RECECO Credit risk cover
Joint Banking Group (JM6)
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
- 0010Message headerMandatoryMax 1
To head, identify and specify a message.
- 0020Beginning of messageMandatoryMax 1
To indicate the type and function of a message and to transmit the identifying number.
- 0030ReferenceConditionalMax 9
To specify a reference.
- 0040Date/time/periodConditionalMax 9
To specify date, and/or time, or period.
- Segment group 1Repeat 99
- 0060Name and addressMandatoryMax 1
To specify the name/address and their related function, either by CO82 only and/or unstructured by CO58 or structured by CO80 thru 3207.
- 0070Contact informationConditionalMax 1
To identify a person or a department to whom communication should be directed.
- 0080Communication contactConditionalMax 5
To identify a communication number of a department or a person to whom communication should be directed.
- 0090Financial institution informationConditionalMax 1
To identify an account and a related financial institution.
- 0060Name and addressMandatoryMax 1
- Segment group 2Repeat 99
- 0110Document/message detailsMandatoryMax 1
To identify documents, either printed, electronically transferred, or referenced as specified in message description, including, where relevant, the identification of the type of transaction that will result from this message.
- 0120Monetary amountConditionalMax 1
To specify a monetary amount.
- 0130CurrenciesConditionalMax 1
To specify currencies used in the transaction and relevant details for the rate of exchange.
- 0140Date/time/periodConditionalMax 5
To specify date, and/or time, or period.
- 0150Credit cover detailsConditionalMax 1
To request a credit cover, reply to that request and disclose the reason for the reply.
- 0160Percentage detailsConditionalMax 1
To specify percentage information.
- 0170Payment terms basisConditionalMax 1
To specify the payment terms basis.
- 0180Free textConditionalMax 1
To provide free form or coded text information.
- 0190ReferenceConditionalMax 1
To specify a reference.
- 0110Document/message detailsMandatoryMax 1
- 0200Message trailerMandatoryMax 1
To end and check the completeness of a message.