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

Position
Segment
Name
Max use
  1. To head, identify and specify a message.

    1. Data element S009/0057 is retained for upward compatibility. The use of
    S016 and/or S017 is encouraged in preference.
    2. The combination of the values carried in data elements 0062 and S009 shall
    be used to identify uniquely the message within its group (if used) or if
    not used, within its interchange, for the purpose of acknowledgement.
  2. To indicate the type and function of a message and to transmit the identifying number.

  3. To specify a reference.

  4. To specify date, and/or time, or period.

  5. Segment group 1
    Repeat 99
    1. To specify the name/address and their related function, either by C082 only and/or unstructured by C058 or structured by C080 thru 3207.

    2. To identify a person or a department to whom communication should be directed.

    3. To identify a communication number of a department or a person to whom communication should be directed.

    4. To identify an account and a related financial institution.

  6. Segment group 2
    Repeat 99
    1. To identify documents and details directly related to it.

    2. To specify a monetary amount.

    3. To specify currencies used in the transaction and relevant details for the rate of exchange.

    4. To specify date, and/or time, or period.

    5. To request a credit cover, reply to that request and disclose the reason for the reply.

    6. To specify percentage information.

    7. To specify the payment terms basis.

      Segment marked for deletion in the D.02B directory.
    8. To provide free form or coded text information.

    9. To specify a reference.

  7. To end and check the completeness of a message.

    1. 0062, the value shall be identical to the value in 0062 in the
    corresponding UNH segment.

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