PACS.008 vs. MT 103:

Key Message Elements Comparison

PACS.008 vs. MT 103: A comparison of the key message elements

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

  • Completed icon

    Confirmation

    You have confirmation that your payment has been sent

  • User icon

    Evidence

    Serves as a valid proof of payment to send to a supplier.

  • Receive payments icon

    Tracking

    A PACS.008 can help with payment location and tracking.

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