What is the purpose of the IAT transaction type code field?
The reason for payment must be included in IAT entries to provide relevant information in support of Regulation E. The IAT transaction type code field is a required field that will carry the three-character code indicating the reason for payment. Reason for payment is currently used for CBR / PBR transactions and the code listing can be found in Section 2.2 “Code Values” of the NACHA Rules book. With IAT, the use of the transaction type code field will be expanded for inbound IAT transactions to carry a secondary SEC code for WEB, TEL, ARC, POP, BOC, RCK, POS, SHR and MTE.
Related Questions
- Is there an official list to reference for field Branch Country Code (Type 713, field 8), ISO destination country (Type 5, field 7), ISO Currency Codes (Type 5, Fields 11, and 12)?
- What is the purpose of the Bank Sort Code (1-5 or Space) field?
- What is the purpose of the IAT transaction type code field?
