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What is the recommended field to be used in Oracle Fusion to capture the Purpose of Payment Codes?

in Payables, Payments & Cash Management

Summary:

As part of the Bank of England's migration to ISO 20022 standard, Purpose of Payment (PoP) codes will soon become mandatory for all high value CHAPS payments. What would be the recommended field/process to capture this in Oracle Fusion?

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Would be interested to hear how others are capturing this and also if Oracle are planning to release an official update to deal with this mandate.

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