| Field | Meaning | Required |
|---|---|---|
GrpHdr | The header of the message, holding the message identification, creation date and time, number of transactions and control sum. It identifies the file or message | M |
PmtId | The identification block holding instruction identification, end to end identification and transaction identification. End to end identification stays unchanged | M |
IntrBkSttlmAmt | The amount and currency settled between banks for this payment, for example USD 25,000. It is the amount the debtor agent transfers to the creditor agent. It ma | M |
IntrBkSttlmDt | The date on which settlement between banks takes place. It is the value date for the interbank leg and drives liquidity planning and nostro funding. The date mu | O |
SttlmInf | Information about how settlement will occur, including the settlement method, settlement account and clearing system. Values include INDA for instructed agent s | M |
Dbtr | The customer who ordered the payment, with structured name, postal address and identification. Rich debtor data supports sanctions screening and anti money laun | M |
DbtrAcct | The account of the debtor from which the payment is debited, identified by IBAN or other account identification. It links the payment to the correct customer ac | O |
DbtrAgt | The bank holding the debtor account and sending the payment instruction onward. It is identified by BIC and sometimes by name and address. The debtor agent is r | M |
CdtrAgt | The bank holding the creditor account and receiving the payment for onward credit. It is identified by BIC and sometimes by name and address. The creditor agent | M |
Cdtr | The final beneficiary of the payment, with structured name, postal address and identification. The creditor agent credits this party on receipt of funds. Comple | M |
CdtrAcct | The account of the creditor to be credited, identified by IBAN or other account identification. It tells the creditor agent exactly where to post the funds. A w | O |
ChrgsInf | Details of the charges applied to the payment, including the amount, currency, bearer and the agent that applied each charge. The bearer can be debtor, creditor | O |
Meridian Bank London sends a pacs.008.001.08 for USD 25,000 value 5 November 2026 to Harbour Bank Singapore, with a UETR, full structured debtor and creditor names and addresses, charge bearer SHAR, and remittance reference INV-1187. Harbour Bank screens the payment, credits Bright Logistics, and reports the status in a pacs.002.Valid example from the message catalogue. Scheme rules: pacs.008 is a base ISO 20022 message: the structure and fields below are the base definition, and each scheme adds or restricts elements for its rail. Under CBPR+ the message must carry a UETR for end
Messages and Statuses: pacs.008.001.08 and pacs.002.001.10
What you will learn
Your objective. By the end of this lesson, you will be able to explain messages and statuses: pacs.008.001.08 and pacs.002.001.10. The payment instruction in TIPS is a pacs.008.001.08, which is version eight of the FI to FI Customer Credit Transfer message.
Why it matters. The status trail for a successful payment therefore reads Received, then Validated, then Reserved, then Settled, and each step is recorded so that operations teams and auditors can reconstruct the payment in seconds if a customer asks.
Chapter objective: Learner explains TIPS instant payments and liquidity transfers, describes SCT Inst, Non-Euro and SIP flows, and distinguishes TIPS DCA, AS Technical Account and Transit Accounts. Learner uses real amounts, banks and message names to show how instant payments and liquidity transfers work.
Key learning points
- Payment instruction in TIPS
- Status report in TIPS
- TIPS: payment still in progress
- None of these three statuses
- Of these three statuses
- Status trail for a successful payment therefore
Key terms
Remittance information: Information that explains what a payment is for, such as invoice numbers, contract references or salary month.
Settlement: The final movement of funds between banks to discharge obligations created by cleared payments. Settlement is usually made in central bank money or through correspondent accounts.
Liquidity: Cash or assets that a bank can use immediately to meet payment obligations. Banks manage liquidity by forecasting inflows and outflows, funding nostro and settlement accounts, and using central bank...
ISO 20022 XML explorer showing Messages and Statuses: pacs.008.001.08 and pacs.002.001.10.
Practise this lesson
Exercise
Read the pacs.008 message described in this lesson and identify its key parts.
Use the message structure, fields and example in this lesson.
- What to do. List the three levels of the message and name the field that carries the amount and the field that carries the end-to-end reference.
Correct result. The amount is carried in the instructed amount element and the reference in the end-to-end identification. The three levels are the group header, the payment information, and the credit transfer transaction information.
Why. A message is only useful if you can read it. The group header identifies the message, the payment information identifies the batch, and the transaction information carries the single payment.
Check your understanding
Practice question
Which of the following best describes messages and statuses: pacs.008.001.08 and pacs.002.001.10?
Takeaway and next step
What to remember
The status trail for a successful payment therefore reads Received, then Validated, then Reserved, then Settled, and each step is recorded so that operations teams and auditors can reconstruct the payment in seconds if a customer asks.
Open the message type from this lesson and inspect its fields, then find the field that carries the amount.
Open the ISO 20022 Message Explorer →
Builds on "Instant Payment Between Two TIPS Participants: Process Flows".
Transcript and full text
Show transcript
The payment instruction in TIPS is a pacs.008.001.08, which is version eight of the FI to FI Customer Credit Transfer message. This message carries the payer and payee details, the amount, the currency, the remittance information, and the references that let every system match the payment. When a bank in Spain sends EUR 750 to a bank in Italy through TIPS, it sends a pacs.008.001.08, and TIPS uses the fields in that message to validate the payment, to check the liquidity, and to reserve the funds. The version number matters, because TIPS expects the fields and the validation rules of version eight, and a message in an older version may be rejected before it is even processed. The status report in TIPS is a pacs.002.001.10, which is version ten of the FI to FI Payment Status Report. This message carries the outcome of the payment, and it is used by TIPS to tell the payer bank what happened, and by the payee bank to tell TIPS whether it accepts or rejects the payment. The pacs.002.001.10 repeats the references from the original pacs.008, so the payer bank can match the status to the payment it sent, and it states the transaction status in a coded field. A payer bank that sends a pacs.008 for EUR 1,500 will watch for the pacs.002.001.10 that answers it, and it will not know the final outcome until that status report arrives with a final status. TIPS uses three intermediary statuses, and each one means the payment is still in progress. The first stage is Received, which means TIPS has received the pacs.008 and has started to process it. The second is Validated, which means TIPS has checked the message format, the references, and the participant details, and everything is correct so far. The third is Reserved, which means TIPS has reserved the funds on the payer TIPS DCA and has forwarded the payment to the payee bank for a decision. A payment that sits at Reserved is waiting for the payee bank, and the funds are set aside but not yet moved. None of these three statuses is final, and a payment can still succeed or fail from any of them. TIPS uses three final unsuccessful statuses, and each one means the payment will not settle. The first is Failed, which means the payment failed for a technical or business reason, such as a validation error or a missing account. The second is Expired, which means the payment ran out of time, because the payee bank did not answer within the ten second deadline set by the SCT Inst scheme. The third is Rejected, which means the payee bank actively refused the payment, for example because the payee account is closed or the payee name does not match. When any of these three statuses is reached, TIPS releases the reservation, the funds return to the payer bank, and the payment is closed as unsuccessful. TIPS uses one final successful status, and it is the one every participant wants to see. That status is Settled, which means the payment has been settled in central bank money, the payer TIPS DCA has been debited, the payee TIPS DCA has been credited, and the funds are available to the payee. A pacs.002.001.10 with status Settled is the confirmation that settlement is final for the instant payment, and the payer bank can then tell its customer that the EUR 2,000 it sent has arrived. These are TIPS processing stages, not pacs.002 transaction status codes; the standard pacs.002 status codes are RCVD, ACTC, ACCP, ACSP, ACSC, ACCC and RJCT under ISO 20022. The stage trail for a successful payment therefore reads Received, then Validated, then Reserved, then Settled, and each step is recorded so that operations teams and auditors can reconstruct the payment in seconds if a customer asks.
The payment instruction in TIPS is a pacs.008.001.08, which is version eight of the FI to FI Customer Credit Transfer message. This message carries the payer and payee details, the amount, the currency, the remittance information, and the references that let every system match the payment. When a bank in Spain sends EUR 750 to a bank in Italy through TIPS, it sends a pacs.008.001.08, and TIPS uses the fields in that message to validate the payment, to check the liquidity, and to reserve the funds. The version number matters, because TIPS expects the fields and the validation rules of version eight, and a message in an older version may be rejected before it is even processed.
The status report in TIPS is a pacs.002.001.10, which is version ten of the FI to FI Payment Status Report. This message carries the outcome of the payment, and it is used by TIPS to tell the payer bank what happened, and by the payee bank to tell TIPS whether it accepts or rejects the payment. The pacs.002.001.10 repeats the references from the original pacs.008, so the payer bank can match the status to the payment it sent, and it states the transaction status in a coded field. A payer bank that sends a pacs.008 for EUR 1,500 will watch for the pacs.002.001.10 that answers it, and it will not know the final outcome until that status report arrives with a final status.
TIPS uses three intermediary statuses, and each one means the payment is still in progress. The first stage is Received, which means TIPS has received the pacs.008 and has started to process it. The second is Validated, which means TIPS has checked the message format, the references, and the participant details, and everything is correct so far. The third is Reserved, which means TIPS has reserved the funds on the payer TIPS DCA and has forwarded the payment to the payee bank for a decision. A payment that sits at Reserved is waiting for the payee bank, and the funds are set aside but not yet moved. None of these three statuses is final, and a payment can still succeed or fail from any of them.
TIPS uses three final unsuccessful statuses, and each one means the payment will not settle. The first is Failed, which means the payment failed for a technical or business reason, such as a validation error or a missing account. The second is Expired, which means the payment ran out of time, because the payee bank did not answer within the ten second deadline set by the SCT Inst scheme. The third is Rejected, which means the payee bank actively refused the payment, for example because the payee account is closed or the payee name does not match. When any of these three statuses is reached, TIPS releases the reservation, the funds return to the payer bank, and the payment is closed as unsuccessful.
TIPS uses one final successful status, and it is the one every participant wants to see. That status is Settled, which means the payment has been settled in central bank money, the payer TIPS DCA has been debited, the payee TIPS DCA has been credited, and the funds are available to the payee. A pacs.002.001.10 with status Settled is the confirmation that settlement is final for the instant payment, and the payer bank can then tell its customer that the EUR 2,000 it sent has arrived. These are TIPS processing stages, not pacs.002 transaction status codes; the standard pacs.002 status codes are RCVD, ACTC, ACCP, ACSP, ACSC, ACCC and RJCT under ISO 20022. The stage trail for a successful payment therefore reads Received, then Validated, then Reserved, then Settled, and each step is recorded so that operations teams and auditors can reconstruct the payment in seconds if a customer asks.
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