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Pacs.009 Core Message

PACS.009 is the FinancialInstitutionCreditTransfer message. It is used to move funds when both the debtor and the creditor are financial institutions.

The Pacs.009 core message variant is used when one financial institution is sending payment to another financial institution in a serial payment.

Pacs.009 COV Message

The Pacs.009 COV message is used when there is a cover payment for an underlying customer credit using a Pacs.008.

Pacs.009 ADV Message

The Pacs.009 ADV is very similar, but it's for covering a FI payment and there is no underlying customer payment involved. 

So, suppose Bank A wants to send payment to Bank D but they don't have direct account relationships in the currency involved. So, just like in a customer cover payment, the news of a payment coming is brought in by a Pacs.008 announcement (In MT messages, by a MT 103 announcement), here the same work is done by the Pacs.009 ADV message. 

In case of a cover method of customer payment, the actual payment is carried by the Pacs.009 COV message. But here that is done by the Pacs.009 core message. Because always remember, a Pacs.009 COV message always has underlying customer credit transfer information, but there is no customer transaction involved here.

This is in brief the use of the Pacs.009 message variants. For more on structures of MX messages, read on the next articles.

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