Credit Transfer

Instant Credit Transfer Flows and Exceptions

An Instant Credit Transfer (ICT) is a type of electronic payment transaction that allows for the immediate transfer of funds from one bank account to another, within seconds or minutes. It is also known as a real-time payment or instant payment.

With an Instant Credit Transfer, the funds are transferred in real-time, which means that the recipient can access the money almost immediately. This makes ICTs an attractive option for businesses and individuals who need to make urgent payments or who want to avoid the delays associated with traditional payment methods, such as checks or wire transfers.

ICTs are often used for a variety of transactions, including person-to-person payments, business-to-business payments, and e-commerce transactions. They are also becoming increasingly popular for government payments, such as tax refunds and social benefits, as they offer a faster and more efficient way to distribute funds.

The message sequences below show various scenarios that may occur in a credit transfer message, these flows are defined between 5 stakeholders;

• The Payer - This is the end user who intends to send funds to another end user, presumably someone holding a store of value in another FSP.

• The Payee - This is the end user who intends to receive funds from the sending end user.

• The Direct Sending Participant - This is the FSP providing services to the Payer. We refer to them here as a "Direct Sending Participant" because they are connected directly to the payment system, without an intermediary party providing connection or settlement services.

• The Direct Receiving Participant - This is the FSP providing services to the Payee. We refer to them here as a "Direct Receiving Participant" because they are connected directly to the payment system, without an intermediary party providing connection or settlement services.

• The Payment System - This is the Instant Payment Switch that is providing interoperability between Participants of the Instant Payment Scheme.

Message Sequence

Figure (1) Succesful Single Credit Transfer Message Flow

Exception Sequences

The Switch does not receive Clearing Message from the Payer FSP

Figure (2) Payer FSP sends Pacs.008 Credit Message but it can not reach the Payment System

Payer FSP does not receive Status Report Message from Switch

Figure (3) Payer FSP does not receive confirmation (pacs.002) from the payment system within configured timeout

Payee FSP does not receive Final Status Report Message from the Switch

Figure (4) Payee FSP does not receive Final Status Report Message (Pacs.002 ACSP) from the Switch within the configured timeout

Payer FSP does not receive Final Status Report Message from the Switch

Figure (5) Payer FSP does not receive Final Status Report Message (Pacs.002 ACSP) from the Switch within the configured timeout