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Or Retail funds transfer system
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Bank transaction code
the bank operation code identifies the national direct debit scheme and the accounting mechanism; and the transaction code contains other relevant information: type of underlying agreement between creditor and debtor,
rejection/revocation conditions, etc.
The bank operation code is part of the non ambiguous identification of the national direct debit scheme. For some direct debit schemes this code must be used in conjunction with a transaction code. In those cases:
rejection/revocation conditions, etc.