Overview of ISO 20022 Messages

A new model for ISO 20022 Payments

      
 
 
 
 
 
 
 
 
 
 
 
 

 Definitions of parties involved in the new model

Ultimate Debtor This is the party that actually owes the money to the (ultimate) creditor and on who's behalf the debtor is making the payment. This element shall only be used if it is different from the Debtor. The Debtor holds the actual account being debited for the payment
Ultimate Creditor Party that is owed the money from the (ultimate) debtor and on who's behalf the creditor is recieving the payment. This element shall only be used if it is Ultimate party to which an amoutn of money is due. This party shall be identified within the payment only if different from the Creditor.
Initiating Party Party that initiates the payment on behalf of the Debtor. Usage: This can be either the debtor or a party that initiates the credit transfer on behalf of the debtor.

 

 

 

 

 

 

 

 

 

 

Payments Canada’s ISO 20022 Message Portfolio

In building the portfolio of Payments Canada’s ISO 20022 messages for AFT payments, we began by mapping the current AFT standard to the relevant ISO 20022 formats as close to “like-for-like” or “equivalent” as possible, while also providing for the inclusion of optional structured and unstructured remittance information. Elements from each of the ISO 20022 messages that had equivalent elements in the current standard were identified in order to ensure that current functionalities were being maintained. The portfolio was built in partnership with SWIFT, the registration authority for ISO 20022, and was then reviewed and validated by Payments Canada’s ISO 20022 AFT Working Group. The Working Group consisted of representatives from Payments Canada participant financial institutions and stakeholders with strong knowledge of the current AFT file structure and rules framework. 

The following table provides a breakdown of the Standard 005 Logical Records and the ISO 20022 messages formats that were mapped against them:

Domain
Message # Message Name Version
Payment Clearing and Settlement PACS.003 FI to FI Customer Direct Debit V06
Payment Clearing and Settlement PACS.004 Payment Return V06
Payment Clearing and Settlement PACS.007 FI to FI Payment Reversal V06
Payment Clearing and Settlement PACS.008 FI to FI Customer Credit Transfer V06
Account Management ACMT.022 Identification Modification Advice V02
Payments Initiation PAIN.001 Customer Credit Transfer Initiation V07
Payments Initiation PAIN.002 Customer Payment Status Report V07
Payments Initiation PAIN.007 Customer Payment Reversal V06
Payments Initiation PAIN.008 Customer Direct Debit Initation V06
Cash Management CAMT.052 Bank to Customer Account Report V06
Cash Management CAMT.053 Bank to Customer Statement V06
Cash Management CAMT.054 Bank to Customer Debit/Credit Notification V06
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Remittance Data

Enhanced remittance data is one of the key benefits to ISO 20022, and Payments Canada has allowed for a mix of mandatory and optional data elements to be included in the payment messages. 

 The optional data elements within the ISO messages have been designed to provide maximum flexibility to users, and can be populated in one of three ways: (i) structured information; (ii) unstructured information; or (iii) a URL or reference mechanism indicating where the remittance information can be retrieved separate from the message. 

The following table and diagram outline the data elements that are available within the Payments Canada ISO 20022 payment messages: 
 
 
 
 
Remittance Data Description
Unstructured Remittance Data Information supplied to enable the matching/reconciliation of an entry with the items that the payment is intended to settle, such a commercial invoices in an ccounts' receivable system, in an unstructured form (one repetition of 140 characters).
Structured Remittance Data Information supplied to enable the matching/reconciliation of an entry with the items that the payment is intended to settle, such as commercial invoices in an accounts' receivable system, in a structured form. 
Referred Document Information Set of elements used to identify the documents referred to in the remittance information.
Referred Document Amount Set of elements used to provide details on the amounts of the referred document.
Creditor Reference Information Reference informaiton provided by the creditor to allow the invoice related to the underlying payment, when it is different from the debtor or ultimate debtor.
Invoicer Identification of the organization issuing the invoice related to the underlying payment, when it is different from the debtor or the ultimate debtor.
Invoicee Identification of the party to whom an invoice is issued in relation to the underlying payment, when it is different from the debtor or the ultimate debtor. 
Tax Remittance Set of elements used to provide remittance information about a payment made for tax-related purposes.
Garnishment Remittance Set of elements used to provide remittance information about a payment for garnishment-related purposes.
Additional Remittance Information Additional information, in free text form, to complement the structured remittance information (Three repetitions of 140 characters).
Related Remittance Data Provides information related to the handling of the remittance information by any of the agents in the transaction processing chain.
Remittance Location Method Method used to deliver the remittance advice information.
Remittance Location Electronic Address Electronic address to which an agent is to send the remittance information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For more information on ISO 20022 payments messages, email us at ISO20022@payments.ca.