Both the NextGenPSD2 framework and the UK Open Banking Standard include merchantCategoryCode - a valuable piece of information related to card payments, useful for transaction categorization. Many, if not all, banks should be receiving this code from their payment processor and thus should be encouraged to publish it through their APIs.
The version 3.0 of the COBS standard contains a section called references, please see
entryDetails.transactionDetails.references
the purpose of which is to provide "set of references unambiguously identifying the payment", i.e. "according to technical possibilities of the bank, it contains references of bank processing
systems or client references" (section 4.14.1.1 in the COBS standard). This section seems to be a perfect candidate to hold this information (when available). Alternatively, a new dedicated sub-section could be added, which could also hold the merchantName.
Could you please share your thoughts on this topic? Would you be willing to consider adding these two attributes as part of the next version of the COBS standard?
Both the NextGenPSD2 framework and the UK Open Banking Standard include merchantCategoryCode - a valuable piece of information related to card payments, useful for transaction categorization. Many, if not all, banks should be receiving this code from their payment processor and thus should be encouraged to publish it through their APIs.
The version 3.0 of the COBS standard contains a section called references, please see
the purpose of which is to provide "set of references unambiguously identifying the payment", i.e. "according to technical possibilities of the bank, it contains references of bank processing systems or client references" (section 4.14.1.1 in the COBS standard). This section seems to be a perfect candidate to hold this information (when available). Alternatively, a new dedicated sub-section could be added, which could also hold the merchantName.
Could you please share your thoughts on this topic? Would you be willing to consider adding these two attributes as part of the next version of the COBS standard?
Thank you,
Lukas