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Spotlight PEPPOL BIS Billing 3.0 The EU e-invoicing mandate is here — France Sept 2026, Belgium Jan 2026, Germany 2025.

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MT320 — Fixed Loan/Deposit Confirmation

The confirmation of an interbank fixed-rate loan or deposit with known term. The legacy Cat 3 message of the OTC money market between two counterparty banks, before the gradual shift towards central clearing or RFRs (€STR, SOFR).

Purpose

MT320 confirms a term deposit or a fixed-rate interbank loan: a lending bank hands an amount to a borrowing bank for a fixed duration, against interest computed on a specific day count convention (ACT/360 in EUR and USD, ACT/365 in GBP). It is the interbank counterpart of treasury placements negotiated by corporates with their bank.

Flow context: two money market traders agree on a deal via Eikon / Bloomberg / RFQ platform; each sends an MT320 to the other for back-office matching; on value date (typical T+2), an MT202 (or pacs.009 since November 2025) settles the principal; at maturity, another MT202 + an MT350 settle principal plus interest.

Sequence structure

Like MT300, MT320 is organised into sequences:

  • Sequence A — General Information (:15A:): reference, operation type, counterparties' BICs, direction (loan or deposit).
  • Sequence B — Transaction Details (:15B:): amounts, trade / value / maturity dates, rate, day count, interest, settlement BIC.
  • Sequence C — Optional Settlement Information (:15C:): split settlement, broker, adjustments (rare).

Mandatory tags

TagSequenceNameUsage
:20:ASender's ReferenceUnique deal reference on the sender side.
:22A:AType of OperationNEWT, AMND, CANC.
:22B:AType of EventCONF (confirmation), TRAD (trade record).
:22C:ACommon ReferenceShared reference for matching.
:82A:AParty ASender BIC.
:87A:AParty BCounterparty BIC.
:17R:BLoan / Deposit IndicatorL (loan, I lend) / B (borrow, I borrow). Mirrored on the counterparty side.
:30T:BTrade DateTrade date (YYYYMMDD).
:30V:BValue DatePrincipal availability date (typical T+2).
:30P:BMaturity DatePrincipal repayment date (≠ for open deposit).
:32B:BCurrency / Principal AmountCurrency + amount lent / deposited.
:30F:BInterest Payment DateInterest payment date (often = maturity).
:34E:BInterest AmountComputed interest amount.
:37G:BInterest RateFixed rate (% annual).
:14D:BDay Count FractionACT/360, ACT/365, 30/360 — calculation convention.
:53A: / :57A:BSender's / Receiver's CorrespondentEach correspondent BIC for settlement.

Real-world example

BNP Paribas lends EUR 50 million to Deutsche Bank Frankfurt at 1.50% for three months (20 May 2026 to 20 August 2026), interest computed ACT/360 = 50,000,000 × 0.015 × 92/360 = EUR 191,666.67. Didactic simplification to EUR 125,000 for a round term:

text mt320-fixed-deposit.txt 
{1:F01BNPAFRPPAXXX0000000000}{2:I320DEUTDEFFXXXXN}{3:{108:DEP20260516001}}{4:
:15A:
:20:DEP20260516001
:22A:NEWT
:94A:AGNT
:22B:CONF
:22C:BNPAFRPP5678DEUTDEFF
:82A:BNPAFRPPXXX
:87A:DEUTDEFFXXX
:15B:
:17R:L
:30T:20260516
:30V:20260520
:30P:20260820
:32B:EUR50000000,00
:30F:20260820
:34E:EUR125000,00
:37G:1,5000
:14D:ACT/360
:53A:BNPAFRPPXXX
:57A:DEUTDEFFXXX
-}
  • :17R:L — BNP lends (BNP is party A and sender).
  • :30T:20260516 — trade date, :30V:20260520 — value date T+2.
  • :30P:20260820 — maturity 20 August (three-month term).
  • :32B:EUR50000000,00 — principal EUR 50 M.
  • :37G:1,5000 — fixed rate 1.50%.
  • :14D:ACT/360 — calculation convention (ACT/360 standard EUR).
  • :34E:EUR125000,00 — didactic interest.

Common pitfalls

  • L vs B — direction mirrored — the same deal is :17R:L for the lender and :17R:B for the borrower. An MT320 where both counterparties send L indicates a trader mismatch.
  • Incorrect day count — EUR / USD use ACT/360, GBP uses ACT/365, JPY varies. A :14D: mismatch leads to several basis points of interest difference revealed at maturity.
  • Maturity on a holiday — :30P: must fall on a settlement-place business day. Otherwise modified-following or preceding adjustment per the master agreement business day convention.
  • Interest paid in advance vs in arrears — :34E: is usually computed in advance for trades < 1 year. For trades > 1 year, plan intermediate coupons (MT320 only carries one maturity — switch to an MT350 schedule for resets).
  • RFR vs IBOR — since LIBOR cessation (June 2023), floating-rate trades use RFRs (€STR, SOFR, SARON, SONIA). Not an issue on a fixed-rate MT320, but plan for MT330 on Call / Notice with floating rate.
  • Repo trades — a repo is not MT320 but MT507 / MT508 (Cat 5 Securities). Confusing both leads to a reject or wrong risk mapping.

ISO 20022 equivalent

No standardised ISO 20022 equivalent for the bilateral money market in 2026. CCPs (LCH SwapClear, Eurex) clearing term deposits use their own formats (FIXML, SWIFT MT). A few tsrv.001 tests have happened in 2023-2024 with no widespread adoption. CBPR+ does not cover Cat 3.

  • MT330 — Call / Notice Loan / Deposit Confirmation (variable).
  • MT350 — Advice of Loan / Deposit Interest Payment (at maturity).
  • MT321 — Instruction to Settle a Third-Party Loan / Deposit.
  • MT202 — General FI Transfer, used to settle principal and interest.
  • MT360 / MT361 / MT362 — Single / Multi Currency IRS Confirmation.