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ISO 20022

With the emergence of ISO 20022 message standard, there is an increasing number of overseas payment systems adopting this messages standards, in particular the China National Advanced Payments System(CNAPS) and the China International Payment System(CIPS), not only because it supports end-to-end flow of payment information from the originator to the beneficiary but also its rich data content with unique fields to carry structured remittance information, including Chinese characters.

MT vs MX

SWIFT MT is a legacy non-XML proprietary message standard. MX messages are the XML-based replacement for MT messages. Both message standards can be exchanged using SWIFTNet Messaging Services. While MT messages are exchanged via SWIFT FIN, MX messages will be exchanged via SWIFT InterAct.

InterAct

InterAct supports both store-and-forward and real-time messaging mode. For Hong Kong’s RTGS, store-and-forward message mode will be used in order to achieve operational flexibility.

List of MX message

MX Message	Message Name	Equivalent MT Message
admi.002.001.01	Message Reject V01 N/A
head.001.001.02	Application Header BusinessApplicationHeaderV02 N/A
pacs.002.001.10	FI To FI Payment Status Report V10	MT012, MT019, MT298
pacs.004.001.09	Payment Return V09	N/A
pacs.008.001.08	FI To FI Credit Transfer V08	MT103
pacs.009.001.08	Financial Institution Credit Transfer V08	MT202, MT202 COV
pacs.010.001.03	Financial Institution Direct Debit V03	MT204
pain.001.001.09	Customer Credit Transfer Initiation V09	MT298
camt.019.001.07	Return Business Day Information V07	MT298
camt.021.001.06	Return General Business Information V06	MT298
camt.029.001.09	Resolution Of Investigation V09	MT296, MT298
camt.025.001.05	Receipt V05	MT298
camt.052.001.08	Bank To Customer Account Report V08	MT950
camt.053.001.08	Bank To Customer Statement V08	MT950
camt.054.001.08	Bank To Customer Debit Credit Notification V08	MT900, MT910
camt.056.001.08	FI To FI Payment Cancellation Request V08	MT292
camt.060.001.05	Account Reporting Request V05	MT920

MX Message from HK RTGS to Members

pacs.008 and pacs.009 – Payment Response
pacs.002 – Payment Status response
camt.019 – Revision of Business Day Schedule
camt.021 – Operational Notification
camt.025 – Reject of Request for Intraday Bank Statement
camt.029 – Cancellation Response
camt.052 – Intraday Bank Statement
camt.053 – End-of-day Bank Statement
admi.002 – Message Rejection
camt.054 – Debit/Credit Advice
pacs.009 – Credit Notification
pain.001 – CMU payment notification
pacs.004 – Payment Return Response

Common fields

Unique Transaction Reference

Every MX message sent from Member/SI/CB to CHATS must have a unique transaction reference. Unlike MT messages where the unique transaction reference is generally put in field 20, different MX message types have different elements for Transaction Reference.

• IFT Payment Request | pacs.008/pacs.009 :

Credit Transfer Transaction Information /
Payment Identification /
Instruction Identification

• Cancellation Request | camt.056 :
  FI To FI Payment Cancellation Request /
  Assignment /
  Identification

• Intra-day Statement Request | camt.060 :
  Account Reporting Request /
  Group Header /
  Message Identification

• SI Direct Credit Request | pacs.009 :
  Credit Transfer Transaction Information /
  Payment Identification /
  Instruction Identification

• SI Direct Debit Request | pacs.010 :
  Credit Instruction /
  Credit Identification

• Payment return | pacs.004
  Return Identification

IFT Payment Code for Payment Request

Each payment instruction must carry a 2-digit IFT payment code which identifies the payment processing in CHATS. For example, payment instruction with payment code 08 will be identified by CHATS as PvP payment, which requires matching of a counterparty leg prior to settlement.

• Payment code 07 (Foreign Exchange Transactions);
• Payment code 03 (Loans to banks);
• Payment code 04 (Repayments to banks); and

• Payment codes 90, 91 and 92 (RMB Cross Border Customer, Inter-bank Fund Transfer and Return)

• Payment code 30 - Return Payments

• Payment code 35 - Mainland Return Payments
• Payment code 52 - Return of Regional CHATS Payments
• Payment code 65 - Mainland related Return Payments

Cover Payment

Cover payment is financial institution funds transfer between financial institutions, in which an underlying customer credit transfer is covered. The MT message for cover payment is MT202 COV which carries the underlying customer credit transfer in the format of MT103.

The coresponding MX message for cover payment is pacs.009 where the “Underlying Customer Credit Tranfer” must be provided to indicate that the pacs.009 is a cover payment. As usual, CHATS doesn’t validate and process the contents in “Underlying Customer Credit Tranfer”. If the pacs.009 is an USD cover payment, the whole message including the “Underlying Customer Credit Transfer” will be sent to HSSS for payment scanning.

The usage guideline for cover payment is pacs.009.001.08_COV - Payment request, which is available at the HKICL MyStandards web portal. By refering to this usage guideline, Members are reminded to input the Settlement Method as CLRG(Clearing System), not COVE(Cover Method) for cover payment.

Special Posting

Currently, Special Posting is the contingency measure for Members to submit payment instruction to CHATS via alternate channels in case of SWIFTNet connection failure on either ends. To trigger Special Posting, Members are required to make a request to HKICL, prepare a Special Posting File (in flat file format or Excel file format) containing the payment instruction, and then submit the file to HKICL via one of the following channels:

• File Transfer Service (FTS);
• HKICL web portal in case of FTS failure; or
• USB Flash Drive in case of both FTS and HKICL web portal failure