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SWIFTNet Interface

The definition of SWIFT environment is bank-specific and is dependent on many factors. It is the responsibility of each participant to determine the modifications to its own SWIFT environment and any changes to internal systems necessary to support connectivity to the CHATS.

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-------------
    CHATS   |
 participant|                                                 -----
            |                ------------------              |     |
    (CBT)   |   <----------->|                |<---------->  |     |
  (InterAct)|                |                | MX message   |     |
-------------                |                |              |     |
                             |    SWIFTNet    |              |     |
                             | (as interface) |              |     |
                             |                |              |CAHTS|
-------------                |                |              |     |
    SI/CB   |                |                |              |     |
            |                |                |              |     |
            |                |                | MX message   |     |
    (CBT)   |   <----------->|                |<---------->  |     |       
  (InterAct)|                ------------------               -----
-------------

MX message flow

1. Participant Interface

1.1 List of Supported MX Messages

The following MX messages are sent by a participant.

  • IFT Payment Transfers
    • Single Customer Credit Transfer - pacs.008.001.08
    • Financial Institution Transfer - pacs.009.001.08
    • Payment Return - pacs.004.001.09
  • Cancellation
    • Cancellation Request- camt.056.001.08
  • Bank Statement
    • Request Message- camt.060.001.05

The following MX messages are received by a participant

  • IFT Payment Transfers and related messages

    • Single Customer Credit Transfer - pacs.008.001.08
    • Financial Institution Transfer - pacs.009.001.08
    • Payment response - pacs.002.001.10
    • Payment Return - pacs.004.001.09

  • Other payments

    • Credit Advice for Third Party Payment - pacs.009.001.08
    • Debit/Credit Advice - camt.054.001.08

  • Special Posting

    • Debit Advice - camt.054.001.08
    • Credit Advice
      • pacs.008.001.08
      • pacs.009.001.08
      • pacs.004.001.09

  • OTCC Direct Debit and related messages

    • Debit Advice to debit participant - camt.054.001.08
    • Credit Advice to credit participant - pacs.009.001.08

  • Cancellation

    • Cancellation Answer - camt.029.001.09

  • Miscellaneous Messages

    • CLS Handshake (Applicable to CLS Bank only) - camt.021.001.06
    • Revision of Business Day Schedule - camt.019.001.07
    • Administrative Message - camt.021.001.06
    • CMU Payment Notification——IFT payment auto generated by CHATS - pain.001.001.09
    • CMU Payment Notification——IFT Payment to be constructed by participant - pain.001.001.09
    • Advice of Debit to DP (for GU payment sent from a GU) - camt.021.001.06
    • Advice of Credit to DP (for GU payment sent to a GU) - camt.021.001.06

  • Bank Statement

    • Intra-day Statement - camt.052.001.08
    • End-of-day Statement - camt.053.001.08
    • Rejection Advice for Statement Request - camt.025.001.05

  • Message Rejection Message Rejection - admi.002.001.01

1.2 Participant Initiated Payment

Settled Successfully

Instructing Agent sends the payment transfer message such as pacs.008/pacs.009 to Instructed Agent via Swift network. that will happen:

  1. the message sent by Instructing Agent will reach CHATS firstly via SWIFT network.
  2. CHATS can validate the message. If it is valid, then settle it.
  3. CHATS returns the accpected acknowledgement to Instructing Agent and forwords the message to Instructed Agent via SWIFT network.

Rejected Payment

Instructing Agent sends the payment transfer message via SWIFT, but the message doesn’t pass the validation by CHATS, maybe the rejection reason could be a value date not supported in CHATS. So CHATS returns the rejected message pacs.002 to Instructing Agent.

1.3 SI/CB Initiated Direct Debit/Credit

Settled Direct Debit via SWIFT Successfully

  1. Sender sends message pacs.010 via SWIFT network.
  2. CHATS validates the message and settles it.
  3. CHATS returns the accepted message(ack) pacs.002 to Sender(SI/CB) and sends the message camt.054 to Debtor.

Settled Direct Credit via SWIFT Successfully

  1. Sender sends message pacs.009 via SWIFT network.
  2. CHATS validates the message and settles it.
  3. CHATS returns the accepted message(ack) pacs.002 to Sender(SI/CB) and sends the message pacs.009 to Creditor via SWIFT network.

Settled Direct Debit/Credit via SAP Terminal Successfully

  1. CHATS settles the message first.
  2. CHATS sends the credit advice message camt.054/pacs.009 to Creditor and sends the debit advice message camt.054 to Debtor via SWIFT network.

1.4 Participant Initiated Return Payment

Settled Successfully

  1. Instruting Agent(Instructed Agent of Original Transaction) sends the return payment message pacs.004 to CHATS via SWIFT network.
  2. CHATS validates and settles the message.
  3. CHATS return the accepted ack message pacs.002 to Instructing Agent and sends the return message to Instructed Agent(Instructing Agent of Original Transaction) via SWIFT network.

Rejected Payment

  1. Instruting Agent(Instructed Agent of Original Transaction) sends the return payment message pacs.004 to CHATS via SWIFT network.
  2. After Validating, maybe the message doesn’t meet the rules. CHATS sends the rejected message pacs.002 back to Instructing Agent via SWIFT network.

1.5 Global User Payment Request

Between 2 Global User

  1. Global User A sends the message pacs.008/pacs.009 to CHATS via SWIFT network.
  2. CHATS validates and settles the message.
  3. CHATS returns the accepted ack message pacs.002 to GU A , and forwards the message to Global User B via SWIFT network.
  4. At the same time, CHATS sends the Debit Advice message camt.021 to Direct Participant C, and sends the Credit Advice message camt.021 to Direct Participant D via SWIFT network.

From Global User to Direct Participant

  1. Global User A sends the message pacs.008/pacs.009 to CHATS via SWIFT network.
  2. CHATS validates and settles the message.
  3. CHATS sends the accepted ack message pacs.002 to GU A, sends the Debit Advice message camt.021 to Direct Participant C, and sends the transfer payment message and the Credit Advice message camt.054 to Direct Participant D via SWIFT network.

From Direct Participant to Global User

  1. Direct Participant C sends the message pacs.008/pacs.009 to CHATS via SWIFT network.
  2. CHATS validates and settles the message.
  3. CHATS sends the accepted ack message pacs.002 and the Debit Advice message camt.054 to Direct Participant C, forwards the transfer payment message to Global User B, and sends the Credit Advice message camt.021 to Direct Participant D via SWIFT network.

1.6 Other Debit and Credit from CHATS

the receipt of a payment initiated directly in CHATS.

After settlement, CHATS sends the message receipt (camt.054/pacs.009 for credit advice) to Creditor and sends the message receipt (camt.054 for debit advice) to Debtor via SWIFT network.

1.7 OTCC Direct Debit

  1. OTCC sends the debit payment message pacs.010 to CHATS via SWIFT network.
  2. CHATS validates the message.
  3. CHATS sends the payment notification message camt.021 to Debit Participant via SWIFT network when OTCC direct debit accepted.
  4. CHATS settles the message.
  5. CHATS returns the credit advice message pacs.002 to OTCC, sends the debit advice message camt.054 to Debit Participant, and sends the credit advice message pacs.009 to Credit Participant via SWIFT network.

1.8 Cancellation of Payment by Participant

Cancellation of Payment Initiated via SWIFT

  1. Instructing Agent sends the payment message pacs.008/pacs.009/pacs.009_COV/pacs.004 to CHATS via SWIFT network.
  2. After validation in CHATS, the message is pending status due to bank insufficient of fund. And the same time, Instructing Agent sends the Cancellation Request message camt.056 to CHATS.
  3. CHATS validates the cancellation request message.
  4. CHATS cancel the message, and returns the Cancelled notification message camt.029 and the rejected notification message pacs.002 to Instructing Agent via SWIFT network.

Cancellation of CHATS Initiated Payment

Rejection of Cancellation Request

  1. Sender(SI/CB, Participant) sends the calcellation request message camt.056 to CHATS via SWIFT network.
  2. After Validation, CHATS returns the rejected notification message camt.029 to Sender.

Cancellation of OTCC Direct Debit

1.9 Cancellation of Payment by CHATS

Cancellation of Payment initiated by Participant

CHATS may cancel unsettled payments at respective cutoff times. Also, participant may request to cancel payment (pacs.008/pacs.009/pacs.009_COV/pacs.004) via eMBT. The following diagram illustrates the ISO 20022 message flow associated with the successful cancellation of a Payment Request via SWIFT.

However, this only applies to the payments initiated by participants via SWIFT.
For the CHATS initiated IFT payments, they may be cancelled by CHATS if they
are still unsettled at respective cutoff times. As the payments are not initiated by
participants, there will be no cancellation advices to be sent to the participants.

Cancellation of OTCC Direct Debit

  1. OTCC sends the message pacs.010 to CHATS via SWIFT network.
  2. CHATS validate the message.
  3. If the queue is pending status due to bank insufficient of fund, CHATS will send the payment notification message camt.021 to Debit Participant via SWIFT network.
  4. CHATS cancels the transaction, then sends the cancellation advice message camt.021 to Debit Participant and sends the cancellation advice message pacs.002 to OTCC via SWIFT network.

1.10 Payment Initiation Notification

1.11 Bank Statement

Intra-day Bank Statement Request (Successful)

  1. Sender(SI/CB, Participant) sends the statement Request message camt.060 to CHATS via SWIFT network.
  2. CHATS validates and processes it.
  3. CHATS return the report message camt.052 to Sender.

Intra-day Bank Statement Request (Rejected)

  1. Sender(SI/CB, Participant) sends the statement Request message camt.060 to CHATS via SWIFT network.
  2. CHATS validates it and doesn’t pass.
  3. CHATS return the rejected message camt.025 to Sender via SWIFT network.

End of Day Bank Statement

At the end of the day, CHATS sends the bank statement message camt.053(about Customer account overview information) to Participant via SWIFT network.

1.12 Special Posting Transaction

Special Posting transactions - In case of SAA service discruption or other emergencies, Participant bank payment systems need to generate an EXCEL file in the format required by HKICL containing all RTGS exporting messages.

After settlement, CHATS sends the credit advice message pacs.008/pacs.009/pacs.004 to Creditor and debit advice message camt.054 to Debtor via SWIFT network.

1.13 Notification Message

Notification message including Revision of Business Day Schedule, Administrative Message, CLS Handshake Message.

CHATS sends notification massage camt.019/camt.021 to SI/CB, Participant via SWIFT network.

1.14 Message Rejection

  1. Sender(SI/CB, Participant) sends ISO 20022 request message to CHATS via SWIFT network.
  2. After validation, CHATS return the rejection message admi.002 to Sender via SWIFT network.

2. SI/CB Interface

2.1 List of Supported MX Messages

The following messages are sent by an SI/CB:

  • SI Direct Debit/Credit
    • Direct Credit - pacs.009.001.08
    • Direct Debit - pacs.010.001.03

The following messages are received by an SI/CB:

  • Proprietary Messages

    • Settlement Advice - pacs.002.001.10
    • Insufficient Funds Notification - pacs.002.001.10
    • Cancellation Advice - pacs.002.001.10
    • Rejection Advice - pacs.002.001.10

  • Message Rejection

    • Message Rejection - admi.002.001.01

2.2 SI Direct Debit/Credit Initiated over SWIFT

2.3 Cancellation of Direct Debit/Credit

2.4 Message Rejection

3. OTCC Interface

3.1 List of Supported MX Messages

The following messages are sent by an OTCC:

  • OTCC Direct Debit
    • Direct Debit - pacs.010.001.03

The following messages are received by OTCC:

  • OTCC Direct Debit and related messages
    • Credit Advice - pacs.002.001.10
    • Cancellation Advice - pacs.002.001.10
    • Rejection Advice - pacs.002.001.10

The following messages are received by participant:

  • Payment Nofication
    • Payment Nofication - camt.021.001.06
  • Cancellation Advice
    • Cancellation Advice - camt.021.001.06
  • Debit Advice
    • Debit Advice - camt.054.001.08
  • Credit Advice
    • Credit Advice - pacs.009.001.08

3.2 OTCC Direct Debit

Appendix

eCMT - Central MoneyMarkets Unit Member Terminal via SWIFTNet
eMBT - Member Bank Terminal via SWIFTNet
iCMT - Central MoneyMarkets Unit Member Terminal via Internet
iMBT - Member Bank Terminal via Internet
BIC - Bank Identifier Code
CB - Clearing Bank
CCASS - Central Clearing and Settlement System
CCPMP - Cross Currency Payment Matching Processor
CHATS - Clearing House Automated Transfer System
CLS - Continuous Linked Settlement
CMU - Central MoneyMarkets Unit
CMUP - Central MoneyMarkets Unit Processor
CMUS - CMU Service
DMV - Discounted Market Value
DP - Direct Participant
EFCS - Exchange Fund Clearing and Settlement
FPS - Faster Payment System
FTS - File Transfer Service
GTRS - Global Tripartite Repo System
GU - Global User
HKICL - Hong Kong Interbank Clearing Limited
HKMA - Hong Kong Monetary Authority
HRN - HKICL Reference Number
ICU - Indirect CHATS User
IFT - Interbank Funds Transfer
IP - Indirect Participant
JETCO - Joint Electronic Teller Services Limited
MPF - Mandatory Provident Fund
OTCC - OTC Clearing Hong Kong Limited
RTGS - Real Time Gross Settlement
SAB - SWIFTAlliance WebStation
SAP - Settlement Account Processor
SI - Settlement Institution
STP - Straight Through Processing
T&T - Test and Training
TRN - Transaction Reference Number
UAT - User Acceptance Testing