SWIFT ISO 15022 - Code PHSE Meaning Physical Delivery Delay: Settlement is physical. Financial instruments are being delivered. Usages Message type Field number Tag MT537 (Statement of Pending Transactions) 19 24B (Reason) MT537 (Statement of Pending Transactions) 65 24B (Reason) MT548 (Settlement Status and Processing Advice) 12 24B (Reason) MT549 (Request for Statement/Status Advice) 17 24B (Reason)