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There are predefined values given or there are some limitations for the value of the element but the given value does not qualify. The same error may also occur if there is no value given, in other words the element is empty.
More information of the error can be found out by checking the schema definition of the element in question.
The picture below shows an example of this type of error:
From the error message you can see that value in the 'ReqdExctnDt' element is invalid. The value does not qualify with the definition of 'ISODate'. 'ISODate' is a defined in the schema in question which in this case is "pain.001.001.03.xsd" and so you need to examine the schema to find more information. The schema in this case express the following definition:
In this case the error message tells us that "BANKBIC" is not valid value for BICOrBEI element. The type of BICOrBEI element is AnyBICIdentifier. The definition of AnyBICIdentifier can be found from the schema in question, which in this case is again pain.001.001.03.xsd:
From the definition pattern we can see that the length of the value should be 8 or 11 characters. Also allowed characters in different positions of the value can be seen from the pattern. Valid value according the to schema definition in this case could be for example "BANKBICC".
Explanation of the error message given by the validator:
Element 'elem1': 'value' is not a valid value of the atomic type 'predefinedValuesOrLimitations'.
Element elem1 is the element which has invalid value. Correct values are prefined or limited by predefinedValuesOrLimitations.