As of the entry into force of the 2019 Credit Transfer ( ) rulebook on 17 November 2019, the scheme contains a new annex V describing the Extended Remittance Information ( ) option.
This option gives Originators the possibility to transmit per single transaction the following combination of remittance information to the Beneficiary:
- One occurrence of 140 characters of unstructured remittance information and
- Up to 999 occurrences of 280 characters of structured remittance information based on the ISO 20022 standard.
The option brings advantages to corporate Originators and Beneficiaries in particular.
The Originator can discharge in just one transaction the total amount of several invoices to be paid, possibly netted off with granted credit notes, while transmitting structured remittance information for each concerned invoice and credit note item.
The Beneficiary receives a single transaction amount which settles several unpaid invoices, possibly netted off with granted credit notes, whereby the received structured remittance information is automatically straight through processed and reconciled with each relevant open accounts receivable position.
With the option, Originators and Beneficiary must not invest in other means to exchange among them large volumes of remittance information or other information related to invoices to be paid or to other business transactions.
As for the scheme participants, the option provides them with an additional optional wide standardised service which further increases the commercial attractiveness of their services.
Payment service providers that wish to offer the option, must be a scheme participant and must adhere separately to the option. For more information about how to adhere to the schemes, please refer to Toolkit for new scheme participants.