What is a PACS.008?

PACS.008 is a standardised, XML-based financial messaging format for cross-border and domestic payments. It is part of the ISO 20022 standard, which is replacing the legacy SWIFT MT messages, including the MT103.

PACS.008 messages are used to instruct a credit transfer from a debtor to a creditor, providing a richer and more structured data format than its predecessor.

This enhanced data structure allows for greater transparency, improved automation, and more efficient processing of payments.