Citi Mini Series and Reference Guide Part 1

ISO 20022: Citi Mini Series & Reference Guide  | 4 3 | Treasury and Trade Solutions XML Message Identifier Example 4!a . 3!c . 3!n . 2!n Business area Message identifier/ functionality Variant Version pacs.008.001.08 Payments Clearing and Settlement FI to FI Customer Credit Transfer Variant 1 Version 8 Example in pacs.008 SWIFT MT versus ISO 20022 (MX): Key Concepts Mapping Message Specifications Components SWIFT MT ISO 20022 (MX) Field Element Format Data Type Presence Min Max Qualifiers/Codes Code Usage Rule Textual Rule Network Validated Rule Cross Element Complex Rule Parties in a Message SWIFT MT ISO 20022 (MX) Bank Agent Ordering Customer Debtor Beneficiary Customer Creditor Message Sender Instructing Agent Message Receiver Instructed Agent Source: SWIFT. For more information, visit myStandards. Did You Know? There are different versions of messages in ISO 20022. A pacs.008 message is a Financial Institution to Financial Institution Customer Credit Transfer. The specific version that SWIFT will use for pacs.008 messages during the Conversion Period is Version 8. Version 8 mandates the unique end-to-end transaction reference (UETR). SWIFT will use pacs.008.001.08 messages until the end of the Conversion Period at the end of 2025, unless there is a new version mandated prior to that. Source: SWIFT. For more information, visit myStandards. Preparing for the ISO 20022 Migration Citi recommends you ensure your teams are brought up to speed on the new language of ISO 20022. You may need to review processes and procedures to ensure that they accurately represent new nomenclature used in MX messages.