ExternalBillingCompensationType1Code
BACS Code: Balance Compensable Services
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BACS means balance compensable services in the ISO 20022 billing compensation type code set. Total amount of service charges that can be offset by an earnings allowance credit. Such services carry a Payment Method code of ”Balance Compensable”. This amount is included in SettleChargeTtl-Current Period (AFP code 00 03 00). This value must be sent if the bank is providing an earnings credit based on deposit balances. AFP code=00 03 31
- Code
- BACS
- ISO name
- BalanceCompensableServices
- Status
- Registered
- Last updated
- 2012-07-13
Official definition
Total amount of service charges that can be offset by an earnings allowance credit. Such services carry a Payment Method code of ”Balance Compensable”. This amount is included in SettleChargeTtl-Current Period (AFP code 00 03 00). This value must be sent if the bank is providing an earnings credit based on deposit balances. AFP code=00 03 31
Messages and fields that use ExternalBillingCompensationType1Code
| Message | Element path |
|---|---|
| camt.086 | BllgStmtGrp/BllgStmt/Compstn/Tp/Cd |
BACS questions
- What does BACS mean in ISO 20022?
- BACS is Balance Compensable Services in the ExternalBillingCompensationType1Code code set: Total amount of service charges that can be offset by an earnings allowance credit. Such services carry a Payment Method code of ”Balance Compensable”. This amount is included in SettleChargeTtl-Current Period (AFP code 00 03 00). This value must be sent if the bank is providing an earnings credit based on deposit balances. AFP code=00 03 31
- Where does BACS appear in a message?
- For example in camt.086, element BllgStmtGrp/BllgStmt/Compstn/Tp/Cd.
All ExternalBillingCompensationType1Code codes · ISO 20022 code sets
The ISO 20022 code names and definitions on this page are reproduced from material published at iso20022.org under the ISO 20022 Intellectual Property Rights policy. This is not the official source: the up-to-date ISO 20022 standards and repository material are published only at iso20022.org. Explanations in our own words are by ZagTrader. ZagTrader is not affiliated with or endorsed by ISO or Swift.