MT103, pacs.008 under CBPR+, and SEPA credit transfers draw from the same ISO 20022 external reason-code set, so a code learned on one scheme mostly transfers to the others. The table below covers the codes that account for most repair volume, with the upstream owner for each.
| Code |
Meaning |
Applies to |
Upstream fix |
| AC01 |
Meaning
Account identifier incorrect (invalid IBAN or account number)
|
Applies to
MT103, pacs.008, SEPA SCT/SDD
|
Upstream fix
Product — pre-payment account validation
|
| AC04 |
Meaning
Account closed
|
Applies to
MT103, pacs.008, SEPA SCT/SDD
|
Upstream fix
Data — beneficiary record refresh
|
| AC06 |
Meaning
Account blocked
|
Applies to
pacs.008, SEPA SDD
|
Upstream fix
Compliance — hold review
|
| AG01 |
Meaning
Transaction forbidden on this account type
|
Applies to
MT103, pacs.008, SEPA SCT
|
Upstream fix
Product — account-type validation at intake
|
| AG02 |
Meaning
Operation or transaction code incorrect, invalid file format
|
Applies to
pacs.008, SEPA SCT/SDD
|
Upstream fix
Data — file-format and field mapping
|
| AM04 |
Meaning
Insufficient funds
|
Applies to
SEPA SDD
|
Upstream fix
Not fixable at product layer
|
| AM05 |
Meaning
Duplicate payment or collection
|
Applies to
pacs.008, SEPA SCT/SDD
|
Upstream fix
Product — intake deduplication controls
|
| BE04 |
Meaning
Creditor address missing or invalid
|
Applies to
pacs.008, SEPA SCT
|
Upstream fix
Product — structured address capture
|
| RC01 |
Meaning
Bank identifier incorrect (invalid BIC)
|
Applies to
MT103, pacs.008, SEPA SCT
|
Upstream fix
Product — routing-table validation
|
| MD07 |
Meaning
Beneficiary deceased
|
Applies to
SEPA SCT/SDD
|
Upstream fix
Data — beneficiary record refresh
|
| MS02 |
Meaning
Refusal by the debtor or beneficiary
|
Applies to
SEPA SDD
|
Upstream fix
Not fixable at product layer
|
| MS03 |
Meaning
Reason not specified
|
Applies to
MT103, pacs.008, SEPA SCT/SDD
|
Upstream fix
Ops — manual investigation required
|
The pattern across every scheme is the same: account-identifier and name-related codes (AC01, RC01, and the beneficiary-name-mismatch cases that MS03 often masks) dominate repair volume, and they are also the category pre-payment verification catches before submission. Compliance-owned codes like AC06 and AM04 need a different fix entirely, since no amount of data cleanup resolves a genuine hold or an insufficient-funds return.
A ranked breakdown of what drives repair volume overall, and which causes an ops team can actually fix, sits alongside this reference for the bigger picture.
iPiD checks the payee name and account before a payment is submitted, so AC01 and RC01 style errors never reach a repair queue in the first place.
Map this library against your own repair-reason data.
.png)
