pacs.009 is the ISO 20022 message for credit transfers between banks for their own account, such as interbank loans, foreign exchange settlements and nostro funding. Its COV variant moves the cover funds for an underlying customer payment and carries the customer details. It replaces the Swift MT 202 and MT 202 COV.
pacs.008 (FI to FI customer credit transfer)pacs.008 is the ISO 20022 message one bank sends to another to move a customer credit transfer, carrying payer, payee, amount, charges and remittance information. It replaces the Swift MT 103 in cross-border payments and is also the core message of SEPA credit transfers, instant payments and high-value systems such as T2 and CHAPS.
Cover paymentA cover payment is a cross-border payment method in which the customer payment message goes directly from the payer's bank to the payee's bank, while the funds travel separately through correspondent banks as an interbank transfer (MT 202 COV or pacs.009 COV). The cover message must carry payer and payee details so that intermediaries can screen them.
Nostro and vostro accountsA nostro account is an account a bank holds with another bank, usually abroad and in foreign currency (our account with you). The same account seen from the bank that keeps it is a vostro (your account with us), also called a loro account. Nostros let banks make and receive payments in currencies where they have no direct system access.
ISO 20022ISO 20022 is the international standard for financial messages, built from a common business dictionary and usually expressed in XML. Payment messages are grouped as pain (customer to bank), pacs (bank to bank) and camt (cash management, such as statements). It is the format of SEPA, T2, CHAPS and Swift cross-border payments.
ISO 20022ISO 20022 is the international standard for financial messages, built from a common business dictionary and usually expressed in XML. Payment messages are grouped as pain (customer to bank), pacs (bank to bank) and camt (cash management, such as statements). It is the format of SEPA, T2, CHAPS and Swift cross-border payments.
Swift (network)Swift is a cooperative, owned by its member institutions, that runs a secure messaging network for payment, securities and trade messages between banks and other institutions worldwide. Swift carries instructions only: it holds no accounts, and the money settles on the books of banks or in central bank systems. Members must meet its Customer Security Programme controls.