paymentType tag do not standard values in FpML

[Anonymous]

Hi, I need help on this! The paymentType schema in FpML do not any recommened values. The description reads,”A classification of the type of fee or additional payment, e.g. brokerage, upfront fee etc. FpML does not define domain values for this element.” I was wondering how the different payment type will be understood across the globe? e.g. The FpML message sent to repositories should have some standard payment types. What could be the motive for not specifying domain values for this paymentType element? Regards/Vijay

[stanetra1]

Vijay, FpML specifically chose not to standardize payment type. There is no enumeration of payment types that will work everywhere. See http://www.fpml.org/coding-scheme/fpml-schemes.html for a description of coding schemes. As per this document: Note that FpML does not define a coding Scheme or URI for the following Schemes: Payment Type (paymentTypeScheme) These are currently assumed to be specific to individual organizations or FpML based implementations. Stan Etra Head of Product Development Risk Focus Work: +1 917 725 6004 Mobile: +1 917 843 3588 Email: stan.etra@riskfocus.com

[mgratacos]

I agree that each institution has its own payment type but a simple standard list provided by FpML that can be used for the paymentTypeScheme is available at http://www.fpml.org/coding-scheme/cashflow-type-2-0.xml Best Regards, Marc http://www.tradeheader.com

[stanetra1]

Sure. You can use cashflow types as a starting point for payment types and add things like broker fees. But Vijay is correct that there is no standard list understood across the globe. The coding scheme would need to be specified for each context.

[Anonymous]

Thanks to all of you for your inputs! I agree that the payment types can be decided between the parties who use FpML. But the standard payment types by FpML could be really helpful in standarizing across the globe. Regards/Vijay

[Anonymous]

Thanks to all of you for your inputs! I agree that the payment types can be decided between the parties who use FpML. But the standard payment types by FpML could be really helpful in standarizing across the globe. Regards/Vijay

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