Inbound Faster Payments Processes

The Inbound SCT Inst payments are received as pacs.008 messages from CI. The system receives and processes the payments based on predefined processing steps.

Before starting the transaction processing, the system validates whether the message is received within the time out time maintained for the Inbound transaction in Network preferences. Time stamp in the message is used for this validation.

If received after time out seconds maintained, the payment is rejected upfront. On payment rejection, pacs.002 message is sent to CSM with an appropriate Reason Code.

If the payment is received within the allowed time limit, Inbound payment is further processed. The system does the below validations similar to the outbound payments:

Account/Bank re-direction Account re-direction is done for the credit account
Mandatory field checks/ Referential data checks
Network limit check
Customer account is verified whether it is open and authorized

Beneficiary name validation is done if the same is set as required in Source Network Preferences.

Any failure during validation processing results in a transaction reject and pacs.002 message is sent to CSM with appropriate reason code.

On completing all the initial validation successfully, the following steps are executed:

Sanction check – If the sanction check status is approved, the next processing activity is followed. In case of Seizure, the transaction amount will get credited to Seizure GL skipping further processing. In case of reject/interim/timed out status, transaction is rejected by the system and pacs.002 message is sent out.
External Account Check (EAC) – If EAC fails with reject/interim/timed out status, payment is rejected and pacs.002 message is sent out.

On successful completion of EAC, the system validates again whether the processing is completed before time out seconds maintained for inbound payments. This is checked with respect to the time stamp available in the Inbound pacs.008 message. If yes, acceptance message to CSM is sent. If the processing is completed after the maintained time out seconds, reject message is sent to CSM.

After sending an acceptance message, the system waits for the response from CSM before processing the payment further

If positive technical confirmation is received back from CSM, price/exchange rate processing are performed for the Inbound payment and beneficiary account is credited by handing off the payment accounting entries to Accounting System.

Notification to Beneficiary is sent after the credit accounting is successfully handed off.

If the technical confirmation from CSM is received as negative, the Inbound payment is marked as rejected.

Parent topic: Inbound SCT Inst Transaction View