Understanding SEPA’s Transition to 2019 ISO 20022 messages : focus on pain.001.001.09

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A significant development on the horizon is SEPA’s transition to the 2019 versions of the ISO 20022 messages, which will come into effect from March 2024. In this blog, we focus on a key element of this transition: the shift to version 9 of the pain.001 message in the customer-to-PSP (Payment Service Provider) space.

Current State and Upcoming Changes

Currently, SEPA utilizes version 3 of the pain.001 message. This message plays a vital role as it transports credit transfer instructions from customers to banks. With the upcoming transition, SEPA will adopt version 9 of the pain.001 message. An interesting aspect of this update is that unlike the Inter-PSP messages, where new versions replace the old ones, both old and new versions of the pain.001 message will co-exist in the customer-to-PSP space.

Delving into the ISO 20022 Standard

SEPA’s approach involves taking existing elements from ISO 20022 and adding specific requirements. To fully grasp the essence of the SEPA messages, it’s essential to explore the source – the ISO 20022 messages themselves. Our latest YouTube tutorial demonstrates precisely how to navigate the ISO 20022 website to locate these messages. (Paymerix Channel)

Navigating the ISO 20022 Website

The video provides a step-by-step tutorial on how to find the messages used in SEPA. By accessing the ‘Catalogue of messages’ and selecting ‘Message Archive’ on the ISO 20022 website, users can search for specific messages like the pain.001. It’s noteworthy that the version 9 of the pain.001 is part of the message set titled ‘Payments Initiation V10’.

Understanding the Message Structure

After downloading and unzipping the complete message set, viewers are introduced to the XML schema validation files (XSDs). These files, follow ISO 20022 rules and not SEPA rules, since SEPA has its own XSD files. The video then guides viewers through the ISO 20022 specifications, using the pain.001 version 9 as a case study. By navigating the PDF file and using bookmarks, viewers can efficiently explore various sections, including the overall structure of the message and the specifications of all message elements.

Practical Insights for Payment Professionals

For payment professionals, this deep dive into the pain.001 version 9 is not just about understanding a technical specification; it’s about preparing for a significant change in how credit transfer instructions are communicated and processed.

As SEPA moves towards a more comprehensive and nuanced communication standard with the adoption of the 2019 version of ISO 20022 messages, it is imperative for payment professionals to stay informed and prepared. Our video serves as a valuable resource, offering clarity and guidance on this critical transition in the SEPA payments landscape.

Stay ahead in the payments industry by keeping up with these standards. For more detailed guidance and expert insights, don’t hesitate to reach out to us at https://www.paymerix.com/


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