SWIFT ISO20022 - CBPR+Pacs.008 @BankingPayments|| 60+ Paid Video Session WA at +918237151992

SWIFT ISO20022 - A Deep Dive on Pacs.008 Message - Part1
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The pacs.008.001.0X (pacs.008) message – the ISO 20022 equivalent of existing MT103, MT103+, MT
103 Remit, MT102 and MT102+ messages – is part of the CBPR+ portfolio and will be exchanged in the
interbank cross-border leg of payments from November 2022. It is sent by the debtor agent to the
creditor agent – directly or through other agents and/or a payment clearing and settlement system – and
is used to move funds from a debtor account to a creditor. Like the messages it will replace, to use a
pacs.008 message either the debtor, the creditor or both must be a non-financial institution.
Breaking down the pacs.008 message
The pacs.008 message is significantly bigger and more structured than the MT103, and breaks down into two main
parts:
• Group Header: the set of characteristics shared by all individual transactions included in the message
• Credit Transfer Transaction Information: the set of elements providing information specific to the individual
credit transfer
The Group Header and Credit Transfer Transaction Information contain a number of different elements, as outlined
below.
Agents
To ensure full transparency is maintained throughout the payment chain, the pacs.008 message contains dedicated
fields for many more agents than its MT equivalents (e.g., the pacs.008 introduces new, dedicated fields for certain
agents that would previously be contained in Field 72 – an optional field in MT equivalent messages that can be
used to specify additional information).
• The Debtor Agent (MT equivalent =Field 52a)
• 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
ISO 20022
A Deep Dive on Pacs.008
ISO 20022: A Deep Dive on Pacs.008
TREASURY SERVICES 2
ISO messages are also introducing a new concept surrounding the Sender and Receiver information. In order to
make routing easier and increase transparency regarding who is the sender and receiver, this information will be
included in the payment payload as part of the payment instruction, as well as in the header of ISO messages:
these are the Instructing Agent and the Instructed Agent
Identifying Agents
When it comes to identifying an Agent, ISO messages offer three main methods:
• BIC
• Clearing System Member ID
• Name and postal address – albeit in a far more granular, structured way than MT messages. Each element
of a postal address in a pacs.008 message has a dedicated field, whether street name, building number,
floor, etc.
Parties
In a pacs.008 message there are five parties, three of which are completely new.
• 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.
Party identification uses the same structured postal address as when identifying an Agent. It is important to note that
it is recommended that structured addresses are in place by November 2023

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