Wednesday, October 4, 2023

What are the MX messages used in SEPA?

 In the context of SEPA (Single Euro Payments Area), the MX messages refer to the ISO 20022 XML message formats that are used for various payment and financial transactions. Here are some of the MX messages commonly used in SEPA:

1. pain.001: Payment initiation message - Used to initiate a single credit transfer or direct debit transaction.

2. pain.002: Bank-to-customer reject message - Sent by the receiving bank to notify the sender about the rejection or refusal of a payment transaction.

3. pain.008: Payment status report message - Provides the status of one or more payment transactions, including information on whether they have been accepted or rejected.

4. camt.053: Bank-to-customer statement message - Used to provide account statement information to the account holder.

5. camt.054: Bank-to-customer debit/credit notification message - Sent by the bank to inform the account holder about debit or credit entries on their account.

6. camt.029: Bank-to-customer account report message - Provides detailed information about the balances and transactions on one or more accounts.

These MX messages follow the ISO 20022 standard, which provides a common and standardized format for exchanging financial messages. They enable seamless and standardized communication between banks, financial institutions, and their customers within the SEPA framework.

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