SWIFT ISO 20022 - Message description - FI To FI Payment Reversal (pacs.007.001)
Description
Scope
The FinancialInstitutionToFinancialInstitutionPaymentReversal message is sent by an agent to the next party in the payment chain. It is used to reverse a payment previously executed.
Usage
The FIToFIPaymentReversal message is exchanged between agents to reverse a payment message that has been settled. The result will be a credit on the debtor account (when the reversed payment was a direct debit) or a debit on the creditor account (when the reversed payment was a credit transfer).
The FIToFIPaymentReversal message may or may not be the follow-up of a payment message.
The FIToFIPaymentReversal message refers to the original payment message by means of references only or by means of references and a set of elements from the original instruction.
The FIToFIPaymentReversal message can be used in domestic and cross-border scenarios.