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ISO 20022 Payment Initiation for Cross-Border Payments

Pain001: Delivering Faster Payments Automation

ISO 20022 Payment Initiation for Cross-Border Payments

ISO 20022 Payment Initiation Messages are a set of XML-based messages enabling fast, efficient, transparent cross-border payments between financial institutions


Banks, corporations, and financial institutions around the globe are adopting ISO 20022 for high-value payments systems and cross-border payments, leveraging its power to automate and standardise payment transactions.

The Pain001 Python Finance Library generates fully compliant and valid ISO 20022 Payment messages that can integrate seamlessly into your payment system, reducing payments creation and processing costs and improving efficiency.

ISO 20022, the brainchild of the International Organization for Standardization (ISO), serves as the unified platform for crafting financial messages and defines the ISO standard for electronic data interchange between financial institutions.

What are ISO 20022 payment initiation messages?

ISO 20022 payment initiation messages are a set of XML-based messages that are used to enable payments between financial institutions. These messages are designed to be more efficient and secure than traditional payment messages. They also provide more detailed information about the payment.

There are two main types of ISO 20022 Payment Initiation messages:

Both message contain information about the payer, the payee, the amount of the payment, and the date and time of the payment. They also contain additional information, such as the purpose of the payment and the reference number.

A wide range of financial institutions, including banks, payment service providers, and clearing-houses, use ISO 20022 payment initiation messages.

Payments Initiation list of supported messages

The table shows the supported Payments Initiation messages in Pain001, and their original release dates of the messages. The Pain001 library supports the following versions of the ISO 20022 Customer Credit Transfer Initiation messages:

Version Release Date Description
pain.001.001.03 2009 Customer Credit Transfer Initiation V3, the most popular version
pain.001.001.04 2012 Customer Credit Transfer Initiation V4
pain.001.001.05 2013 Customer Credit Transfer Initiation V5
pain.001.001.06 2015 Customer Credit Transfer Initiation V6
pain.001.001.07 2016 Customer Credit Transfer Initiation V7
pain.001.001.08 2018 Customer Credit Transfer Initiation V8
pain.001.001.09 2019 Customer Credit Transfer Initiation V9

All of these are part of the ISO 20022 standard. V3 is common for SEPA Credit Transfers, and V4 for international credit transfers outside the Single Euro Payments Area (SEPA).

All versions carry the originator’s and beneficiary’s details, references, and other relevant information for credit transfer processing. V9, as a newer iteration, adds extras such as the currency and the SWIFT codes of the involved banks, and allows for more payments in a single message.

These messages transmit credit transfer instructions from the originator to their bank, supporting both bulk and single payment instructions. This capability enables transmission of multiple payments in a batch or individual payments separately.


Pain001 offers many benefits, including:



Pain001 is a powerful tool that can help businesses and organisations to simplify and automate their payment processing. It makes paying easier by creating ISO 20022-compliant payment files from Excel, CSV, and SQLite files. If you are looking for a way to improve the efficiency and accuracy of your payment processing operations, Pain001 is a great option.

Find out about the Customer Credit Transfer Initiation V3 (pain.001.001.03), and learn about this version of the ISO 20022 Customer Credit Transfer Initiation message.