Identification of the method employed or to be employed in order that a payment may be made or regarded as made. The method may or may not be tied to a guarantee.
Type
String (AN)
Length
Max 3 / Min 1
Codes
<> 1
Direct payment
<> 2
Automatic clearing house credit
<> 3
Automatic clearing house debit
<> 4
Automatic clearing house credit-savings account
<> 5
Automatic clearing house debit-demand account
<> 6
Bank book transfer (credit)
<> 7
Bank book transfer (debit)
<> 8
Doc collection via 3rd party with bill of EX
<> 9
Doc collection via 3rd party no bill of EX
<> 10
Irrevocable documentary credit
<> 11
Transferable irrevocable documentary credit
<> 12
Confirmed irrevocable documentary credit
<> 13
Transferable confirmed irrevocable documentary credit
<> 14
Revocable documentary credit
<> 15
Irrevocable letter of credit-confirmed
<> 16
Letter of guarantee
<> 17
Revocable letter of credit
<> 18
Standby letter of credit
<> 19
Irrevocable letter of credit unconfirmed
<> 20
Clean collection (ICC)
<> 21
Documentary collection (ICC)
<> 22
Documentary sight collection (ICC)
<> 23
Documentary collection with date of expiry (ICC)
<> 24
Documentary collection: bill of exchange against acceptance
<> 25
Documentary collection: bill of exchange against payment
<> 26
Collection subject to buyer's approval (ICC)
Self-explanatory.
<> 27
Collection by a bank consignee for the goods (ICC)
<> 28
Collection under CMEA rules with immediate payment and subsequent AC
<> 29
Collection under CMEA rules with prior acceptance
<> 30
Other collection
<> 31
Open account against payment in advance
<> 32
Open account for contra
<> 33
Open account for payment
<> 34
Seller to advise buyer
<> 35
Documents through banks
<> 36
Charging (to account)
Amount due booked to accounts payable/accounts receivables accordingly.
<> 37
Available with issuing bank
Documentary credit is available with the issuing bank.
<> 38
Available with advising bank
Documentary credit is available with the advising bank.
<> 39
Available with named bank
Documentary credit is available with the financial institution identified in the FII segment.
<> 40
Available with any bank
Documentary credit is available with any bank.
<> 41
Available with any bank in ...
Documentary credit is available with any bank located in a place identified in the LOC segment.
<> 42
Indirect payment
An assigned invoice has been paid by the buyer to the seller or to the seller's agent instead of to the factor.
<> 43
Reassignment
An invoice or credit note assigned to a factor has been reassigned back to the seller or to another factor.
<> 44
Offset
An invoice/credit note has been (partly) offset against other items on the seller's or buyer's account.
<> 45
Special entries
Payment to be treated as special booking entry by the beneficiary.
<> 46
Instalment payment
Payment is to be made in one or more instalments.
<> 47
Instalment payment with draft
Payment is to be made by bank draft in one or more instalments.
<> 48
Available with advise through bank
Available with the financial institution through which the advising bank is to advise the documentary credit.
<> 49
General conditions of sale
Refer to general conditions of sale for payment condition information.
<> 61
Set-off by exchange of documents
<> 62
Set-off by reciprocal credits
<> 63
Set-off by "linkage" (against reciprocal benefits)
<> 64
Set-off by exchange of goods
<> 69
Other set-off
<> 70
Supplier to invoice
To identify in an order that the supplier is required to invoice for payment.
<> 71
Recipient to self bill
To identify in an order that the receiver of the goods is expected to self bill.
<> ZZZ
Mutually defined
