High Level FI to FI Customer Credit Transfer involved a serial leg out of a cover Use Case p.9.2.

6
method (pacs.009 COV)
3 4
1 2a
pacs.008 pacs.008

A pacs.002 D pacs.002 E
2b

5 6
pacs.009 cov

1 Debtor initiates a payment
instruction to the Debtor Agent
Starling
2a
Debtor Agent (A) Starling initiates a
payment using the cover method
towards the Creditor Agent (E)
Blue Step by sending a direct
pacs.008 to Agent D Nordea
Finland who they have business
relationship with.
B pacs.002
2b
In parallel the Agent (A) Starling initiates
a covering payment to credit the account
of Agent (D) Nordea with their
correspondent (Agent C) RBS
3 Agent D Nordea receives the payment
instruction and process the payment on
to Agent E Blue Step. Alternatively they
may have chosen to await until
settlement occurred in Step 6 based
upon their risk appetite.
C
4 6
Agent E Blue Step receives the Agent C RBS receives the payment
payment and credits the account of and credits the account of Agent D
the Creditor, and may optionally Nordea. Agent C RBS produces an
provide a notification e.g. credit end of day account statement report.
An optional real time notification e.g.
notification.
advice of credit may have also been
created at the time of the credit
5 Agent B HSBC processes the
posting
payment on Agent C RBS, using a
correspondent banking business
relationship

REF 4567‐9663 125000 EUR 2022‐10‐20

Identifier Debtor A B C D E Creditor

BIC SRLGGB2L MIDLGB21 RBOSGB2L NDEAFIHH BPFNFI22
Name A Debiter Starling HSBC RBS plc Nordea Finland Blue Step G Oboe
Street 280 Bishopsgate Morricone Avenue
Town London Helsinki
Country GB FI

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