Your selected question

Q:

What is ‘Account services’ in the Account Service Agreement screen?

A:

Frequency of end of day (MT940) statement shows whether you get an end of day statement daily, weekly or monthly. The sweeping / topping proposition frequency cannot be more frequent than the end of day frequency.

Frequency option of intra-day (MT942) update shows how and when we expect to receive intra-day statements (MT942):

  • Scheduled - MT942 statements are sent automatically by the bank holding the account, no requests are necessary.
  • On request - MT942 statements are sent automatically in response to an Account update request (MT920) from Global Liquidity at a pre-specified number of hours prior to cut-off each working day. This deadline is shown as the ‘Intra-day update timing'.
  • Specific times - MT942 statements are sent automatically in response to an Account Update Request (MT920) from Global Liquidity at a pre-specified number of hours prior to cut-off each working day. This deadline is shown as the ‘Intra-day update timing'. Whereas there are no known timing restrictions by the partner bank with ‘On request', for ‘Specific times' the bank owning the account can only produce the MT942 at specific times during the day, and these need to correspond with the ‘Intra-day update timing'. For more information, please contact your ICM Sales Consultant.

Intra-day update timing - the deadline (in hours) prior to cut-off for Global Liquidity to submit an Account update request (MT920) for the daily statement. This is given only when the frequency of MT942 statements is ‘On request' or ‘Specific times'.

Did this article answer your question?