Payment type and codes checkpoint
Check that you can tell service level, category purpose, and purpose apart, and read the common 4-letter code values a payment carries.
QUESTIONS AS TEXT
Q1. A pain.001 carries SvcLvl/Cd = SEPA, CtgyPurp/Cd = SALA, and Purp/Cd = SALA. What does the service level (SEPA) tell the banks?
Answer: A: Which scheme rulebook the payment runs under — its obligations, timings, and validation.
Service level answers 'under which scheme' (SEPA), category purpose answers 'what kind of payment, for the banks' (SALA salary), and purpose answers 'why, for the customer' (also SALA here). Three different elements, overlapping code lists, different audiences.
Q2. In a pacs.008, the charge bearer element ChrgBr is set to DEBT. What happens to the charges?
Answer: A: The debtor pays all the banks' charges, so the creditor receives the full instructed amount.
Charge bearer has four values: DEBT (debtor pays all, MT OUR), CRED (creditor pays all, MT BEN), SHAR (shared, MT SHA), and SLEV (follow the service level, required in SEPA). With DEBT the beneficiary receives the full amount instructed.
Q3. A pacs.009 shows settlement method COVE with an instructing and an instructed reimbursement agent. What are those agents?
Answer: A: The correspondents where the cover funds move — the ISO equivalent of an MT202 COV's :53a: and :54a:.
The reimbursement agents (instructing / instructed / third) appear only with the COVE settlement method and name where the cover funds are paid — the same role MT202 COV expresses with the sender's and receiver's correspondents (:53a:/:54a:).