Bank Transfers and Payment Messages
Account Statement Message
An account statement message is an electronic bank report of balances and booked transactions for reconciliation.
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Payment Codes and Messages
ISO 20022, SWIFT MT/MX, ACH, wires, settlement, and payment-message terminology in plain language.
73 published definitions in this topic.
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Bank Transfers and Payment Messages
ACH Authorization
ACH authorization is the receiver’s permission for an originator to initiate ACH entries under Nacha rules.
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ACH Credit
An ACH credit is a push of funds into a receiver’s bank account through the ACH network.
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ACH Debit
An ACH debit is a pull of funds from a receiver’s bank account through the ACH network.
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ACH Notification of Change
An ACH Notification of Change (NOC) tells an originator to update account or routing details for future entries.
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ACH Prenote
An ACH prenote is a zero-dollar test entry used to validate account details before live ACH payments.
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ACH Reversal
An ACH reversal is a correcting entry used to reverse an erroneous ACH payment under narrow Nacha rules.
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ACH Standard Entry Class Code
A Standard Entry Class (SEC) code identifies the ACH entry type and which Nacha authorization and formatting rules apply.
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ACH Trace Number
An ACH trace number is a 15-digit identifier used to locate an ACH entry within U.S. Automated Clearing House processing.
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ARC (Accounts Receivable Entry)
ARC is the ACH SEC code for converting an eligible check received via U.S. mail or drop box into an ACH debit.
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Automated Clearing House
The Automated Clearing House (ACH) is the U.S. batch electronic network for bank-to-bank credits and debits.
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Bank Reference Number
A bank reference number is the internal identifier a specific bank uses for a payment or advice on its own books.
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Bank Transfer
A bank transfer is an electronic movement of funds from one bank account to another, covering many domestic and cross-border rails.
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BOC (Back Office Conversion)
BOC is the ACH SEC code for converting eligible checks to ACH debits during back-office processing.
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Booking Date
Booking date is the date a bank records a transaction on the account ledger.
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camt.053
camt.053 is an ISO 20022 bank-to-customer account statement message for end-of-day (or similarly scheduled) reporting.
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camt.054
camt.054 is an ISO 20022 bank-to-customer debit/credit notification for individual or batched posted items.
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camt.056
camt.056 is an ISO 20022 payment cancellation request message used between financial institutions.
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Canceled Transfer
A canceled transfer is a payment instruction stopped before completion, or marked cancelled under bank/scheme procedures.
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CCD (Corporate Credit or Debit)
CCD is the Nacha Standard Entry Class (SEC) code for corporate credit or debit ACH entries between business accounts.
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Correspondent Banking
Correspondent banking is the network of bank-to-bank accounts and services that enables payments across currencies and jurisdictions.
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Creditor Reference
A creditor reference is a payee-issued structured reference that helps automatically match incoming payments to receivables.
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Cross-Border Payment
A cross-border payment is a transfer where payer and payee accounts sit in different countries or currency areas.
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CTX (Corporate Trade Exchange)
CTX is the Nacha SEC code for corporate ACH entries that can carry multiple addenda records of remittance detail.
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Customer Credit Transfer
A customer credit transfer moves money from a payer’s account to a payee’s account on the instructions of a non-bank customer.
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Domestic Payment
A domestic payment is a transfer where both accounts are in the same country (or same currency area scheme treated as domestic).
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Electronic Funds Transfer
Electronic funds transfer (EFT) is a broad term for moving money electronically between accounts or institutions without paper checks.
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End-to-End ID
An end-to-end ID is a payment initiator’s identifier intended to remain unchanged across the payment chain for reconciliation.
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IAT (International ACH Transaction)
IAT is the ACH SEC code for international ACH transactions with cross-border funding.
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ISO 20022
ISO 20022 is a global standard for financial messaging that uses rich, structured XML-based message definitions.
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MT Message
MT messages are traditional SWIFT FIN text message types used for payments, confirmations, and reporting.
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MX Message
MX messages are XML-based ISO 20022 financial messages used on SWIFT and other infrastructures.
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pacs.002
pacs.002 is an ISO 20022 interbank payment status report used between financial institutions.
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pacs.004
pacs.004 is an ISO 20022 payment return message used to return funds related to a prior interbank payment.
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pacs.008
pacs.008 is an ISO 20022 interbank customer credit transfer message used to move customer funds between banks.
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pain.001
pain.001 is an ISO 20022 customer payment initiation message used to instruct a bank to make credit transfers.
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pain.002
pain.002 is an ISO 20022 payment status report from a bank back to the customer who initiated payments.
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Payment Cancellation Request
A payment cancellation request asks banks to stop or cancel a payment instruction that has already been submitted.
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Payment Effective Date
Payment effective date is the intended processing or funds-effect date for a payment instruction—distinct from a regulation’s effective date.
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Payment Exception
A payment exception is any payment that cannot complete straight-through and needs manual review, repair, return, or investigation.
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Payment Initiation Message
A payment initiation message is a customer-to-bank instruction that starts a payment, such as ISO 20022 pain.001.
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Payment Investigation
A payment investigation is a bank process to locate, explain, or repair a payment that is missing, delayed, or disputed between institutions.
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Payment Repair
Payment repair is manual or semi-automated correction of a payment instruction that failed straight-through processing.
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Payment Return Message
A payment return message instructs the return of funds related to a prior payment under scheme rules.
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Payment Status Report
A payment status report communicates accept, reject, or progress information about payment instructions.
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Pending Transaction
A pending transaction is an account entry that has been initiated or authorized but has not yet posted as final on the statement.
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POP (Point of Purchase Entry)
POP is the ACH SEC code for converting an eligible check to an ACH debit at the point of purchase.
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Posted Transaction
A posted transaction is an entry that has been recorded on the account as a completed statement line.
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Posting Date
Posting date is the date a transaction appears as posted on a customer account statement.
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PPD (Prearranged Payment and Deposit)
PPD is the Nacha SEC code for consumer ACH credits and debits authorized in writing under prearranged payment and deposit rules.
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RCK (Re-presented Check Entry)
RCK is the ACH SEC code for re-presenting an eligible returned check as an ACH debit.
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Real-Time Gross Settlement
Real-time gross settlement (RTGS) settles interbank payments individually and continuously in central money rather than netting at end of day.
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Recalled Payment
A recalled payment is a request to pull back a payment after it was sent, subject to scheme rules and the receiving bank’s cooperation.
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Rejected Payment
A rejected payment is an instruction that a bank or system refuses to accept or process before successful completion.
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Remittance Information
Remittance information is the data sent with a payment to explain what the money is for.
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Returned Payment
A returned payment is a payment that was accepted into a rail but later sent back under return rules or messages.
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Reversed Transaction
A reversed transaction is a posted or in-flight payment that is backed out by a reversing entry under scheme or bank processes.
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Settlement Date
Settlement date is when obligations between banks or systems are actually settled in central or correspondent money.
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Structured Remittance Information
Structured remittance information is machine-readable remittance data carried in defined fields rather than free text only.
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SWIFT Message
A SWIFT message is a financial message exchanged over SWIFT’s network using MT or MX formats for payments and related services.
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