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Instant Payment Transaction Flow

Step	Involved Messages	Involved Actors	Description
1	FItoFICustomerCreditTransfer	Originator Participant, Ancillary System or Instructing Party as Sender TIPS as receiver	TIPS receives an Instant Payment transaction from the Originator Participant or Instructing Party acting on behalf of the Originator Participant, Ancillary System or a Reachable Party starting the conditional settlement phase of the transaction. Technical validation, check of mandatory fields and authentication checks have already been successfully executed. The timeout for the Instant Payment transaction has not expired. TIPS logs the instruction as “Received”.
2		TIPS	TIPS unsuccessfully executes one of the checks listed in step 2. At the first negative check the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code. If the failed check is “Timeout Check - Originator Side”, the status of the transaction is set to “Expired”; in all the other cases, the status is set to “Failed”.
2e	FIToFIPaymentStatusReport	TIPS as sender Originator Participant, Ancillary System or Instructing Party as receiver	TIPS unsuccessfully executes one of the checks listed in step 2. At the first negative check the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code. If the failed check is “Timeout Check - Originator Side”, the status of the transaction is set to “Expired”; in all the other cases, the status is set to “Failed”.
3		TIPS	TIPS infers the account to be debited from the configured accounts information, the Originator Participant BIC and the currency of the Instant Payment transaction. In details TIPS checks that: an account, with either type "TIPS Account" or “TIPS AS Technical Account” exists, it is linked to the Originator Participant (field "Originator BIC") as authorised user, and it is denominated in the same currency as the one defined in the Settlement Amount. If the check does not return any account, TIPS looks for a CMB linked to the Originator Participant (field "Originator BIC") as authorised user; TIPS selects the account linked to the CMB; the account related to the CMB must be denominated in the same currency as the one defined in the Settlement Amount. From now on, the selected account is referred to as "Originator Account" and the possible CMB as "Debiting CMB".
4		TIPS	TIPS infers the account to be credited from the configured accounts information, the Beneficiary Participant BIC and the currency of the Instant Payment transaction. In details TIPS checks that: an account, with either type "TIPS Account" or “TIPS AS Technical Account” exists, it is linked to the Beneficiary Participant (field "Beneficiary BIC" ) as authorised user, and has a currency equal to the one defined in the Settlement Amount. If the check does not return any account, TIPS looks for a CMB linked to the Beneficiary Participant (field "Beneficiary BIC") as authorised user; TIPS selects the account linked to the CMB; the account related to the CMB must be denominated in the same currency as the one defined in the Settlement Amount. From now on, the selected account is referred to as "Beneficiary Account" and the possible CMB as "Crediting CMB".
5		TIPS T	TIPS successfully executes the check: - Duplicate check;
5e	FIToFIPaymentStatusReport	TIPS as sender Originator Participant, Ancillary System or Instructing Party as receiver	TIPS unsuccessfully executes the check listed in step 5. If the check is unsuccessful the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender – containing the proper error code. The transaction is set to “Failed” status.
6		TIPS	TIPS sends it to the Check and Execute Instruction process. TIPS sets the transaction status to "Validated".
7		TIPS	TIPS successfully executes the checks: - Originator Account/CMB not blocked; - Beneficiary Account/CMB not blocked; - Available amount not exceeded;
7e	FIToFIPaymentStatusReport	TIPS as sender Originator Participant, Ancillary System or Instructing Party as receiver	TIPS unsuccessfully executes the checks listed in step 7. At the first negative check the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code. The transaction is set to “Failed” status.
8		TIPS	The DN of the Sender in step 1 is saved as information related to the transaction. From now on, this DN is referred to as "Originator DN".
9		TIPS	TIPS reserves funds in the Originator account. The full amount is reserved as Reserved Balance in the Cash Balance. TIPS sets the transaction status to "Reserved". If a Debiting CMB is involved, the system decreases its headroom by the same amount. After this moment, the settlement attempt is agreed and can either be confirmed or rejected by the counterpart or fail for a missing answer. The reserved amount cannot be considered for other payments.
10		TIPS	The DN of the beneficiary is identified in the "Outbound DN-BIC Routing" mapping table from the field Creditor Agent. From now on, this DN is referred to as "Beneficiary DN".
11	FItoFICustomerCreditTransfer	TIPS as sender Beneficiary Participant, Ancillary System or Instructing Party as receiver	TIPS forwards the received Instant Payment transaction to the Beneficiary DN.
12p	FIToFIPaymentStatusReport	Beneficiary Participant, Ancillary System or Instructing Party as sender TIPS as receiver	The Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party starts the settlement phase of the transaction by sending a positive payment status report that is successfully delivered to TIPS. Technical validation, check of mandatory fields and authentication checks have already been successfully executed.
13p		TIPS	TIPS successfully executes the checks: - Access Rights check; - Instructing Party authorised – creditor side; - Pending transaction existing; - Timeout Check - Beneficiary Side
13e	FIToFIPaymentStatusReport	TIPS as sender Beneficiary Participant, Ancillary System or Instructing Party as receiver	TIPS unsuccessfully executes the checks listed in step 13p. At the first negative check the system stops and sends a message to the Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party (DN of the sender of the message) containing the proper error code.
14e		TIPS	If the pending transaction exists, TIPS retrieves it using the Transaction ID. The reserved amount is released in the involved Originator Account and the possibly involved Debiting CMB is increased of the same amount. TIPS always releases the reserved transactions even if the involved account or CMB have been blocked in the meantime. The transaction is set to "Failed" status.
15e	FIToFIPaymentStatusReport	TIPS as sender Originator Participant, Ancillary System or Instructing Party as receiver	TIPS sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code.
14p		TIPS	TIPS identifies the transaction using the Transaction ID. The transaction Id is related to a transaction that exists in TIPS and still in "Reserved" status.
15p		TIPS	TIPS retrieves the reserved transaction and confirms it. The amount is considered settled and the transaction is set to "Settled" status. The reserved amount of the Originator Account is decreased by the amount of the corresponding settled transaction. The same positive amount is added to the Beneficiary Account. If a Crediting CMB is involved, TIPS increases its headroom by the same amount. TIPS always executes the reserved transactions even though the involved accounts (or CMBs) have been blocked in the meantime.
16p	FIToFIPaymentStatusReport	TIPS as sender Originator Participant, Ancillary System or Instructing Party as receiver	TIPS forwards the received Payment status report to the Originator DN.
17p	FIToFIPaymentStatusReport	TIPS as sender Beneficiary Participant, Ancillary System or Instructing Party as receiver	TIPS generates a positive Payment status report and sends it to the Beneficiary DN. The FIToFIPaymentStatusReport contains the Transaction ID and Originator BIC of the transaction.
18p	ReturnAccount	TIPS as sender Debited Account and/or CMB Owner	TIPS checks the "Floor notification amount" configured for the involved Originator account or Debiting CMB. After settlement confirmation, if the account balance and/or the CMB headroom crosses the threshold configured as "floor notification amount", TIPS sends a ReturnAccount to the account and/or CMB owners involved in the transaction. The message is sent to the default DN of the Account Owner and/or CMB Owner. The message contains the Originator account number or the Debiting CMB number
19p	ReturnAccount	TIPS as sender Credited Account and/or CMB Owner	TIPS checks the "Ceiling notification amount" configured for the involved Beneficiary account or Crediting CMB. After settlement confirmation, if the account balance and/or the CMB headroom crosses the threshold configured as "ceiling notification amount", TIPS sends a ReturnAccount to the account and/or CMB owners involved in the transaction. The message is sent to the default DN of the Account Owner and/or CMB Owner. The message contains the Beneficiary account number or the Crediting CMB number
12n	FIToFIPaymentStatusReport	Beneficiary Participant, Ancillary System or Instructing Party as sender TIPS as receiver	The Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party triggers the settlement phase of the transaction sending a negative payment status report that is successfully delivered to TIPS. In this scenario the settlement phase will end up with a rejection of the Instant Payment transaction and the un-reservation of corresponding funds. Technical validation, check of mandatory fields and authentication checks have already been successfully executed.
13n		TIPS	TIPS successfully executes the checks: - Access Rights check; - Instructing Party authorised – creditor side; - Pending transaction existing.
13e		TIPS as sender Beneficiary Participant, Ancillary System or Instructing Party as receiver	TIPS unsuccessfully executes the checks at step 13n. At the first negative check the system stops and sends a message to the Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party (DN of the sender of the message) containing the proper error code.
14e		TIPS If the pending transaction exists, TIPS retrieves it using the Transaction ID. The reserved amount is released in the involved Originator account and the possibly involved Debiting CMB is increased of the same amount. TIPS always releases the reserved transactions even if the involved account or CMB have been blocked in the meantime. The transaction is set to "Failed" status	15e
FIToFIPaymentStatusReport	TIPS as sender Originator Participant, Ancillary System or Instructing Party as receiver	TIPS sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code.	14n
	TIPS	TIPS identifies the transaction using the Transaction ID. The Transaction ID is related to a transaction existing in TIPS and still in "Reserved" status.	15n
	TIPS	TIPS retrieves the Instant Payment transaction to be rejected and releases it. The reserved amount is released in the involved Originator Account and the possibly involved Debiting CMB is increased of the same amount. TIPS always releases the reserved transactions even if the involved account or CMB have been blocked in the meantime. The transaction is set to "Rejected" status.	16n

Step

Involved Messages

Involved Actors

Description

FItoFICustomerCreditTransfer

Originator Participant, Ancillary System or Instructing Party as Sender

TIPS as receiver

TIPS receives an Instant Payment transaction from the Originator Participant or Instructing Party acting on behalf of the Originator Participant, Ancillary System or a Reachable Party starting the conditional settlement phase of the transaction. Technical validation, check of mandatory fields and authentication checks have already been successfully executed. The timeout for the Instant Payment transaction has not expired.

TIPS logs the instruction as “Received”.

TIPS

TIPS unsuccessfully executes one of the checks listed in step 2. At the first negative check the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code.

If the failed check is “Timeout Check - Originator Side”, the status of the transaction is set to “Expired”; in all the other cases, the status is set to “Failed”.

FIToFIPaymentStatusReport

TIPS as sender

Originator Participant, Ancillary System or Instructing Party as receiver

If the failed check is “Timeout Check - Originator Side”, the status of the transaction is set to “Expired”; in all the other cases, the status is set to “Failed”.

TIPS

TIPS infers the account to be debited from the configured accounts information, the Originator Participant BIC and the currency of the Instant Payment transaction. In details TIPS checks that:

an account, with either type "TIPS Account" or “TIPS AS Technical Account” exists,
it is linked to the Originator Participant (field "Originator BIC") as authorised user,
and it is denominated in the same currency as the one defined in the Settlement Amount.

If the check does not return any account, TIPS looks for a CMB linked to the Originator Participant (field "Originator BIC") as authorised user;

TIPS selects the account linked to the CMB; the account related to the CMB must be denominated in the same currency as the one defined in the Settlement Amount.

From now on, the selected account is referred to as "Originator Account" and the possible CMB as "Debiting CMB".

TIPS

TIPS infers the account to be credited from the configured accounts information, the Beneficiary Participant BIC and the currency of the Instant Payment transaction. In details TIPS checks that:

an account, with either type "TIPS Account" or “TIPS AS Technical Account” exists,
it is linked to the Beneficiary Participant (field "Beneficiary BIC" ) as authorised user,
and has a currency equal to the one defined in the Settlement Amount.

If the check does not return any account, TIPS looks for a CMB linked to the Beneficiary Participant (field "Beneficiary BIC") as authorised user;

TIPS selects the account linked to the CMB; the account related to the CMB must be denominated in the same currency as the one defined in the Settlement Amount.

From now on, the selected account is referred to as "Beneficiary Account" and the possible CMB as "Crediting CMB".

TIPS T

TIPS successfully executes the check:

- Duplicate check;

FIToFIPaymentStatusReport

TIPS as sender

Originator Participant, Ancillary System or Instructing Party as receiver

TIPS unsuccessfully executes the check listed in step 5. If the check is unsuccessful the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender – containing the proper error code.

The transaction is set to “Failed” status.

TIPS

TIPS sends it to the Check and Execute Instruction process. TIPS sets the transaction status to "Validated".

TIPS

TIPS successfully executes the checks: - Originator Account/CMB not blocked;

- Beneficiary Account/CMB not blocked;

- Available amount not exceeded;

FIToFIPaymentStatusReport

TIPS as sender

Originator Participant, Ancillary System or Instructing Party as receiver

TIPS unsuccessfully executes the checks listed in step 7.

At the first negative check the system stops and sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code. The transaction is set to “Failed” status.

TIPS

The DN of the Sender in step 1 is saved as information related to the transaction. From now on, this DN is referred to as "Originator DN".

TIPS

TIPS reserves funds in the Originator account. The full amount is reserved as Reserved Balance in the Cash Balance. TIPS sets the transaction status to "Reserved". If a Debiting CMB is involved, the system decreases its headroom by the same amount. After this moment, the settlement attempt is agreed and can either be confirmed or rejected by the counterpart or fail for a missing answer. The reserved amount cannot be considered for other payments.

TIPS

The DN of the beneficiary is identified in the "Outbound DN-BIC Routing" mapping table from the field Creditor Agent. From now on, this DN is referred to as "Beneficiary DN".

FItoFICustomerCreditTransfer

TIPS as sender

Beneficiary Participant, Ancillary System or Instructing Party as receiver

TIPS forwards the received Instant Payment transaction to the Beneficiary DN.

12p

FIToFIPaymentStatusReport

Beneficiary Participant, Ancillary System or Instructing Party as sender

TIPS as receiver

The Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party starts the settlement phase of the transaction by sending a positive payment status report that is successfully delivered to TIPS.

Technical validation, check of mandatory fields and authentication checks have already been successfully executed.

13p

TIPS

TIPS successfully executes the checks: - Access Rights check; - Instructing Party authorised – creditor side; - Pending transaction existing; - Timeout Check - Beneficiary Side

13e

FIToFIPaymentStatusReport

TIPS as sender

Beneficiary Participant, Ancillary System or Instructing Party as receiver

TIPS unsuccessfully executes the checks listed in step 13p. At the first negative check the system stops and sends a message to the Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party (DN of the sender of the message) containing the proper error code.

14e

TIPS

If the pending transaction exists, TIPS retrieves it using the Transaction ID. The reserved amount is released in the involved Originator Account and the possibly involved Debiting CMB is increased of the same amount. TIPS always releases the reserved transactions even if the involved account or CMB have been blocked in the meantime.

The transaction is set to "Failed" status.

15e

FIToFIPaymentStatusReport

TIPS as sender

Originator Participant, Ancillary System or Instructing Party as receiver

TIPS sends a message to the Originator Participant, Ancillary System or Instructing Party acting on behalf of the Originator Participant or a Reachable Party – same DN of the Sender in step 1 – containing the proper error code.

14p

TIPS

TIPS identifies the transaction using the Transaction ID. The transaction Id is related to a transaction that exists in TIPS and still in "Reserved" status.

15p

TIPS

TIPS retrieves the reserved transaction and confirms it. The amount is considered settled and the transaction is set to "Settled" status. The reserved amount of the Originator Account is decreased by the amount of the corresponding settled transaction. The same positive amount is added to the Beneficiary Account. If a Crediting CMB is involved, TIPS increases its headroom by the same amount. TIPS always executes the reserved transactions even though the involved accounts (or CMBs) have been blocked in the meantime.

16p

FIToFIPaymentStatusReport

TIPS as sender

Originator Participant, Ancillary System or Instructing Party as receiver

TIPS forwards the received Payment status report to the Originator DN.

17p

FIToFIPaymentStatusReport

TIPS as sender Beneficiary Participant, Ancillary System or Instructing Party as receiver

TIPS generates a positive Payment status report and sends it to the Beneficiary DN. The FIToFIPaymentStatusReport contains the Transaction ID and Originator BIC of the transaction.

18p

ReturnAccount

TIPS as sender

Debited Account and/or CMB Owner

TIPS checks the "Floor notification amount" configured for the involved Originator account or Debiting CMB. After settlement confirmation, if the account balance and/or the CMB headroom crosses the threshold configured as "floor notification amount", TIPS sends a ReturnAccount to the account and/or CMB owners involved in the transaction. The message is sent to the default DN of the Account Owner and/or CMB Owner. The message contains the Originator account number or the Debiting CMB number

19p

ReturnAccount

TIPS as sender

Credited Account and/or CMB Owner

TIPS checks the "Ceiling notification amount" configured for the involved Beneficiary account or Crediting CMB.

After settlement confirmation, if the account balance and/or the CMB headroom crosses the threshold configured as "ceiling notification amount", TIPS sends a ReturnAccount to the account and/or CMB owners involved in the transaction.

The message is sent to the default DN of the Account Owner and/or CMB Owner.

The message contains the Beneficiary account number or the Crediting CMB number

12n

FIToFIPaymentStatusReport

Beneficiary Participant, Ancillary System or Instructing Party as sender

TIPS as receiver

The Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party triggers the settlement phase of the transaction sending a negative payment status report that is successfully delivered to TIPS. In this scenario the settlement phase will end up with a rejection of the Instant Payment transaction and the un-reservation of corresponding funds. Technical validation, check of mandatory fields and authentication checks have already been successfully executed.

13n

TIPS

TIPS successfully executes the checks: - Access Rights check; - Instructing Party authorised – creditor side; - Pending transaction existing.

13e

TIPS as sender

Beneficiary Participant, Ancillary System or Instructing Party as receiver

TIPS unsuccessfully executes the checks at step 13n. At the first negative check the system stops and sends a message to the Beneficiary Participant, Ancillary System or Instructing Party acting on behalf of the Beneficiary Participant or a Reachable Party (DN of the sender of the message) containing the proper error code.

14e

TIPS If the pending transaction exists, TIPS retrieves it using the Transaction ID. The reserved amount is released in the involved Originator account and the possibly involved Debiting CMB is increased of the same amount. TIPS always releases the reserved transactions even if the involved account or CMB have been blocked in the meantime.

The transaction is set to "Failed" status

15e

FIToFIPaymentStatusReport

TIPS as sender

Originator Participant, Ancillary System or Instructing Party as receiver

14n

TIPS

TIPS identifies the transaction using the Transaction ID. The Transaction ID is related to a transaction existing in TIPS and still in "Reserved" status.

15n

TIPS

TIPS retrieves the Instant Payment transaction to be rejected and releases it. The reserved amount is released in the involved Originator Account and the possibly involved Debiting CMB is increased of the same amount. TIPS always releases the reserved transactions even if the involved account or CMB have been blocked in the meantime.

The transaction is set to "Rejected" status.

16n