Last reviewed: · Curated by Ohmyfin Organisation editorial.
CD01 (ChequeSettlementFailure) is an ISO 20022 ExternalReturnReason code used in pacs.002 / MT103 STP rejection messages on the SWIFT network. Underlying cheque/draft failed to settle.
Details
Why it happens: Mostly historical — applies when an earlier cheque payment was reversed.
How to fix it: Resolve the cheque dispute first, then re-issue the wire.
When a bank rejects a SWIFT payment with CD01, you usually receive the code along with an MT103-STP, MT n96, or pacs.002 message. Your bank may relay the code to you with a plain-English explanation. If they don't, paste your UETR into the Ohmyfin tracker — the rejection status will show in the SWIFT GPI feed.
CD01 is part of the global ExternalReturnReason1Code code set maintained by ISO 20022. The same code is used by SWIFT, SEPA, FedNow, TARGET2 and most modern payment rails worldwide.
Key facts
Code: CD01
Full name: ChequeSettlementFailure
Standard: ISO 20022 ExternalReturnReason1Code
Carried in: pacs.002, MT103 STP rejection, MT n96
Visible on Ohmyfin: yes — paste your UETR to see the full rejection trail
Frequently asked questions
What does SWIFT reject code CD01 mean?
Underlying cheque/draft failed to settle.
How do I fix a CD01 rejection?
Resolve the cheque dispute first, then re-issue the wire.
Will I get my money back after a CD01 rejection?
Yes. SWIFT rejections automatically return the funds to the originator's account, usually within 1–5 business days. Some banks credit immediately; others wait for the actual return wire.
Can I re-send the same payment after CD01?
Yes — once you fix the underlying issue, you can re-send with a new UETR. Do NOT re-send with the same UETR; that triggers AM05 (Duplication).
Related — more from swift reject reason codes and beyond
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