If you’re making cross-border payments, you may start to see or hear about pacs.008 and be wondering what it is. At Rutland FX, many of our clients are used to seeing the MT103 on our platform or being asked by suppliers to provide one as proof of payment.
But things are changing. Under SWIFT’s CBPR+ programme, the MT103 is scheduled to be phased out for cross-border payments by November 2025, with pacs.008 becoming the new global standard. While some translation services may exist for a time, the industry is moving decisively towards ISO 20022 and pacs.008.
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What is pacs.008?
pacs.008 is a standardised financial messaging format defined by ISO 20022. It represents the FI-to-FI Customer Credit Transfer message, carrying structured XML payment data between financial institutions. On the SWIFT network, pacs.008 is being rolled out under the CBPR+ (Cross-Border Payments and Reporting Plus) initiative as the direct replacement for the legacy MT103. Unlike MT103, which was proprietary to SWIFT, pacs.008 is a global ISO 20022 standard used in both cross-border and domestic payment systems.
From MT103 to ISO 20022 pacs.008
MT103 is the classic customer credit transfer message used on the SWIFT FIN network—proprietary to SWIFT and based on text tags. The industry is now moving to ISO 20022, a standardised and structured XML data model used globally across domestic and cross-border systems. Under SWIFT’s CBPR+ (Cross-Border Payments and Reporting Plus) initiative, SWIFT has adopted ISO 20022 for cross-border use and is replacing MT103 with pacs.008.
MT103: A proprietary SWIFT message, unique to the SWIFT FIN network. It was text-based, with tags like
:20:
:32A:
:50K:
pacs.008: A globally defined ISO 20022 message (“FI to FI Customer Credit Transfer”). It’s XML-based, structured, and already in use across many domestic and international payment systems.
Key difference: MT103 only ever existed on SWIFT. pacs.008 belongs to ISO 20022—SWIFT has adopted it under CBPR+ for cross-border payments, but it is not exclusive to SWIFT.
What if a supplier still asks for an MT103??
Traditionally, when a supplier asked for an MT103, they wanted proof of payment. The MT103 contained key details such as the sender, receiver, beneficiary, amount, and transaction reference. The receiving bank could also use this message to validate that an inbound payment was on the way and, in some cases, credit the funds more quickly.
Today, the equivalents are primarily:
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The pacs.008 message – the direct ISO 20022 replacement for MT103.
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The UETR – a unique reference that allows banks and businesses to track the payment in real time via SWIFT gpi.
If your supplier still says “send me the MT103,” what they really need is payment confirmation or proof of payment under the new pacs.008 standard. Even if their bank has not fully migrated to ISO 20022 yet, SWIFT’s translation services ensure that pacs.008 can be converted back into an MT103 format for them. In other words, you can provide the pacs.008 (or the UETR number), and their bank will still be able to process, track and validate it.
How can I get the pacs.008?
At Rutland FX, accessing the pacs.008 for your payment is straightforward:
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Through your online account – Once a payment has been dispatched, you can log into your Rutland FX account, locate the payment, and click through to the payment confirmation screen. The pacs.008 details will be available there.
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After dispatch only – You will only see the pacs.008 once the payment has actually been sent. It won’t be available while the payment is still pending.
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Via your account manager – If you use telephone dealing or can’t access the platform at the time, you can also ask your Rutland FX account manager to provide the pacs.008 confirmation for you.
This ensures you always have access to the correct proof of payment, whether through the platform or directly from your account manager.
Can I still trace delayed payments with a pacs.008?
Yes — just like the MT103, you can still trace delayed payments using the new format. Instead of providing the MT103, you can give the pacs.008 details or the UETR (Unique End-to-End Transaction Reference) to the receiving bank.
The UETR in particular is very powerful because it allows real-time tracking through the SWIFT gpi network. This means the receiving bank can quickly identify where the payment is in the chain and resolve any delays.
In practice, if a supplier or bank is chasing for payment, simply provide them with the pacs.008 or the UETR, and they will be able to trace the funds just as they would have done with an MT103.
The MT103 SWIFT message you may be used to has now been replaced by pacs.008 on our platform. This means that if your supplier asks for an MT103, you would instead provide them with either the pacs.008 or the UETR number. If the receiving bank has not yet adopted ISO 20022 pacs.008, it is likely using a SWIFT translation service, which automatically converts the pacs.008 back into an MT103 format so the supplier’s bank can identify and trace the payment.
Still not sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.