Creditor Reference is a referece defined by the creditor. By including the creditor reference to a payment, debtor can be sure that the creditor knows which invoice the payment is paying.
RF Creditor Reference
Many countries have their own creditor reference standards, but there also exists an international standard. The Creditor Reference (also called the Structured Creditor Reference or RF Creditor Reference) is an international business standard based on ISO 11649, implemented at the end of 2008. It was first implemented within the SEPA rulebook 3.2.
ISO 20022 Usage
RF Creditor Reference is given in field "Ref" inside StructuredRemittanceInformation
The usage of RF Creditor Reference may vary depending on bank. Some banks accept RF Creditor Reference when the value of Ref starts with RF (and the check digits are correct) and some need also issuer to be defined with value "ISO".
RF Expert Group suggests to use Issuer "ISO" when giving RF Creditor Reference. It is also worth noting that CdOrPrtry/Cd is mandated to be value "SCOR" by EPC.
Example (preferred) usage:
<CdtrRefInf> <Tp> <CdOrPrtry> <Cd>SCOR</Cd> </CdOrPrtry> <Issr>ISO</Issr> </Tp> <Ref>RF712348231</Ref> </CdtrRefInf>
- Cd is filled with SCOR
- Issr is filled with ISO
- Ref filled with RF Creditor Reference
Ranta, M. & Kähkönen, O. (Ed.) (2010). RF Creditor Reference. Facilitating full end-to-end straight-through payment processing. RF Expert Group.