The INGA settlement method in ISO 20022 refers to the "INstructinG Agent," where the instructing agent performs the settlement of the payment leg. On the other hand, the INDA settlement method stands for "INstructeD Agent," indicating that the instructed agent performs the settlement of the payment leg. If the settlement method is INGA, it means the settlement is done by the bank sending the payment message, while if it is INDA, the settlement is not done by the bank sending the payment message[1].
For example, if the settlement method is INGA, it means that the instructing agent performs the settlement of the payment leg. Conversely, if the settlement method is INDA, it means that the instructed agent performs the settlement of the payment leg[3].
Citations:
[1] Settlement Method: INGA vs. INDA - ISO 20022 payments https://www.iso20022payments.com/cbpr/settlement-method-inga-inda/
[2] Tutorials - Corporates and Institutions - Deutsche Bank https://corporates.db.com/in-focus/Focus-topics/iso20022/tutorials
[3] [PDF] Payments Formatting Guide for high value payments – ISO 20022 - Corporates and Institutions https://corporates.db.com/files/documents/payments_formatting_guide_for_high_value_payments_iso20022.pdf
[4] [PDF] Message Definition Report - Part 2 - ISO 20022 https://www.iso20022.org/sites/default/files/2020-12/ISO20022_MDRPart2_PaymentsClearingAndSettlement_2020_2021_v1_ForSEGReview.pdf
[5] [PDF] ISO 20022 MDR Part 1 - Payment Clearing and Settlement - swift https://www2.swift.com/knowledgecentre/rest/v1/publications/stdsmx_pcs_mdrs/4.0/SR2021_MX_PaymentsClearingAndSettlement_MDR1_Standards.pdf
By Perplexity at https://www.perplexity.ai/search/f584bb59-4646-4d13-a782-20e6bec797fc?s=m
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