Customers and Banks exchanges different messages in SEPA Credit Transfer(SCT), so let us know which messages are exchanged in which space in this blog.
If you are new into the world of SEPA, then in short, a SCT is a type of SEPA payment, where debtor issues a payment order to it’s bank for transferring funds to creditor (via creditor agent bank).
Payment order can be issued by Individual Customers(retail) & also from Corporate Customers(business market). Mainly, ISO20022 messages are exchanged when payment orders are initiated from corporate customers. Here, messages are exchanged in Customer and Bank(C2B) space.
Primarily on receiving payment orders, bank validates and process the payment orders. As a next step, debtor bank sends order information to next bank or to Clearing and Settlement Mechanism(CSM). Here, ISO20022 messages are exchanged in Financial Institution to Financial Institution(FI2FI) space, but these messages are different from those exchanged in C2B.
Now, let us see the messages exchanged in SCT and it’s details like version, usage, etc:
|Message||ISO Format||Message Version||Exchanged Space||Message Usage|
|pain.001||ISO20022||3||C2B||Customer Credit Transfer Initiation|
|pain.002||ISO20022||3||C2B||Customer Payment Status Report|
|camt.052||ISO20022||2||C2B||Customer Account Report|
|camt.054||ISO20022||2||C2B||Customer Debit Credit Notification|
|pacs.008||ISO20022||2||FI2FI||Customer Credit Transfer|
|pacs.002||ISO20022||3||FI2FI||Payment Status Report|
|pacs.004||ISO20022||2||FI2FI||Payment Return, Inter-bank return credit transfer|
|camt.056||ISO20022||1||FI2FI||Payment Cancellation Request|
|camt.029||ISO20022||3,8||FI2FI||Resolution of Investigation|
|camt.087||ISO20022||5||FI2FI||Request to Modify Payment|
|pacs.028||ISO20022||1||FI2FI||Payment Status Request|
NOTE: Information above is as per SCT for the year 2019, refer latest specification for SEPA by EU