RECECO Credit risk cover

TBG5 Finance

Factoring companies provide their clients (the seller) protection against the risk of credit losses on sales to the buyers. Credit protection is provided on each approved customer (buyer) of the seller.

The message will be used to apply for preliminary credit assessment (used during negotiation with prospective clients); apply for credit protection; reply to credit requests; revise amount and expiry date of credit protection and terms; cancel credit protection.

The message will serve at the same time as the request for credit risk cover and as the answer (approval or rejection to that request).

Header

1. 00010 · UNH · Message header · Max 1 · Mandatory

   A service segment starting and uniquely identifying a message. The message type code for the Credit risk cover message is RECECO. Note: Credit risk cover messages conforming to this document must contain the following data in segment UNH, composite S009: Data element 0065 RECECO 0052 D 0054 11B 0051 UN

2. 00020 · BGM · Beginning of message · Max 1 · Mandatory

   A segment specifying the function and status of the message.

3. 00030 · RFF · Reference · Max 9 · Conditional

   A segment identifying the reference of another message or transaction related to this message.

4. 00040 · DTM · Date/time/period · Max 9 · Conditional

   A segment specifying the date and, when required, the time at which the message has been created as well as other dates and times relevant to the transactions, e.g. request date.

5. Segment group 1 Repeat 99

   1. 00060 · NAD · Name and address · Max 1 · Mandatory

      A segment identifying the name and address of the parties associated with the credit risk cover message.

   2. 00070 · CTA · Contact information · Max 1 · Conditional

      A segment identifying a person or a department for the party specified in the NAD segment and to whom communication should be directed.

   3. 00080 · COM · Communication contact · Max 5 · Conditional

      A segment providing a communication number for the party identified in the NAD segment and optionally for the contact identified in the associated CTA segment.

   4. 00090 · FII · Financial institution information · Max 1 · Conditional

      A segment identifying the financial institution (e.g. bank) and relevant account numbers for the parties involved, where necessary.

6. Segment group 2 Repeat 99

   1. 00110 · DOC · Document/message details · Max 1 · Mandatory

      A segment identifying the credit cover.

   2. 00120 · MOA · Monetary amount · Max 1 · Conditional

      A segment giving the monetary amounts of the current credit cover and one or more new credit covers.

   3. 00130 · CUX · Currencies · Max 1 · Conditional

      A segment identifying the currency of the credit cover.

   4. 00140 · DTM · Date/time/period · Max 5 · Conditional

      A segment specifying the dates related to the credit cover, such as expiration date, date valid from or the order date (latest shipment date).

   5. 00150 · CCD · Credit cover details · Max 1 · Conditional

      A segment specifying a request for a credit cover, a reply to that request and the reasons for the reply.

   6. 00160 · PCD · Percentage details · Max 1 · Conditional

      A segment specifying the percentage of the own risk, related to the credit cover.

   7. 00170 · PYT · Payment terms · Max 1 · Conditional

      A segment specifying the payment terms, as agreed between seller and buyer.

   8. 00180 · FTX · Free text · Max 1 · Conditional

      A segment specifying the response to the request, in coded form.

   9. 00190 · RFF · Reference · Max 1 · Conditional

      A segment identifying the order number, when necessary.

7. 00200 · UNT · Message trailer · Max 1 · Mandatory

   A service segment ending a message, giving the total number of segments in the message (including the UNH & UNT) and the control reference number of the message.