What is pain.008 MX message in SEPA? Why and how is it used ? Give me a practical example?

 The pain.008 MX message in SEPA (Single Euro Payments Area) is a standard XML message format used for payment status reporting. It provides information about the status of one or more payment transactions, including whether they have been accepted or rejected.

The pain.008 message is typically used by the receiving bank to provide feedback to the sender regarding the outcome of their payment instructions. It helps the sender to reconcile their records and take appropriate actions based on the status of the payments.

Here's a practical example of a pain.008 message:

```xml

<Document xmlns="urn:iso:std:iso:20022:tech:xsd:pain.008">

  <FIToFIPmtStsRpt>

    <GrpHdr>

      <MsgId>PAY20220001</MsgId>

      <CreDtTm>2022-01-01T10:00:00</CreDtTm>

    </GrpHdr>

    <OrgnlGrpInfAndSts>

      <OrgnlMsgId>GRP20220001</OrgnlMsgId>

      <GrpSts>ACCP</GrpSts>

    </OrgnlGrpInfAndSts>

    <TxInfAndSts>

      <OrgnlInstrId>PMT20220001</OrgnlInstrId>

      <OrgnlEndToEndId>ENDTOEND20220001</OrgnlEndToEndId>

      <TxSts>ACCP</TxSts>

      <StsRsnInf>

        <Rsn>

          <Cd>SUCC</Cd>

          <Prtry>Successful Payment</Prtry>

        </Rsn>

      </StsRsnInf>

    </TxInfAndSts>

  </FIToFIPmtStsRpt>

</Document>

```

In this example, the pain.008 message provides the payment status report for a specific payment instruction (PMT20220001) within a payment group (GRP20220001). The group status (GrpSts) and transaction status (TxSts) are both indicated as "ACCP," which means the payment has been accepted.

The message also includes a status reason information (StsRsnInf) element, which specifies the reason for the successful payment (Cd: SUCC, Prtry: Successful Payment).

This pain.008 message allows the sender to receive timely feedback on the status of their payments, enabling them to reconcile their records and ensure accurate and up-to-date financial information.