An article by
Pepe Lachenmair
Published on
23/02/2022
Reading time
3 min
Table of content
pacs.008 ISO 20022 message: Definition
pacs.008 ISO 20022 message stands for “Financial Institution To Financial Institution Customer Credit Transfer”.
pacs.008 ISO 20022 message: Scope
The pacs.008 is the interbank format with which a credit transfer is transmitted from the sender (debitor) bank to the recipient (creditor) bank.
This message contains the actual payment, i.e. the information about which amount is to be paid from which account of the customer (debtor) to which account of the recipient (creditor).
The pacs.008 is the initial payment file. All other SEPA formats (camt.056 ISO20022 message, camt.029 ISO20022 message, pacs.004, pacs.028, camt.027 and camt.087) always refer to this pacs.008.
pacs.008 ISO 20022 Nachricht: Usage
General information
The pacs.008 is the file format in which banks exchange payments with one another. Depending on the procedure, individual transfer orders (SCT Inst, SWIFT, TARGET2) or a large number of transfers in one file (SEPA SCT) are transmitted.
SEPA SCT
SCT Inter-PSP Customer Credit Transfer – pacs.008.001.02
Use of the pacs.008 ISO 20022 message in SEPA SCT
The pacs.008 message is used in the SEPA-Clearer to transfer credits in bulk (several credits in one file) or as individual payments between banks.
A sent pacs.008 can be recalled with a camt.056 ISO20022 message. The recall must be justified and the reason must be given in the camt.056. However, it is up to the recipient to decide whether or not to accept the recall. If he agrees, the initiator of the recall will receive a pacs.004 ISO20022 message.
If the recall is rejected, the initiator of the recall will receive a camt.029 ISO20022 message.
In the official SEPA SCT documentation, the German Bundesbank has now replaced “interbanken” with “Inter-PSP”, where PSP stands for “Payment Service Provider”, since more and more the pacs format can also be used by non-banks.
SEPA SCT Inst
SCT Inst FIToFICustomerCreditTransfer V2 – pacs.008.001.02
SCT Inst FIToFICustomerCreditTransfer V8 – pacs.008.001.08
Use of the pacs.008 ISO 20022 message in SEPA SCT Inst
With a pacs.008.01.02, a single instant payment credit in euros can be transferred from the debtor bank to the creditor bank.The transaction must be completed within 10 seconds.TIPS or RT1 confirm the settlement of the credit with a positive pacs.002 or reject the settlement with a negative pacs.002.
The pacs.008.001.08, on the other hand, is used to transfer non-Euro instant transactions from the debtor bank to a creditor bank.
This is in preparation and is not yet actively used.
SWIFT/TARGET2 MX
FIToFICustomerCreditTransfer – pacs.008.001.08
Use of the pacs.008 ISO 20022 message in SWIFT / TARGET2
The pacs.008 message is used to transfer credits as individual payments between banks worldwide.
SWIFT also allows payments in other (non-Euro) currencies.
A sent pacs.008 can be recalled with a camt.056 ISO 20022 message.
However, the decision as to whether the recall will be granted is in this case with the recipient. If the recipient agrees, the initiator of the recall will receive a pacs.004. If the recipient rejects the callback, the initiator of the recall will receive a camt.029.
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