4277 Payment terms description identifier

Identification of the terms of payment between the parties to a transaction (generic term).

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Type
String (AN)
Length
Min 1 / Max 17
Codes
CodeDescription
1Draft(s) drawn on issuing bank
Draft(s) must be drawn on the issuing bank.
2Draft(s) drawn on advising bank
Draft(s) must be drawn on the advising bank.
3Draft(s) drawn on reimbursing bank
Draft(s) must be drawn on the reimbursing bank.
4Draft(s) drawn on applicant
Draft(s) must be drawn on the applicant.
5Draft(s) drawn on any other drawee
Draft(s) must be drawn on any other drawee.
6No drafts
No drafts required.
7Payment means specified in commercial account summary
An indication that the payment means are specified in a commercial account summary.
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