Put CBPR+ cross-border transfer (pacs.008) back in order

THE DRILL AS TEXT

1. In CBPR+ cross-border transfer (pacs.008), what happens first, and what follows?
   • The debtor initiates the cross-border payment — A corporate treasury sends a pain.001 with structured party and remittance data — the structure survives the whole journey because every hop speaks ISO 20022.
   • Bank Alfa validates, screens, and debits — Checks and screening run on rich, structured fields — one of ISO 20022's main gains. The customer account is debited on acceptance.
   • The pacs.008 leaves with a BAH and UETR — The interbank message travels with a Business Application Header and a UETR — the end-to-end reference every bank keeps unchanged, making the payment trackable.
   • Meridian screens in the middle of the chain — The intermediary agent screens the structured parties, validates the serial route, and checks that Bank Alfa's account position can support the book transfer.
   • The correspondent settles across its books — Settlement is a book transfer between the two banks' USD accounts at Meridian — same mechanics as the MT world; the message standard changed, the money movement did not.
   • The pacs.008 continues to the creditor agent — The same UETR arrives at Cassia; anyone with the reference can see where the payment is in the chain.