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Payment transacton code in DUBAI

Dec 05, 2017 at 03:27 PM

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HI, the central bank of Dubai is making the payment transaction codes mandatory for domestic and foreign payments. All payments received by a bank in Dubai should contain the code. The code details the nature of payment eg telecom invoice and is related to the nature of expense posted in the invoice. This means that the payment medium/output file should contain this mandatory code. I was considering using the payment medium supplement field, but the challenge remains on the fact that one invoice received by the vendor may charge different type of expenses in a single invoice.

Anyone in Dubai dealing with this requirement at the moment that could share ideas?

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