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Old Code
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Direct payment |
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An assigned invoice has been paid by the buyer to the factor. |
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Irrevocable documentary credit |
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Written undertaking by a bank to pay a seller against stipulated documents that cannot be amended or cancelled without the consent of all parties involved. |
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GS1 Description:
Payment is made using an irrevocable documentary credit. |
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15
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Irrevocable letter of credit-confirmed |
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Letter of credit that cannot be cancelled or amended without agreement by all the parties involved, and carries the endorsement of both the issuing bank and its correspondent, guaranteeing payment of all drafts written against. |
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GS1 Description:
Payment is made using an irrevocable letter of credit confirmed. |
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17
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Revocable letter of credit |
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Letter of credit that can be cancelled or amended at any time by the issuing bank. |
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GS1 Description:
Payment is made using an revocable letter of credit. |
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19
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Irrevocable letter of credit unconfirmed |
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Letter of credit that cannot be cancelled or amended before a specific date without agreement by all the parties involved, and carries no guarantee that a correspondent will honour drafts presented for payment. |
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GS1 Description:
Payment is made using an irrevocable letter of credit unconfirmed. |
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+
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Other collection |
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Self explanatory.
Notes:
This code value will be removed effective with directory D.04B. |
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34
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Seller to advise buyer |
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Payment conditions to be advised by the seller to the buyer. |
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Documents through banks |
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Also known as 'documents against presentation', the documents are sent to a bank, and the buyer obtains the documents by paying the invoice amount to the bank. |
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GS1 Description:
Payment is made using documents passed through the banks. |
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+++
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Reverse factoring |
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Condition of payment to suppliers in which a third party (for example, a bank) manages the payments that one company has to make to its suppliers. |
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Open account (GS1 Temporary Code) |
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Open account payment terms. |
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