What is PACS.008?

A new era of payment messaging

At Money Mover, we are committed to providing our customers with the most secure, transparent and efficient payment solutions. As the global payments landscape evolves, so do the standards that govern it.

That's why we are proud to support the transition to PACS.008, the new global standard for payment messages.

What is PACS.008?

PACS.008 is a standardised, XML-based financial messaging format for cross-border and domestic payments. It is part of the ISO 20022 standard, which is replacing the legacy SWIFT MT messages, including the MT 103. PACS.008 messages are used to instruct a credit transfer from a debtor to a creditor, providing a richer and more structured data format than its predecessor.

This enhanced data structure allows for greater transparency, improved automation, and more efficient processing of payments.

Key benefits of PACS.008

Enhanced Data: PACS.008 messages carry significantly more data than MT103s, including more detailed information about the parties involved in the payment, remittance information, and regulatory reporting.

Improved Transparency: The structured nature of PACS.008 messages provides greater clarity on the payment purpose and the parties involved, reducing the risk of errors and delays.

Increased Automation: The richer data in PACS.008 messages enables higher rates of straight-through processing (STP), reducing the need for manual intervention and improving efficiency.

Global Standard: As an ISO 20022 standard, PACS.008 is being adopted by financial institutions worldwide, creating a common language for payments and facilitating interoperability.

How does this affect me?

As a Money Mover customer, you can be confident that we are fully equipped to handle the transition to PACS.008.

Our platform has been updated to support the new message format, ensuring that your payments continue to be processed seamlessly. You will benefit from the enhanced data and transparency that PACS.008 provides, giving you greater insight into your payment activity.

The future of payments

The transition to ISO 20022 and the adoption of PACS.008 are significant steps forward for the global payments industry.

By embracing this new standard, we are helping to create a more efficient, transparent, and secure payment ecosystem for our customers.

Understanding PACS.008 Fields

The PACS.008 message is composed of a group header and one or more credit transfer transaction information blocks.

Below are some of the key data elements within a PACS.008 message:

  
        Group/Element
      
        Description
      
      Group Header
      Contains information common to all transactions in the message, such as the message identification, creation date and time, and the number of transactions.
    
      Credit Transfer Transaction Information
      Contains the details of a single credit transfer transaction
    
      Debtor / Creditor
      Information about the ultimate originator and beneficiary of the payment
    
      Debtor Agent / Creditor Agent
      The financial institutions of the debtor and creditor
    
      Intermediary Agents
      Any intermediary banks involved in the payment chain
    
      Payment Identification
      Unique identifiers for the payment, such as the end-to-end identification and the instruction identification
    
      Settlement Information
      Details on how the payment should be settled, including the settlement method and clearing system
    
      Remittance Information
      Structured and unstructured information about the purpose of the payment

PACS.008 vs. MT 103: a comparison

If you’d like to find out more about the structure of the PACS.008 protocol and how it compares with its MT 103 predecessor then you might find this PACS.008 vs. MT 103 comparison table interesting.

Learn more

Benefits of PACS.008