FI to FI Customer Credit Transfer
Instruct participants to make payments to beneficiaries in other jurisdictions
Overview
FI to FI Customer Credit Transfer, also known as "PayAway," facilitates cross-border payments between instructing participants and end beneficiaries in different jurisdictions. In this process, you can make payments to non-domestic jurisdictions through instructed participants on the RTGS.global network. The instructed participants, who receive the payment instructions, are responsible for processing the payment onward to the end beneficiary.
To make a payment, you must have a relationship with the instructed participant. See Discovery Service on how to form relationships.
Process
Send FI to FI Customer Credit Transfer payment instruction (pacs.008) via the PayAway API
RTGS.global performs validation checks, debits your account and credits the instructed participant's account - balances are immediately updated and (camt.054) notifications are generated
Payment instructions are sent to the instructed participant for onward processing
Note - PayAway are same currency (e.g. EUR to EUR) transactions
Use case (to diagram below):
EU Bank’s customer needs to pay $s to an end beneficiary in the US. EU Bank isn’t a $ payment rails member, but it can make $ payments via RTGS.global (using its $ balances on its $ network acc), instructing a PayAway request to US Bank
Payment Status Notifications (pacs.002) for FI to FI Customer Credit Transfer
Every time there is an update to the status of an FI to FI Customer Credit Transfer, a pacs.002 notification is published.
The TransactionStatus and StatusReasonInformation are included in the pacs.002. The TransactionStatus are:
PDNG: Pending, used when request acknowledged, request pending further checks
ACSC: AcceptedSettlementCompletedDebitorAccount, used when funds have been transferred across the network, and payment instruction (pacs.008) is sent to instructed participant
RJCT: Rejected, used when a request has been irrevocably rejected, requiring a new request to be created
Below are the possible TransactionStatus and StatusReasonInformation, and when they are used in the FI to FI Customer Credit Transfer workflow:
| ISO Status | ISO Reason 6Choice/ Code | Proprietary Reason | ISO Code Name | Usage |
|---|---|---|---|---|
ACSC | NetworkTransferComplete | Instructing participant debited and instructed participant credited, and payment instruction sent to instructed participant | ||
ACCC | Beneficiary Credited | Instructed Agent has provided confirmation that funds have reached beneficiary account | ||
PDNG | Pending | Request acknowledged, request pending further checks | ||
RJCT | AM04 | InsufficientFunds | InsufficientFunds | |
RJCT | InstructingAgentAccountUnavailable | Instructing agent acount is not online | ||
RJCT | RF01 | NotUniqueTransactionReference | UETR provided is not unique within the payaway service | |
RJCT | InvalidInstructedRTGS.globalID | RTGS.global ID of instructed agent is invalid | ||
RJCT | InstructingDoesNotOwnRTGS.globalID | RTGS.globalID of Instructing Agent not associated with Participant | ||
RJCT | InstructingBICRTGS.globalIDMismatch | BIC is not associated with Instructing Agent RTGS.global ID | ||
RJCT | InstructedBICRTGS.globalIDMismatch | BIC is not associated with Instructed Agent RTGS.global ID | ||
RJCT | InstructingLEIRTGS.globalIDMismatch | LEI is not associated with Instructing Agent RTGS.global ID | ||
RJCT | InstructedLEIRTGS.globalIDMismatch | LEI is not associated with Instructed Agent RTGS.global ID | ||
RJCT | CounterpartyVerificationFailed | Verification of message has failed at counterparty gateway | ||
RJCT | InvalidInstructedCurrency | Currency cannot be processed by Instructed Agent |
Last updated
