Module field13

swift_mt_message::fields

Module field13 

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§Field 13: Time/Date Indication

§Purpose

Provides time and date indication capabilities for payment processing with timezone offset information. These fields are critical for time-sensitive payments, settlement timing, and regulatory compliance in cross-border transactions requiring precise timing documentation.

§Options Overview

  • Option C: Time Indication with codes (SNDTIME, CLSTIME, etc.)
  • Option D: Complete Date/Time indication with UTC offset

§Format Specifications

§Option C Format

  • Swift Format: /8c/4!n1!x4!n
  • Components: Time indication code + Time + UTC offset sign + offset amount

§Option D Format

  • Swift Format: 6!n4!n1!x4!n
  • Components: Date + Time + UTC offset sign + offset amount

§Valid Time Indication Codes (Option C)

  • CLSTIME: CLS Time - Funding payment deadline for CLS Bank (CET)
  • RNCTIME: Receive Time - TARGET2 payment credit time at receiving central bank
  • SNDTIME: Send Time - TARGET2 payment debit time at sending central bank
  • REJTIME: Rejection Time - Payment rejection or return timestamp
  • CUTTIME: Cut-off Time - Latest processing time for payments

§Usage Guidelines

§When to Use Option C (Time Indication)

  • Settlement Systems: CLS Bank settlement timing coordination
  • TARGET2 Payments: European central bank payment timing
  • Cut-off Management: Processing deadline specifications
  • Event Timing: Specific time-based payment events

§When to Use Option D (Date/Time Indication)

  • Transaction Timestamping: Precise recording of payment events
  • Audit Documentation: Comprehensive temporal records for compliance
  • Cross-Border Coordination: Time coordination across different time zones
  • Regulatory Compliance: Meeting time-stamping requirements for reporting

§Network Validation Rules

  • Time Format: Must be valid time in HHMM format (00:00 to 23:59)
  • Date Format: Must be valid calendar date in YYMMDD format (Option D)
  • Offset Sign: Must be exactly + (ahead of UTC) or - (behind UTC)
  • Offset Range: UTC offset must be within valid timezone ranges (typically ±13 hours)
  • Code Validation: Time indication codes must be valid and recognized (Option C)

§Business Applications

§Settlement Coordination

  • Timezone Management: UTC offset enables precise time zone identification
  • Multiple Indications: Multiple time indications can be provided in sequences
  • Settlement Timing: Coordination of settlement timing across time zones
  • Processing Windows: Definition of processing cut-off times

§Regulatory Compliance

  • Timestamp Requirements: Meeting regulatory time-stamping requirements
  • Audit Trails: Creating comprehensive timestamp records for compliance
  • Cross-Border Rules: Supporting international payment timing regulations
  • System Integration: Enabling time-aware processing across systems

§Regional Considerations

  • European Payments: CET/CEST timing for TARGET2 and SEPA systems
  • US Payments: EST/EDT timing for Federal Reserve systems
  • Asian Markets: Local time zones for regional clearing systems
  • Global Coordination: UTC reference for international settlements

§Timezone Offset Guidelines

  • Standard Offsets: Most timezone offsets are in full hour increments
  • Special Cases: Some regions use 30 or 45-minute offsets
  • Daylight Saving: Offsets change with daylight saving time transitions
  • UTC Reference: All offsets calculated relative to Coordinated Universal Time

§Error Prevention Guidelines

  • Time Validation: Ensure time is valid 24-hour format
  • Date Validation: Verify date is valid and within reasonable business range
  • Offset Accuracy: Confirm timezone offset matches actual timezone
  • Code Selection: Use appropriate time indication code for context (Option C)
  • Business Logic: Ensure timing aligns with settlement windows and business processes
  • Field 32A: Value Date (settlement date coordination)
  • Field 30: Execution Date (date-only specifications)
  • Field 72: Sender to Receiver Information (additional timing details)
  • Block Headers: Message timestamps (system-level timing)

§Technical Implementation

  • Date Handling: Uses chrono::NaiveDate for robust date parsing
  • Time Handling: Uses chrono::NaiveTime for time validation
  • Offset Storage: String format for flexible UTC offset representation
  • Validation: Automatic format validation through Swift macro system

§See Also

  • Swift FIN User Handbook: Date/Time Specifications
  • ISO 8601: International Date/Time Standards
  • SWIFT Network Rules: Timestamp Requirements
  • Regional Payment Guides: Local Time Zone Considerations

Structs§

Field13C
Field 13C: Time Indication
Field13D
Field 13D: Date/Time Indication