Table of contents
- 1. Format
- 2. Definition
- 3. Network validated rules
- 4. Usage rules
- 5. Examples
Option C /8c/4!n1!x4!n (Code)(Time indication)(Sign)(Time offset)
This repetitive field specifies one or several time indication(s) related to the processing of the payment instruction.
One of the following codes may be used in Code, placed between slashes ('/'):
The time by which the funding payment must be credited, with confirmation, to the CLS Bank's account at the central bank, expressed in Central European Time (CET).
The time at which a TARGET2 payment was credited at the receiving central bank, expressed in Central European Time (CET).
The time at which a TARGET2 payment was debited at the sending central bank, expressed in Central European Time (CET).
Network validated rules
Time indication must be a valid time expressed as HHMM (Error code(s): T38).
Time offset is expressed as 'HHMM', where the hour component, that is, 'HH', must be in the range of 00 through 13, and the minute component, that is, 'MM' must be in the range of 00 through 59. Any 'HH' or 'MM' component outside of these range checks will be disallowed (Error code(s): T16).
The time zone in which Time is expressed is to be identified by means of the offset against the UTC (Coordinated Universal Time - ISO 8601).
Assume a financial institution in London is sending a payment instruction on 5 January related to CLS in which it indicates that money has to be funded to CLS bank by 09.15 CET.
Time indication field will be completed as follows: :13C:/CLSTIME/0915+0100
• 0915 is the time by which the money has to be funded to CLS bank. It has been agreed that CLSTIME is to be indicated in CET (see codes above).
• +0100 is the offset of CET against UTC in January (that is during winter time).
If the same instruction had been sent on 10 June (that is during summer time), time indication field would have been completed as follows: :13C:/CLSTIME/0915+0200