Where can the Transaction Type Code be found?

Where can the Transaction Type Code be found?

• A. IAT Batch Header Record
• B. IAT Entry Detail Record
• C. IAT Summary Record
• D. IAT Addenda Record

Answer: (B)

The Transaction Type Code is specifically located in the IAT Entry Detail Record. This code is essential as it identifies the type of transaction being processed within the context of an International ACH Transaction (IAT). Each transaction has different codes that categorize its functions, such as credit or debit. The IAT Entry Detail Record comprises various fields, including the Transaction Type Code, which plays a crucial role in providing the necessary details about the nature of the transaction to both the originating and receiving financial institutions. This designation helps in properly processing and categorizing transactions in accordance with ACH rules and regulations. In contrast, the IAT Batch Header Record typically contains information about the entire batch of transactions rather than individual transaction details, while the IAT Summary Record is used to summarize the details of the batch as a whole. Similarly, the IAT Addenda Record is used to provide additional information related to the transaction but does not contain the Transaction Type Code.

The Transaction Type Code is specifically located in the IAT Entry Detail Record. This code is essential as it identifies the type of transaction being processed within the context of an International ACH Transaction (IAT). Each transaction has different codes that categorize its functions, such as credit or debit.

The IAT Entry Detail Record comprises various fields, including the Transaction Type Code, which plays a crucial role in providing the necessary details about the nature of the transaction to both the originating and receiving financial institutions. This designation helps in properly processing and categorizing transactions in accordance with ACH rules and regulations.

In contrast, the IAT Batch Header Record typically contains information about the entire batch of transactions rather than individual transaction details, while the IAT Summary Record is used to summarize the details of the batch as a whole. Similarly, the IAT Addenda Record is used to provide additional information related to the transaction but does not contain the Transaction Type Code.