Creditor Reference
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The Creditor Reference (called also The Structured Creditor Reference) is based on ISO 11649 (will implement end of 2008).
With Creditor Reference a company can automatically match their remittance information to their A/R. I.e. this means that company's financial supply chain's STP will be developed in the new level.
The Creditor Reference will be in SEPA's rulebook 3.2.
Implement of Creditor Reference
A company (vendor) has only to add Creditor Reference to their invoices. When a customer pays the invoice, it has only write the creditor reference instead invoice number in the message section or Creditor Reference field in their payment ledger.
When the vendor receives the payment, it can automatically match the remittance information to their A/R (Accounts Receivable) system.
The Structure of The Creditor Reference
The Creditor Reference is 25 characters long and alphanumeric. In the begin there are two letters 'RF'. After it there are two check digits. Check digits will confirm that the reference will be entered correct.
The remaining part of the Creditor Reference (up to 21 alpha-numeric character) is the Reference. The content of the creditor reference part can be determined without any restrictions.
E.g.: RF 68 5390 0754 7034 (Where 68 is Check Digits).
More information as to how to calculate the check digits and how to validate Creditor Reference can be found E.g.http://www.jknc.eu.
External links
- European Payment Council's Creditor Reference Pages. EPC Guidance on the use of the future ISO Standard for the Structured Creditor Reference [1]
- The Web pages that are going to focus on The Structured Creditor Reference.
- ISO 11649 white papers can be find here.
- SWIFT community, where you can find latest information about Creditor Reference[2] is . (Requires registration)
- Calculator that create and validate Creditor Reference.