This standard provides the format and establishes the data contents of a payment order/remittance advice transaction set. The payment order/remittance advice transaction set can be used for three different purposes: (1) to order a financial institution to make payment to payee(s) on behalf of the sending party, (2) to report the completion of a payment to payee(s) by a financial institution, and (3) to give advice to the payee by the payor on the application of a payment made with the payment order or by some other means. This standard is not designed for exception reporting from the financial institution to either party.
To indicate the start of a transaction set and to assign a control number
To (1) indicate the beginning of a payment order/remittance advice transaction set and total payment and (2) to enable related transfer of funds and/or information from payor to payee to occur while utilizing an automated clearing house (ACH) or other banking network.
To transmit information in a free-form format, if necessary, for comment or special instruction
To specify the currency (dollars, pounds, francs, etc.) used in a transaction
To specify identifying numbers.
To specify pertinent dates and times
To identify a party by type of organization, name and code
To specify additional names or those longer than 35 characters in length
To specify the location of the named party
To specify the geographic place of the named party
To specify identifying numbers.
To identify a person or office to whom administrative communications should be directed
To indicate that the next segment begins a loop
To identify a party by type of organization, name and code
To indicate the detail on items.
To specify the currency (dollars, pounds, francs, etc.) used in a transaction
To specify identifying numbers.
To specify pertinent dates and times
To indicate that the loop immediately preceding this segment is complete
To indicate the end of the transaction set and provide the count of the transmitted segments (including the beginning (ST) and ending (SE) segments).
