RECECO Credit risk cover

D6 Finance (SWG)

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).


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

  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.

      This segment will be removed effective with 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.

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