Payment reason codes are generally country-specific identifiers provided by a country's government or central bank. These codes provide the payment system or bank with additional details about the reason for the payment for regulatory reporting purposes.
The purpose of entering country-specific payment reason codes required by a particular country's payment system or central bank is to enable you to specify the reason for the payment to the country-specific payment system or bank.
Oracle Payments provides many seeded payment reason codes. The Author column of the Payment Reason Codes page displays Oracle Payments for seeded payment reason codes and the applicable user name for user-defined codes.
To create a payment reason code, enter the following:
code obtained from the country's government or central bank
format value obtained from the country's government or central bank
country for which you are creating the payment reason code