diff --git a/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx b/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx
index 2ccde1a..3670e34 100644
--- a/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx
+++ b/frontend-dapp/src/features/central-bank/CentralBankDashboard.tsx
@@ -136,7 +136,7 @@ export default function CentralBankDashboard() {
 
         <DashboardStatCard label="M3 token liabilities" value={formatUsd(cb.moneySupply?.M3?.tokenLiabilities)} hint="GL 2300 · on-chain mint liability" accent="gold" icon="rocket" />
 
-        <DashboardStatCard label="M4 near money" value={formatUsd(cb.moneySupply?.M4?.nearMoney)} hint="GL 1000 + 1410 + in-flight SWIFT" accent="blue" icon="rail" />
+        <DashboardStatCard label="M4 near money" value={formatUsd(cb.moneySupply?.M4?.nearMoney)} hint="GL 1000 suspense + in-flight SWIFT" accent="blue" icon="rail" />
 
         <DashboardStatCard label="Due from head office" value={formatUsd(cb.moneySupply?.interoffice?.dueFromHeadOffice)} hint="GL 1410 · inter-office receivable" accent="blue" icon="rail" />
 
@@ -238,7 +238,7 @@ export default function CentralBankDashboard() {
 
             <div className="dash-kv"><dt>M3 token liability</dt><dd>GL {office?.settlement?.glM3 ?? '2300'}</dd></div>
 
-            <div className="dash-kv"><dt>M4 near money</dt><dd>GL {office?.settlement?.glM4NearMoney ?? '1000'} + {office?.settlement?.glM4Contingent ?? '1410'}</dd></div>
+            <div className="dash-kv"><dt>M4 near money</dt><dd>GL {office?.settlement?.glM4NearMoney ?? '1000'} + in-flight SWIFT</dd></div>
 
             <div className="dash-kv"><dt>Inter-office (HO)</dt><dd>GL 1410</dd></div>
 
diff --git a/frontend-dapp/src/features/office24/Office24Dashboard.tsx b/frontend-dapp/src/features/office24/Office24Dashboard.tsx
index 5804c2a..64e2c62 100644
--- a/frontend-dapp/src/features/office24/Office24Dashboard.tsx
+++ b/frontend-dapp/src/features/office24/Office24Dashboard.tsx
@@ -126,7 +126,7 @@ export default function Office24Dashboard() {
 
         <DashboardStatCard label="M3 token liabilities" value={formatUsd(moneySupply?.M3?.tokenLiabilities)} hint="GL 2300 · on-chain mint liability" accent="gold" icon="rocket" />
 
-        <DashboardStatCard label="M4 near money" value={formatUsd(moneySupply?.M4?.nearMoney)} hint="GL 1000 + 1410 + in-flight SWIFT" accent="blue" icon="rail" />
+        <DashboardStatCard label="M4 near money" value={formatUsd(moneySupply?.M4?.nearMoney)} hint="GL 1000 suspense + in-flight SWIFT" accent="blue" icon="rail" />
 
         <DashboardStatCard label="M2 tokens registered" value={String(tokens.length)} hint="Registered · swap · convert · transfer" accent="gold" icon="rocket" />
 
diff --git a/packages/settlement-core/dist/money-supply.d.ts b/packages/settlement-core/dist/money-supply.d.ts
index 911355e..05129d7 100644
--- a/packages/settlement-core/dist/money-supply.d.ts
+++ b/packages/settlement-core/dist/money-supply.d.ts
@@ -34,3 +34,12 @@ export declare function m3TokenLoadAmount(requested: string, m2Broad: string, m3
 };
 /** All settlement layers M0–M4 for production routing. */
 export declare const ALL_MONEY_LAYERS: MoneyLayer[];
+/** M4 outbound SWIFT/RTGS: move M1/M2 into GL 1000 settlement suspense while in flight. */
+export declare function resolveM4OutboundJournal(moneyLayers: MoneyLayer[], gl: {
+    glM1: string;
+    glM2: string;
+    glM4NearMoney: string;
+}): {
+    debitGl: string;
+    creditGl: string;
+} | null;
diff --git a/packages/settlement-core/dist/money-supply.js b/packages/settlement-core/dist/money-supply.js
index d3d279d..eb4d31b 100644
--- a/packages/settlement-core/dist/money-supply.js
+++ b/packages/settlement-core/dist/money-supply.js
@@ -5,6 +5,7 @@ exports.aggregateMetaFiatLayers = aggregateMetaFiatLayers;
 exports.buildMoneySupplySnapshot = buildMoneySupplySnapshot;
 exports.m2FiatToTokenLoadAmount = m2FiatToTokenLoadAmount;
 exports.m3TokenLoadAmount = m3TokenLoadAmount;
+exports.resolveM4OutboundJournal = resolveM4OutboundJournal;
 /** IPSAS GL mapping for OMNL central-bank money aggregates M0–M4 */
 exports.GL_CODES = {
     M0_RESERVE: '1050',
@@ -46,7 +47,8 @@ function buildMoneySupplySnapshot(officeId, balances) {
     const pending = balances[exports.GL_CODES.SETTLEMENT_SUSPENSE] ?? '0';
     const contingent = balances[exports.GL_CODES.TRADE_FINANCE_CONTINGENT] ?? '0';
     const inFlight = balances.inFlightSwift ?? '0';
-    const m4Num = (parseFloat(pending) || 0) + (parseFloat(contingent) || 0) + (parseFloat(inFlight) || 0);
+    // M4 near money = GL 1000 settlement suspense + in-flight SWIFT (GL 1410 is interoffice HO receivable)
+    const m4Num = (parseFloat(pending) || 0) + (parseFloat(inFlight) || 0);
     return {
         asOf: new Date().toISOString(),
         officeId,
@@ -103,3 +105,16 @@ function m3TokenLoadAmount(requested, m2Broad, m3Outstanding) {
 }
 /** All settlement layers M0–M4 for production routing. */
 exports.ALL_MONEY_LAYERS = ['M0', 'M1', 'M2', 'M3', 'M4'];
+/** M4 outbound SWIFT/RTGS: move M1/M2 into GL 1000 settlement suspense while in flight. */
+function resolveM4OutboundJournal(moneyLayers, gl) {
+    if (!moneyLayers.includes('M4'))
+        return null;
+    const suspense = gl.glM4NearMoney || exports.GL_CODES.SETTLEMENT_SUSPENSE;
+    if (moneyLayers.includes('M2')) {
+        return { debitGl: gl.glM2 || exports.GL_CODES.M2_BROAD, creditGl: suspense };
+    }
+    if (moneyLayers.includes('M1')) {
+        return { debitGl: gl.glM1 || exports.GL_CODES.M1_CIRCULATING, creditGl: suspense };
+    }
+    return { debitGl: exports.GL_CODES.M2_BROAD, creditGl: suspense };
+}
diff --git a/packages/settlement-core/src/money-supply.ts b/packages/settlement-core/src/money-supply.ts
index 9199416..2326c66 100644
--- a/packages/settlement-core/src/money-supply.ts
+++ b/packages/settlement-core/src/money-supply.ts
@@ -49,8 +49,8 @@ export function buildMoneySupplySnapshot(
   const pending = balances[GL_CODES.SETTLEMENT_SUSPENSE] ?? '0';
   const contingent = balances[GL_CODES.TRADE_FINANCE_CONTINGENT] ?? '0';
   const inFlight = balances.inFlightSwift ?? '0';
-  const m4Num =
-    (parseFloat(pending) || 0) + (parseFloat(contingent) || 0) + (parseFloat(inFlight) || 0);
+  // M4 near money = GL 1000 settlement suspense + in-flight SWIFT (GL 1410 is interoffice HO receivable)
+  const m4Num = (parseFloat(pending) || 0) + (parseFloat(inFlight) || 0);
   return {
     asOf: new Date().toISOString(),
     officeId,
@@ -116,3 +116,20 @@ export function m3TokenLoadAmount(requested: string, m2Broad: string, m3Outstand
 
 /** All settlement layers M0–M4 for production routing. */
 export const ALL_MONEY_LAYERS: MoneyLayer[] = ['M0', 'M1', 'M2', 'M3', 'M4'];
+
+/** M4 outbound SWIFT/RTGS: move M1/M2 into GL 1000 settlement suspense while in flight. */
+export function resolveM4OutboundJournal(moneyLayers: MoneyLayer[], gl: {
+  glM1: string;
+  glM2: string;
+  glM4NearMoney: string;
+}): { debitGl: string; creditGl: string } | null {
+  if (!moneyLayers.includes('M4')) return null;
+  const suspense = gl.glM4NearMoney || GL_CODES.SETTLEMENT_SUSPENSE;
+  if (moneyLayers.includes('M2')) {
+    return { debitGl: gl.glM2 || GL_CODES.M2_BROAD, creditGl: suspense };
+  }
+  if (moneyLayers.includes('M1')) {
+    return { debitGl: gl.glM1 || GL_CODES.M1_CIRCULATING, creditGl: suspense };
+  }
+  return { debitGl: GL_CODES.M2_BROAD, creditGl: suspense };
+}
diff --git a/services/settlement-middleware/dist/workflows/external-transfer.js b/services/settlement-middleware/dist/workflows/external-transfer.js
index 69fa49b..77cfc41 100644
--- a/services/settlement-middleware/dist/workflows/external-transfer.js
+++ b/services/settlement-middleware/dist/workflows/external-transfer.js
@@ -43,8 +43,15 @@ async function processExternalTransfer(input) {
         const amount = parseFloat(req.amount) || 0;
         const tf = req.tradeFinance;
         const gl = tf ? (0, settlement_core_1.resolveInstrumentGl)(tf.instrument) : null;
-        const debitGl = gl?.debitGl ?? profile.settlement.glSettlement ?? cfg.moneySupply.glSettlement;
-        const creditGl = gl?.creditGl ?? profile.settlement.glM1 ?? cfg.moneySupply.glM1;
+        const m4Journal = !gl
+            ? (0, settlement_core_1.resolveM4OutboundJournal)(req.moneyLayers, {
+                glM1: profile.settlement.glM1 ?? cfg.moneySupply.glM1,
+                glM2: profile.settlement.glM2 ?? cfg.moneySupply.glM2,
+                glM4NearMoney: profile.settlement.glM4NearMoney ?? cfg.moneySupply.glM4NearMoney ?? cfg.moneySupply.glSettlement,
+            })
+            : null;
+        const debitGl = gl?.debitGl ?? m4Journal?.debitGl ?? profile.settlement.glM2 ?? cfg.moneySupply.glM2;
+        const creditGl = gl?.creditGl ?? m4Journal?.creditGl ?? profile.settlement.glM4NearMoney ?? cfg.moneySupply.glSettlement;
         if (amount > 0) {
             const [debitGlId, creditGlId] = await Promise.all([
                 (0, fineract_1.resolveGlAccountId)(debitGl),
diff --git a/services/settlement-middleware/dist/workflows/transfer.js b/services/settlement-middleware/dist/workflows/transfer.js
index cf8f7d0..1984db5 100644
--- a/services/settlement-middleware/dist/workflows/transfer.js
+++ b/services/settlement-middleware/dist/workflows/transfer.js
@@ -56,15 +56,29 @@ async function processTransfer(input) {
             verbiageDocument: [
                 `OMNL ${req.rail} transfer · ${req.tokenSymbol}`,
                 `Layers ${record.request.moneyLayers.join('/')} · ${req.amount}`,
-                `To ${req.recipientAddress}`,
-                isExternal ? `IBAN ${req.creditorIban}` : 'Internal / Chain 138',
+                isExternal
+                    ? `IBAN ${req.creditorIban} · M4 GL ${profile.settlement.glM4NearMoney ?? '1000'} suspense`
+                    : `To ${req.recipientAddress} · internal chain`,
             ].join('\n'),
         });
         const amount = parseFloat(req.amount) || 0;
         if (amount > 0) {
+            const layers = record.request.moneyLayers;
+            const m4Journal = isExternal
+                ? (0, settlement_core_1.resolveM4OutboundJournal)(layers, {
+                    glM1: profile.settlement.glM1 ?? settlement_core_1.GL_CODES.M1_CIRCULATING,
+                    glM2: profile.settlement.glM2 ?? settlement_core_1.GL_CODES.M2_BROAD,
+                    glM4NearMoney: profile.settlement.glM4NearMoney ?? profile.settlement.glSettlement ?? settlement_core_1.GL_CODES.SETTLEMENT_SUSPENSE,
+                })
+                : null;
+            const debitGl = m4Journal?.debitGl ?? profile.settlement.glM2 ?? settlement_core_1.GL_CODES.M2_BROAD;
+            const creditGl = m4Journal?.creditGl
+                ?? (isExternal
+                    ? (profile.settlement.glSettlement ?? settlement_core_1.GL_CODES.SETTLEMENT_SUSPENSE)
+                    : (profile.settlement.glM3 ?? settlement_core_1.GL_CODES.M3_TOKEN_LIABILITY));
             const [debitGlId, creditGlId] = await Promise.all([
-                (0, fineract_1.resolveGlAccountId)(profile.settlement.glM2 ?? settlement_core_1.GL_CODES.M2_BROAD),
-                (0, fineract_1.resolveGlAccountId)(profile.settlement.glSettlement ?? settlement_core_1.GL_CODES.SETTLEMENT_SUSPENSE),
+                (0, fineract_1.resolveGlAccountId)(debitGl),
+                (0, fineract_1.resolveGlAccountId)(creditGl),
             ]);
             const je = await (0, fineract_1.postJournalEntry)({
                 officeId,
diff --git a/services/settlement-middleware/src/workflows/external-transfer.ts b/services/settlement-middleware/src/workflows/external-transfer.ts
index b952249..dd5f437 100644
--- a/services/settlement-middleware/src/workflows/external-transfer.ts
+++ b/services/settlement-middleware/src/workflows/external-transfer.ts
@@ -1,10 +1,12 @@
 import { v4 as uuidv4 } from 'uuid';
 import {
   buildMoneySupplySnapshot,
+  GL_CODES,
   isIbanValid,
   m2FiatToTokenLoadAmount,
   m3TokenLoadAmount,
   resolveInstrumentGl,
+  resolveM4OutboundJournal,
   rollExternalTransferVerbiage,
   swiftKindForRequest,
   type ExternalTransferRequest,
@@ -56,8 +58,15 @@ export async function processExternalTransfer(
     const amount = parseFloat(req.amount) || 0;
     const tf = req.tradeFinance;
     const gl = tf ? resolveInstrumentGl(tf.instrument) : null;
-    const debitGl = gl?.debitGl ?? profile.settlement.glSettlement ?? cfg.moneySupply.glSettlement;
-    const creditGl = gl?.creditGl ?? profile.settlement.glM1 ?? cfg.moneySupply.glM1;
+    const m4Journal = !gl
+      ? resolveM4OutboundJournal(req.moneyLayers, {
+          glM1: profile.settlement.glM1 ?? cfg.moneySupply.glM1,
+          glM2: profile.settlement.glM2 ?? cfg.moneySupply.glM2,
+          glM4NearMoney: profile.settlement.glM4NearMoney ?? cfg.moneySupply.glM4NearMoney ?? cfg.moneySupply.glSettlement,
+        })
+      : null;
+    const debitGl = gl?.debitGl ?? m4Journal?.debitGl ?? profile.settlement.glM2 ?? cfg.moneySupply.glM2;
+    const creditGl = gl?.creditGl ?? m4Journal?.creditGl ?? profile.settlement.glM4NearMoney ?? cfg.moneySupply.glSettlement;
 
     if (amount > 0) {
       const [debitGlId, creditGlId] = await Promise.all([
diff --git a/services/settlement-middleware/src/workflows/transfer.ts b/services/settlement-middleware/src/workflows/transfer.ts
index d370e91..2025e64 100644
--- a/services/settlement-middleware/src/workflows/transfer.ts
+++ b/services/settlement-middleware/src/workflows/transfer.ts
@@ -1,5 +1,5 @@
 import { v4 as uuidv4 } from 'uuid';
-import { GL_CODES, type TransferRequest, type SettlementRecord } from '@dbis/settlement-core';
+import { GL_CODES, resolveM4OutboundJournal, type TransferRequest, type SettlementRecord } from '@dbis/settlement-core';
 import { loadConfig, loadOfficeProfile, settlementOfficeId } from '../config';
 import { postJournalEntry, resolveGlAccountId } from '../adapters/fineract';
 import { HybxProductionRail } from '../adapters/hybx-production';
@@ -57,16 +57,30 @@ export async function processTransfer(input: TransferRequest): Promise<Settlemen
       verbiageDocument: [
         `OMNL ${req.rail} transfer · ${req.tokenSymbol}`,
         `Layers ${record.request.moneyLayers.join('/')} · ${req.amount}`,
-        `To ${req.recipientAddress}`,
-        isExternal ? `IBAN ${req.creditorIban}` : 'Internal / Chain 138',
+        isExternal
+          ? `IBAN ${req.creditorIban} · M4 GL ${profile.settlement.glM4NearMoney ?? '1000'} suspense`
+          : `To ${req.recipientAddress} · internal chain`,
       ].join('\n'),
     });
 
     const amount = parseFloat(req.amount) || 0;
     if (amount > 0) {
+      const layers = record.request.moneyLayers;
+      const m4Journal = isExternal
+        ? resolveM4OutboundJournal(layers, {
+            glM1: profile.settlement.glM1 ?? GL_CODES.M1_CIRCULATING,
+            glM2: profile.settlement.glM2 ?? GL_CODES.M2_BROAD,
+            glM4NearMoney: profile.settlement.glM4NearMoney ?? profile.settlement.glSettlement ?? GL_CODES.SETTLEMENT_SUSPENSE,
+          })
+        : null;
+      const debitGl = m4Journal?.debitGl ?? profile.settlement.glM2 ?? GL_CODES.M2_BROAD;
+      const creditGl = m4Journal?.creditGl
+        ?? (isExternal
+          ? (profile.settlement.glSettlement ?? GL_CODES.SETTLEMENT_SUSPENSE)
+          : (profile.settlement.glM3 ?? GL_CODES.M3_TOKEN_LIABILITY));
       const [debitGlId, creditGlId] = await Promise.all([
-        resolveGlAccountId(profile.settlement.glM2 ?? GL_CODES.M2_BROAD),
-        resolveGlAccountId(profile.settlement.glSettlement ?? GL_CODES.SETTLEMENT_SUSPENSE),
+        resolveGlAccountId(debitGl),
+        resolveGlAccountId(creditGl),
       ]);
       const je = await postJournalEntry({
         officeId,