ISO 20022: Survival Guide

ISO 20022: Survival Guide | 16 When to use a pain message? Payment Initiation: The message group Payment Initiation (pain) supports the initiation of a payment from the ordering customer to an account-managing financial institution and report its status. These messages are specifically designed to support the flow of messages exchanged between a debtor and his bank or between a creditor and his bank to initiate, collect, manage and monitor payments. • Pain.001 Customer Credit Transfer Initiation • Pain.008 Customer Direct Debit Initiation When to use a camt message? Account reporting: These messages are sent by banks to their customers, in order to inform them on the status of an initiated transaction, on the arrival of incoming transactions or also to communicate their account statements. • Camt.052 Bank to Customer Account Report • Camt.053 Bank to Customer Statement • Camt.054 Bank to Customer Debit Credit Notification To learn more about the different ISO message types and their flows see here for the ISO Mini-Series Part 3 Material pain.001 A pacs.008 B Party Central Bank Debtor A Debtor Agent B Creditor Agent camt.052 pacs.008 B A Party Central Bank Debtor A Debtor’s Agent B Creditor’s Agent Creditor camt.052