What industry recognised codes can be used in the optional element to identify service fees?
The actual code element is “service/commonCode” . A number of different code series may be used to identify service ffess including bank proprietary servie codes as well as the service codes published by the Associiation for Financiae Prfessionals (AFP). Note that the AFP Service Code set is proprietary and available from AFP for a fee. A one time charge allows the bank or FI unlimited use of the codes in any and all customer 822 and/or BSB files. The AFP Service Codes are available from the AFP. Phone +01-301-907-2862, Web: http://www.afponline.org/pub/store/pubs/tma822.htmlFurthermore, as AFP is more relevant to the US market, presently the TWIST team is working to extend the code set to further develop BSB as a across banking reporting standard.
