MT204 ↔ pacs.010
1 pair on this page · Use case: FI transfer
Business purpose
Financial Markets Direct Debit Message — sent by an exchange, clearing house, or FI to instruct the debtor's agent to move funds from one or more debtor accounts to one or more creditors, where both debtor and creditor are financial institutions. Most commonly used for CCP margin calls; SWIFT's own training material names the ISO module 'Interbank Direct Debit — Margin Collection (pacs.010)'.
What does NOT map cleanly
MT204 is outside the November 2025 CBPR+ cross-border payment-instruction cutover. Swift and a Eurosystem design document list pacs.010 as its message-level counterpart, but that does not establish field-level equivalence or a universal migration obligation. Do not infer a mandatory cutover for an MT204 service from the payment-instruction date.
Migration notes
Swift's September 2026 roadmap treats direct-debit and margin-collection migration separately from the November 2025 payment-instruction cutover. It shows an SR2028 planning aim whose enforcement depends on community adoption, while warning that the roadmap's dates and information are under review after the SR2026 deferral. It is not a confirmed universal end date for MT204.
Sources
- Deutsche Bundesbank / T2 — Overview of messages for the future RTGS (June 2018) ·MT204 DirectDebit maps to pacs.010 FinancialInstitutionDirectDebit, categorised as 'ISO Message (no CR needed)' in the T2/RTGS future-services gap analysis (confirmed)
- BNY — Update on ISO 20022 End of Co-existence ·Direct Debit messages (MT104/MT107/MT204) are Out-of-Scope for the 22 November 2025 CBPR+ cutover and will continue to be supported until a date is defined by SWIFT (confirmed)
- Swift — CBPR+ roadmap beyond Standards Release 2025, September 2026 v6 ·Swift maps MT204 to pacs.010 and presents an SR2028 migration aim for direct debit and margin collection, with enforcement dependent on adoption; this September 2026 roadmap warns that dates are under review (confirmed)