diff --git a/ERCS/erc-6123.md b/ERCS/erc-6123.md
index e9054db0a7..dc6fb80aa3 100644
--- a/ERCS/erc-6123.md
+++ b/ERCS/erc-6123.md
@@ -138,7 +138,7 @@ The transactionData is emitted as part of the corresponding event: `SettlementTr
 This might result in a termination or start of the next settlement phase, depending on the provided success flag.
 
 ```solidity
-function afterTransfer(bool success, string memory transactionData) external;
+function afterTransfer(bool success, uint256 transactionID, string memory transactionData) external;
 ```
 
 
diff --git a/assets/erc-6123/contracts/ERC20Settlement.sol b/assets/erc-6123/contracts/ERC20Settlement.sol
index c04be0b302..0fa805e952 100644
--- a/assets/erc-6123/contracts/ERC20Settlement.sol
+++ b/assets/erc-6123/contracts/ERC20Settlement.sol
@@ -7,8 +7,6 @@ import "@openzeppelin/contracts/utils/introspection/ERC165Checker.sol";
 import "@openzeppelin/contracts/utils/Strings.sol";
 import "./IERC20Settlement.sol";
 
-contract ERC20Settlement is ERC20, IERC20Settlement{
-
 /*------------------------------------------- DESCRIPTION ---------------------------------------------------------------------------------------
 * @title Reference (example) Implementation for Settlement Token Interface
 * @dev This token performs transfers on-chain.
@@ -16,7 +14,7 @@ contract ERC20Settlement is ERC20, IERC20Settlement{
 * Only SDC can call checkedTransfers
 * Settlement Token calls back the referenced SDC by calling "afterTransfer" with a success flag. Depending on this SDC perfoms next state change
 */
-
+contract ERC20Settlement is ERC20, IERC20Settlement{
 
     modifier onlySDC() {
         require(msg.sender == sdcAddress, "Only allowed to be called from SDC Address"); _;
@@ -39,10 +37,13 @@ contract ERC20Settlement is ERC20, IERC20Settlement{
     }
 
     function transferAndCallback(address to, uint256 value, uint256 transactionID, address callbackContract) public onlySDC{
-        if ( balanceOf(sdcAddress) < value)
+        if ( balanceOf(msg.sender) < value) {
             ISDC(callbackContract).afterTransfer(false, transactionID, Strings.toString(transactionID));
-        else
+        }
+        else {
+            _transfer(msg.sender,to,value);
             ISDC(callbackContract).afterTransfer(true, transactionID, Strings.toString(transactionID));
+        }
     }
 
     function transferFromAndCallback(address from, address to, uint256 value, uint256 transactionID, address callbackContract) external view onlySDC {
@@ -52,15 +53,16 @@ contract ERC20Settlement is ERC20, IERC20Settlement{
     function transferBatchAndCallback(address[] memory to, uint256[] memory values, uint256 transactionID, address callbackContract) public onlySDC{
         require (to.length == values.length, "Array Length mismatch");
         uint256 requiredBalance = 0;
-        for(uint256 i = 0; i < values.length; i++)
+        for(uint256 i = 0; i < values.length; i++) {
             requiredBalance += values[i];
+        }
         if (balanceOf(msg.sender) < requiredBalance){
             ISDC(callbackContract).afterTransfer(false, transactionID, Strings.toString(transactionID));
             return;
         }
         else{
             for(uint256 i = 0; i < to.length; i++){
-                _transfer(sdcAddress,to[i],values[i]);
+                _transfer(msg.sender,to[i],values[i]);
             }
             ISDC(callbackContract).afterTransfer(true, transactionID, Strings.toString(transactionID));
         }
diff --git a/assets/erc-6123/contracts/ISDC.sol b/assets/erc-6123/contracts/ISDC.sol
index a34b7d1ba2..7b1088b131 100644
--- a/assets/erc-6123/contracts/ISDC.sol
+++ b/assets/erc-6123/contracts/ISDC.sol
@@ -128,13 +128,17 @@ interface ISDC {
 
     /**
      * @dev Emitted when settlement process has been finished
+     * @param transactionID a transaction id
+     * @param transactionData data associtated with the transfer, will be emitted via the events.
      */
-    event SettlementTransferred(string transactionData);
+    event SettlementTransferred(uint256 transactionID, string transactionData);
 
     /**
      * @dev Emitted when settlement process has been finished
+     * @param transactionID a transaction id
+     * @param transactionData data associtated with the transfer, will be emitted via the events.
      */
-    event SettlementFailed(string transactionData);
+    event SettlementFailed(uint256 transactionID, string transactionData);
 
     /* Events related to trade termination */
 
@@ -222,7 +226,7 @@ interface ISDC {
     /**
      * @notice May get called from outside to to finish a transfer (callback). The trade decides on how to proceed based on success flag
      * @param success tells the protocol whether transfer was successful
-     * @param transactionID a transaction
+     * @param transactionID a transaction id
      * @param transactionData data associtated with the transfer, will be emitted via the events.
      * @dev emit a {SettlementTransferred} or a {SettlementFailed} event. May emit a {TradeTerminated} event.
      */
diff --git a/assets/erc-6123/contracts/SDCSingleTradePledgedBalance.sol b/assets/erc-6123/contracts/SDCSingleTradePledgedBalance.sol
index 5d2c610f1a..25586d214c 100644
--- a/assets/erc-6123/contracts/SDCSingleTradePledgedBalance.sol
+++ b/assets/erc-6123/contracts/SDCSingleTradePledgedBalance.sol
@@ -109,11 +109,12 @@ contract SDCSingleTradePledgedBalance is SDCSingleTrade {
         else if ( inStateTransfer() ){
             if (success){
                 setTradeState(TradeState.Settled);
-                emit SettlementTransferred("Settlement Settled - Pledge Transfer");
+                emit SettlementTransferred(transactionID, "Settlement Settled - Pledge Transfer");
             }
             else{  // Settlement & Pledge Case: transferAmount is transferred from SDC balance (i.e. pledged balance).
-                int256 settlementAmount = settlementAmounts[settlementAmounts.length-1];
                 setTradeState(TradeState.InTermination);
+                emit SettlementFailed(transactionID, "Settlement Failed - Pledge Transfer");
+                int256 settlementAmount = settlementAmounts[settlementAmounts.length-1];
                 processTerminationWithPledge(settlementAmount);
                 emit TradeTerminated(tradeID, "Settlement Failed - Pledge Transfer");
             }
diff --git a/assets/erc-6123/package.json b/assets/erc-6123/package.json
index b72cb2e7be..c8857b4772 100644
--- a/assets/erc-6123/package.json
+++ b/assets/erc-6123/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@finmath.net/sdc",
-  "version": "0.4.3",
+  "version": "0.4.4",
   "description": "Solidity Smart Derivative Contracts",
   "author": "Christian Fries, Peter Kohl-Landgraf, Alexandros Korpis",
   "license": "ISC",