pacs.002 ISO 20022 message
Published on
10/01/2024
Reading time
4 min
pacs.002 ISO 20022 message: Definition
The pacs.002 ISO 20022 message is called FI To FI Payment Status Report and is mainly used in interbank payments as feedback to confirm or reject a credit or debit transfer.
pacs.002 ISO 20022 message: Scope
The pacs.002 message in XML format is used as part of the ISO 20022 standard in interbank payments to provide status feedback on a previously sent credit or debit transfer. With this feedback, the clearing system and/or a bank notifies either the rejection or confirmation of a previous credit (in the form of a pacs.008 ISO 20022 message) or debit (in the form of a pacs.003 ISO 20022 message) transfer.
Essential information within the pacs.002 IS0 20022 message are attributes of the status code, which gets the value ACCP for a confirmation (acceptance) and the value RJCT for a rejection (rejection). A rejection is also detailed with the attribute reason code that can be assigned with different values depending on the clearing procedure.
pacs.002 ISO 20022 message: Usage
General information
The pacs.002 is the XML message format that banks and clearing systems use to confirm or reject payments or direct debits. Depending on the procedure, feedback on individual transfers (SCT Inst, SWIFT, TARGET2), or feedback on a single transfer or a larger number of transfers or direct debits in a file (SEPA SCT, SEPA SDD) is notified.
SEPA SCT
SCT FI To FI Payment Status Report – pacs.002.001.03 SCL (from March 17, 2024 this version will be replaced by pacs.002.001.10 SCL!)
Use of the pacs.002 ISO 20022 message in SEPA SCT
The pacs.002 SCLSCT message is used in the Bundesbank’s SEPA Clearer to report rejections in bulk (several reports for pacs.008 ISO 20022 messages in one file) or as individual payments from the SEPA Clearer to the debitor bank.
Possible reasons for rejection are specified by the SEPA SCT Scheme in EPC Guidance on Reason Codes for SCT R-transactions.
SEPA SDD
- SDD Interbank Direct Debit Reject – pacs.002.001.03 SCLSDD (from March 17, 2024 this version will be replaced by pacs.002.001.10 SCLSDD!)
- SDD Interbank Payment Status Report – pacs.002.001.03 SDD (from March 17, 2024 this version will be replaced by pacs.002.001.10 SCLSDD!)
Use of the pacs.002 ISO 20022 message in SEPA SDD
The pacs.002 SDD message is used in the Bundesbank’s SEPA-Clearer to transfer direct debit rejections of individual direct debits between credit institutions. Bulk rejections are not supported by the Bundesbank’s SEPA Clearer.
The pacs.002 SCLSDD message is used in the Bundesbank’s SEPA Clearer to report rejections in bulk (several reports for pacs.003 ISO 20022 messages in one file) or as individual payments from the SEPA Clearer to the creditor bank.
Possible reasons for rejection are specified by the SEPA SDD Scheme in EPC Guidance on Reason Codes for SDD R-transactions.
SEPA SCT Inst
- SCT Inst FIToFIPaymentStatusReport V3 – pacs.002.001.03 (currently used for SEPA SCT Inst transfers in Euro)
- SCT Inst FIToFIPaymentStatusReport V10 – pacs.002.001.10 (from March 17, 2024 this version will replace V3!)
Use of the pacs.002 ISO 20022 message in SEPA SCT Inst
With a pacs.002 in SEPA SCT Inst, a single SEPA Instant Payment transfer is confirmed or rejected by the creditor bank to the clearing system TIPS/RT1 or by the clearing system TIPS/RT1 to the debtor bank.
Possible reasons for rejection are specified by the SEPA SCT Inst Scheme in EPC Guidance on Reason Codes for SCT Inst R-transactions.
TARGET2 MX
FIToFIPaymentStatusReport – pacs.002.001.10
Use of the pacs.002 ISO 20022 message in TARGET2
The pacs.002 is used to report the status of credit transfers (pacs.008 ISO 20022 message), debit transfers (pacs.004 ISO 20022 message) or liquidity transfers as individual payments in the TARGET2 system. A rejecting pacs.002 RJCT message is a mandatory response whereas a confirming pacs.002 ACCP message is an optional subscription.
SWIFT
FIToFIPaymentStatusReport – pacs.002.001.10
Use of the pacs.002 ISO 20022 message in SWIFT
The pacs.002 message is used to report the status of credit transfers as individual payments in the SWIFT network. A rejecting pacs.002 RJCT message is a mandatory response whereas a confirming pacs.002 ACCP message is optional.