260515001}}{4:
:16R:GENL
:20C::SEME//RECP20260515001
:20C::RELA//CONF20260515001
:23G:NEWM
:98A::PREP//20260515
:16S:GENL
:16R:TRADDET
:94B::TRAD//EXCH/XNAS
:98A::SETT//20260516
:98A::TRAD//20260515
:90B::DEAL//ACTU/USD/189,75
:35B:ISIN US0378331005
APPLE INC
:16S:TRADDET
:16R:FIAC
:36B::SETT//UNIT/200,
:97A::SAFE//12345678
:16S:FIAC
:16R:SETDET
:22F::SETR//TRAD
:22H::PAYM//APMT
:16R:SETPRTY
:95P::DEAG//NTRSUS33XXX
:97A::SAFE//77777777
:16S:SETPRTY
:16R:AMT
:19A::SETT//USD37950,00
:16S:AMT
:16S:SETDET}:22H::PAYM//APMT— this tag defines an MT541 (Against Payment).:19A::SETT//USD37950,00— cash amount to pay (200 × 189.75 = USD 37,950).:97A::SAFE//12345678— BNP Paribas securities account at Clearstream.:95P::DEAG//NTRSUS33XXX— Northern Trust as delivering agent.:97A::SAFE//77777777— Northern Trust's account in the chain.
Common pitfalls
- APMT vs FREE — an MT541 without
:22H::PAYM//APMTis processed as FREE: the cash leg vanishes and the security is credited with no counter-leg. Classic loophole. - Quantity × price ≠
:19A::SETT//— the cash amount must match exactly quantity × price (plus or minus commissions per contract). A divergence prevents matching with the MT543. - Settlement currency vs cash account currency — if the cash account is in EUR and the security is quoted in USD, an FX conversion must be agreed (pre-FX) or a multi-currency account used.
- T+1 vs T+2 depending on market — since May 2024, US markets are T+1. A
:98A::SETT//at T+2 on a US equity is rejected. - BUYR/SELR mis-set — the ultimate investor (BUYR for the buyer, SELR for the seller) must be identified: the asset manager is only an agent. Without an explicit BUYR, MiFID II / SFTR reports are incomplete.
ISO 20022 equivalent
- sese.023 — Securities Settlement Transaction Instruction (direct equivalent, TRAD + APMT type).
- sese.022 — Status Advice for matching status.
- sese.011 — Allegement Notification on mismatch.