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Structured Remittance Information

A key structured element in focus in the CBPR+ scope of migration is the structured remittance information.

The purpose of this element is to provide more information on why a payment or remittance is being made.

The use of the structured form of the remittance information element is encouraged and Bank of England has mandated its use for pacs.008 from November 2027.

Elements in Structured Remittance Information

Initially only the basic use of structured remittance is expected, which will involve the two sub elements - Referred Document Information and Referred Document Amount.

Source: SWIFT - PMPG

Referred Document Information - The Referred Document Information contains the type of the document basis of which the payment is being made, for example commercial invoice or commercial contract etc. It also contains the number and the date of that document.

Referred Document Amount - The Referred Document Amount contains the amount due for payment before any kind of adjustment or deduction and the actual remitted amount after all such adjustments. 

Other than these basic information, structured remittance is also capable of containing many other detailed information like -

• Line-by-line details of an invoice in the Line Details element within Referred Document Information element, 
• Various kinds of discounts and adjustments in dedicated elements within the Referred Document Amount element, 
• Tax Remittance details, 
• Garnishment order details etc. 

In the immediate future only the basic use of the structured remittance is expected. 

And last but not the least, the use of Structured Remittance must be bilaterally or multilaterally agreed as per the CBPR+ rules.

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