PACS.008 vs. MT 103:
Key Message Elements Comparison
PACS.008 vs. MT 103: A comparison of the key message elements.
It's interesting to compare the structure of the MT103 with its successor - PACS.008. This table outlines the key message elements of the PACS.008 protocol and their corresponding fields in the legacy MT 103 message, highlighting the enhanced detail and structure offered by PACS.008.
| PACS.008 Message Element | MT 103 Field (Equivalent/Related) | Description |
|---|---|---|
| Group Header | N/A (Implicit in MT messages) | Contains information common to all transactions in the message, such as message identification, creation date and time, and the number of transactions. |
| Credit Transfer Transaction Information | N/A (Implicit in MT messages) | Contains the details of a single credit transfer transaction. |
| Payment Identification | Field 20 (Transaction Reference Number), Field 21 (End-to-End Transaction Reference) | Unique identifiers for the payment, including Instruction Identification, End-to-End Identification, and Transaction Identification. |
| Interbank Settlement Amount/Currency | Field 32A (Value Date / Currency / Interbank Settled Amount) | Specifies the amount and currency of the interbank settlement. |
| Instructed Amount | Field 33B (Currency / Original Ordered Amount) | The amount of the payment as instructed by the ordering customer. |
| Debtor | Field 50A, F or K (Ordering Customer) | Information about the ultimate originator of the payment. |
| Creditor | Field 59 or 59A (Beneficiary) | Information about the ultimate beneficiary of the payment. |
| Debtor Agent | Field 52A or D (Ordering Institution) | The financial institution of the debtor. |
| Creditor Agent | Field 57A, B, C or D (Account with Institution) | The financial institution of the creditor. |
| Intermediary Agent 1, 2, 3 | Field 56A (Intermediary Bank) | Any intermediary banks involved in the payment chain. PACS.008 supports up to three distinct intermediary agents. |
| Ultimate Debtor | N/A (New in ISO 20022) | The party on whose behalf the Debtor is instructing the payment. Provides greater transparency on the true originator. |
| Ultimate Creditor | N/A (New in ISO 20022) | The party on whose behalf the Creditor is receiving the payment. Provides greater transparency on the true beneficiary. |
| Remittance Information | Field 70 (Remittance Information) | Structured and unstructured information about the purpose of the payment, supporting more detailed and machine-readable data. |
| Charge Bearer | Field 71A (Details of Charges: BEN / OUR / SHA) | Specifies who bears the charges for the payment (e.g., Debtor, Creditor, Shared). |
| Charge Information | N/A (New in ISO 20022) | Detailed breakdown of charges taken and the agents that applied them, enhancing transparency on fees. |
| Instruction for Creditor Agent | Field 23E (Instruction Codes) | Instructions for the creditor agent regarding how to handle the payment (e.g., hold funds, pay by cheque). |
| Instruction for Next Agent | N/A (New in ISO 20022) | Point-to-point instructions for each subsequent agent in the payment chain. |
| Regulatory Reporting | Field 77B (Regulatory Reporting) | Information required for regulatory compliance and reporting. |
| Settlement Information | N/A (More detailed in ISO 20022) | Details on how the payment should be settled, including the settlement method (e.g., Clearing System, Cover Method) and clearing system. |
Benefits of PACS.008
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Confirmation
You have confirmation that your payment has been sent
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Evidence
Serves as a valid proof of payment to send to a supplier.
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Tracking
A PACS.008 can help with payment location and tracking.