EDI RECECO Credit risk cover message
EDI RECECO Specification
Factoring companies provide their clients (the seller) protection against the risk of credit losses on sales to the buyers. Credit protection is provided on each approved customer(buyer) of the seller. The message will be used to apply for preliminary credit assessment (used during negotiation with prospective clients); apply for credit protection; reply to credit requests; revise amount and expiry date of credit protection and terms; cancel credit protection. The message will serve at the same time as the request for credit risk cover and as the answer (approval or rejection to that request).
Sources
Accredited Standards Committee X12. ASC X12 Standard [Table Data]. Data Interchange Standards Association, Inc., Falls Church, VA. http://www.x12.org