pain.001 (customer credit transfer initiation)

Roles that need it

• Corporate Treasury Analyst
• Cash Management Product Manager
• Transaction Banking Analyst
• Payments Messaging Specialist (SWIFT)
• General Accountant

Skills it belongs to

• Payment systems and messaging (SWIFT, ISO 20022, SEPA, ACH, UPI)
• Cash management and transaction banking products
• Order to cash and procure to pay operations

Related concepts

• 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.
• Payment factoryA payment factory is a central unit or platform that processes the payments of all group companies, using one format (often ISO 20022 pain.001) and few bank connections. In a payment on behalf of (POBO) model the central entity pays suppliers from its own accounts; collection on behalf of (COBO) does the same for receipts.
• SEPA Credit Transfer (SCT)SEPA Credit Transfer (SCT) is the European Payments Council scheme for euro credit transfers between accounts in the Single Euro Payments Area, identified by IBAN. Funds must reach the payee's bank by the next business day at the latest, with no scheme maximum amount, and cross-border transfers follow the same rules as domestic ones.
• 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.

Sources

• ISO 20022 message definitions (external site) accessed 31 Oct 2026
• SEPA Credit Transfer, European Payments Council (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.