Schemes and standards for funds transfers in different countries of the world. SEPA Credit Transfer, Domestic Transfer, Interbank systems, Multilateral clearing, Real-Time Gross Settlement
Contrary to the messages used in the customer to bank space which are recommended, messages exchanged in the interbank space are mandatory. It means banks must comply with all the underlying SEPA rules. This is to insure that their messages can be received and processed by any participant to the interbank space. Banks can exchange […]
The EPC recommends three messages for the customer reporting. The bank can use one or many of them, according to client’s needs, to provide account reports, account statements and debit/credit notification. It is important to understand that these reporting messages are for customers which can integrate and process them in own IT systems. They are […]
Let me start by stressing out an important point about the EPC documents: the messages exchanged in the Customer-to-Bank space are recommended. It means that they are not mandatory. The Banks and their customers are not obliged to use them as they are specified in the Implementation Guidelines. And furthermore, a bank and his customer […]
A SEPA message name consists of four letters and a series of numbers. Pacs.008.001.02, Pacs.004.001.02 or Camt.056.001.01 are examples of messages names used in the SEPA Credit Transfer scheme. You may wonder when you see Pacs.008.001.02, why do we have the numbers 008.001.02? And is there any meaning behind? The purpose of this article is […]
If you have read the previous articles, you should have a pretty good understanding of the Four Corner Model elements: the clearing and settlement systems and the end parties. After having studied these fundamental elements, let us now look at the messages exchanged in SEPA Credit Transfer Scheme between the different parties. We will first […]
In this post, we continue to explore the question who and what actually are the end parties in the Four Corner Model presented in a previous article. It is an important question because if we know these end parties and understand their needs, we can better understand the payment business. In fact, end parties are […]
In this post, we continue to explore the question who and what actually are the end parties in the Four Corner Model presented in a previous article. It is an important question because if we know these end parties and understand their needs, we can better understand the payment business. In fact, end parties are […]
In this post, we continue to explore the question who and what actually are the end parties in the Four Corner Model presented in a previous article. It is an important question because if we know these end parties and understand their needs, we can better understand the payment business. In fact, end parties are […]
Who and what actually are the end parties in the Four Corner Model presented in a previous article? You may think of yourself if you possess a bank account. And that is right. Individuals however are only one type of end parties because banks have many types of customers: The private customer, the small and […]
Banks can join a clearing system or a settlement system as direct participant (DP) or as indirect participant (IP). After reading this post, you will understand the differences between these two types of participants and why only direct participants settle in CSM. The following figure depicts direct and indirect participants and the relationship they have to […]