Pacs Settlement method
The pacs messages introduce the Settlement Method element within the Group Header Settlement Information. Settlement refers to the Agent whose role is to act as an Account Servicing Institution i.e. owns the account and provides service to the customer (Account Owner). The Account Owner can be an Agent or another Party. Traditionally an interbank account relationship may have been referred to as a Nostro/Vostro relationship or an Agent’s account held on another Agent’s books/ another Agent’s account held on my books. Typically the commonality of this can be simplified to the Agent who provides the official Account statement is servicing … Continue reading Pacs Settlement method
