pacs.008 message Structure simplified

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Agent

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? ?The Creditor Agent (MT equivalent = Field 57a).

? The Instructing Reimbursement Agent, Instructed Reimbursement Agent and the Third Reimbursement Agent (MT equivalents = Field 53a, Field 54a and Field 55a respectively).

? Intermediary Agent 1 (MT equivalent = Field 56a). Unlike MT messages, the pacs.008 message also contains dedicated fields for Intermediary Agent 2 and 3.

? The Previous Agent 1, 2 and 3 will also have dedicated fields in pacs.008

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Identifying Agents

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Three main methods of Identifying the Agents

? BIC

? Clearing System Member ID

? Name and postal address – Structured address.

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Parties

? The Debtor (MT equivalent = Field 50a)

? The Creditor (MT equivalent = Field 59a)

? The Ultimate Debtor – new to ISO messages – is the Party on whose behalf the Debtor is instructing the payment

? The Ultimate Creditor – again, new to ISO messages – is the Party on whose behalf the Creditor is receiving the payment

? The Initiating Party is defined as the party on the initiative of which the payment data is established

The Account Identification

? International Bank Account Number (IBAN),

? Basic Bank Account Number (BBAN)

? Universally unique identifier (UUID).

? Type and currency of the account, a chosen name and a proxy.

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Settlement Method

? Clearing System: code CLRG.I Indicates that the payment has been executed using an RTGS system.

? ?Cover Method: code COVE. Makes it significantly easier to determine whether the message needs to be covered.

? Instructed Agent: code INDA.I Indicates the Settlement Account is maintained by the Instructed Agent.

? Instructing Agent: code INGA.I Indicates that the Settlement Account is maintained by the Instructing Agent.

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Identification Field

? Instruction Identification (the ISO equivalent of Field 20). At the beginning of the migration, it will be limited to 16 characters to avoid truncation when translating between MX and MT messages.

? End-to-End Identification (the equivalent of Field 21 in an MT 202 COV message).

? Transaction Identification (a new field that is allocated by the Debtors Agent and must be transported to the Creditor Agent unchanged).

? Unique End-to-end Transaction Reference (UETR) (in Field 121, Block 3 in MT messages), is a string of 36 unique characters featured in all payment instruction messages carried over SWIFT.

? Clearing System Reference (exclusively used by RTGS systems)

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Payment Type Information

? Service Level: provides the option to include a code from the ISO code list, but it is also where the gpi service level codes are transported (e.g., G001).

? ?Local instrument: used by those communities that have a certain service agreement in place.

? ?Category purpose: where a preference regarding the way the payment instruction is to be processed can be input.

Amounts

? the currency, amount and date is contained in a single field (Field 32a).

? The ISO equivalent, however, contains two dedicated fields – one for Interbank Settlement Amount/Currency and another for Interbank Settlement Date.

? ?In ISO messages there is also elements for

? the Instructed Amount,

? Charge Information Amount,

? Total Interbank Settlement Amount

? and the various amounts in Structured Remittance Information.

Charges

? CRED (MT equivalent = Field 71a BEN

? DEBT (MT equivalent = Field 71a OUR)

? SHAR (MT equivalent = Field 71a SHA)

? SLEV. A new code only used by schemes such as SEPA and RTGS to indicate a common service agreement, so not for use in cross-border payments.

Instruction for Agents

? Instruction for Creditor Agent (equivalent to the Field 23E) contains several instruction codes, such as hold the cash for the creditor, pay the beneficiary by cheque etc.

? Instruction for Next Agent. A new, dedicated point-to-point field in which every receiver in the payment chain will have its own instruction from the sender.

Remittance Information

? The Remittance Identification

? The Remittance Location Details.

? There is also a further two blocks that fall under Remittance Information:

? Unstructured Remittance Information

? Structured Remittance Information.

? It is to be noted that the use of the Structured Remittance Information (new compared to FIN MT) must be bilaterally agreed.

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