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eURC Version 1.0: Article e8 Advice of Non-Payment or Non-Acceptance

19/08/2019

URC 522 sub-article 26 (a) covers "Form of Advice; sub-article 26 (b) covers "Method of Advice; sub-article 26 (c) (i) covers "Advice of Payment; sub-article 26 (c) (ii) covers "Advice of Acceptance"; and sub-article 26 (c) (iii) covers "Advice of Non-Payment and/or Non-Acceptance". 

 

The first two paragraphs of URC 522 sub-article 26 (c) (iii) still apply to the eURC rules, i.e., 

"The presenting bank should endeavour to ascertain the reasons for non-payment and/or non-acceptance and advise accordingly, without delay, the bank from which it received the collection instruction." and,

"The presenting bank must send without delay advice of non-payment and/or advice of non-acceptance to the bank from which it received the collection instruction."

 

Under eURC article e8, if a collecting or presenting bank does not receive instructions, from the bank from which it received the collection instruction, as to the disposition of electronic records within 60 calendar days after the date of its advice of non-payment and/or non-acceptance, the collecting or presenting bank may dispose of the electronic records in any manner that is considered to be appropriate and without any responsibility.

 

 

 

 

 

 

 

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