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.
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 20A 0051 UN
A segment specifying the function and status of the message.
A segment identifying the reference of another message or transaction related to this message.
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.
A segment identifying the name and address of the parties associated with the credit risk cover message.
A segment identifying a person or a department for the party specified in the NAD segment and to whom communication should be directed.
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.
A segment identifying the financial institution (e.g. bank) and relevant account numbers for the parties involved, where necessary.
A segment identifying the credit cover.
A segment giving the monetary amounts of the current credit cover and one or more new credit covers.
A segment identifying the currency of the credit cover.
A segment specifying the dates related to the credit cover, such as expiration date, date valid from or the order date (latest shipment date).
A segment specifying a request for a credit cover, a reply to that request and the reasons for the reply.
A segment specifying the percentage of the own risk, related to the credit cover.
A segment specifying the payment terms, as agreed between seller and buyer.
A segment specifying the response to the request, in coded form.
A segment identifying the order number, when necessary.
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.
