PACS 008 Message
The pacs.008 message is an ISO 20022 standard message used for Financial Institution to Financial Institution (FI to FI) Customer Credit Transfer (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/). It is the initial payment message in the SEPA (Single Euro Payments Area) and other payment schemes, and other SEPA formats often refer to the pacs.008 message (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/).
Scope of the PACS 008 Message
The pacs.008 message contains the actual payment information, including the amount to be paid from the customer’s account (debtor) to the recipient’s account (creditor) (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/). It is used for exchanging payments between banks in XML format (https://www.citibank.com/tts/sa/flippingbook/2021/ISO-20022-Citi-Mini-Series-and-Reference-Guide-Part-2/6/).
Usage of the PACS 008 Message
The pacs.008 message is used for various payment schemes, including:
- SEPA SCT (Single Euro Payments Area Credit Transfer)
- SEPA SCT Inst (SEPA Instant Credit Transfer)
- SWIFT/TARGET2 MX
In SEPA SCT, the pacs.008 message is used for bulk transfers or individual payments between banks (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/). In SEPA SCT Inst, the pacs.008 message is used for instant payment transfers in euros or non-euro currencies (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/). In SWIFT/TARGET2, the pacs.008 message is used for individual payments between banks worldwide, including non-euro currencies (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/).
Recall and Rejection of the PACS 008 Message
A sent pacs.008 message can be recalled using a camt.056 ISO 20022 message, but the recipient has the discretion to accept or reject the recall (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/). If the recall is accepted, the initiator of the recall receives a pacs.004 ISO 20022 message. If the recall is rejected, the initiator receives a camt.029 ISO 20022 message (https://www.cpg.de/en/glossary/pacs-008-iso-20022-message/).
Conclusion
The pacs.008 message is an important part of the ISO 20022 payment messaging standard. It is used for a variety of payment schemes, including SEPA SCT, SEPA SCT Inst, and SWIFT/TARGET2 MX. The pacs.008 message is also subject to recall and rejection, which can be initiated by the recipient of the message.
References
- pacs.008 ISO 20022 message
- ISO 20022: Citi Mini Series & Reference Guide Part 2
- pacs.008 SERIAL method
FAQs
What is a PACS 008 message?
A PACS 008 message is an ISO 20022 standard message used for Financial Institution to Financial Institution (FI to FI) Customer Credit Transfer.
What is the purpose of a PACS 008 message?
The PACS 008 message is used to initiate a payment from one financial institution to another. It contains the payment instructions, including the amount, currency, and beneficiary information.
What are the different types of PACS 008 messages?
There are two main types of PACS 008 messages:
* **pacs.008 SERIAL:** Used when the payment is sent through a series of banks before it reaches the beneficiary.
* **pacs.008 COVER:** Used when the payment is sent directly from the sender’s bank to the beneficiary’s bank.
What is the difference between a PACS 008 message and a pain.001 message?
A pain.001 message is used to initiate a payment from a customer to their bank. A PACS 008 message is used to initiate a payment from one bank to another.
Can a PACS 008 message be recalled?
Yes, a PACS 008 message can be recalled using a camt.056 ISO 20022 message. However, the recipient has the discretion to accept or reject the recall.
What is the rejection code for a PACS 008 message?
The rejection code for a PACS 008 message is RJCT.
What is the acceptance code for a PACS 008 message?
The acceptance code for a PACS 008 message is ACCP.