This specification provides the definition of the Multiple interbank funds transfer message (FINPAY) to be used in Electronic Data Interchange (EDI) between trading partners involved in administration, commerce and transport.
1.1 Functional definition
A Multiple interbank funds transfer message is sent between financial institutions to request the transfer of funds in settlement of the referenced business transaction(s).
The FINPAY message may be exchanged directly between financial institutions or through a clearing system.
Depending on the account relationship between the financial institutions, the FINPAY may be used as a payment order and/or as a credit advice.
The FINPAY may also be used for collections, documentary credits, direct debits and other financial institution related transfers.
1.2 Field of application
The Multiple interbank funds transfer message may be used for both national and international applications. It is based on universal practice related to administration, commerce and transport, and is not dependent on the type of business or industry.
- A Multiple interbank funds transfer message may cover several funds transfer instructions.
- However, one FINPAY message must cover either credit transfers or debit transfers, i.e., these two functions must not be mixed in the same message.
- The only way to modify a Multiple interbank funds transfer message is to cancel the whole message or part thereof (e.g., by using the FINCAN - Financial Cancellation message). In that respect, one to many transaction(s) could be cancelled within the message, avoiding the need to cancel the whole message.
See UNTDID, Part 4, Chapter 2.3 UN/ECE UNSM - General Introduction, Section 1.
3. TERMS AND DEFINITIONS
3.1 Standard terms and definitions
See UNTDID, Part 4, Chapter 2.3 UN/ECE UNSM - General Introduction, Section 2.
4. MESSAGE DEFINITION
4.1 Data segment clarification
This section should be read in conjunction with the segment table which indicates mandatory, conditional and repeating requirements.
The following semantic principles applying to the message are intended to facilitate the understanding of the message:
The Multiple interbank funds transfer message is structured in three levels: A, B, and C.
- Level A contains general data related to the whole message and is contained in Segment Groups 1, 2, 31 and 32.
- Level B contains information needed to effect the funds transfer, such as the total amount to be transferred, the value date, the currency, the charges allocation, and data which applies to all the dependent C levels and is contained in Segment Group 3 through Segment Group 11.
- Level C contains data specific to the individual transactions and may contain remittance information. This data is considered as unique for each transaction and is contained in Segment Group 12 through Segment Group 30.
The structure of the message is designed to allow several B levels, each B level being followed by its related C levels.