Common use of Reference Payments Clause in Contracts

Reference Payments. The use of structured reference is common in Finland. An invoicing company identifies invoices sent to its customers through a reference number and use the reference for matching incoming payment to an outstanding invoice. A reference number can be formed for example from the customer number or the invoice number according to the rules of the Finnish reference number format or International RF reference. A Finnish reference number must include a minimum of 4 and a maximum of 19 numbers and a calculated check digit defined by the sender of the invoice. The international reference is formed according to the ISO 11649 specification. The reference will be reported as structured information if it complies with the rules above. In case of the reference is not following the structure of neither Finnish nor International reference, it is reported as unstructured information. Guidelines for creating and using reference numbers are available at Finance Finland homepage and International Organization for Standardization (ISO) page (RF reference).