RFID Implementation Forum
2013 Spring Conference
Retail Only Conference
Annual Fall Conference
From the Desk of Kim Zablocky:
Updates from the Remittance Coalition
As the RVCF family is aware, we have been participating with the Federal Reserve Bank of Minneapolis in the Remittance Coalition. As a long time advocate of reducing cycle time in the cash application and deduction reconciliation process, we have supported the Coalition, which has taken the VICS EDI 426 set of 812 credit/debit adjustment transaction codes and consolidated the number of codes down to a more manageable, more focused number of less than 80. We've attached a link to the "proposed draft document" [CLICK HERE] that has been submitted to both the X9 and X12 standards bodies. This is good stuff!
Please note that these codes are meant to be a more efficient tool for those who wish to utilize a more manageable list for payment and credit adjustments. These are derived from the existing list and are not meant to replace the existing list, but to streamline the process.