What does the Return Code R29 signify?

The Return Code R29 specifically indicates that a corporate customer has advised that an unauthorized debit has occurred. This means that the company or business entity associated with the transaction is notifying their financial institution that they did not authorize the withdrawal of funds, prompting the bank to reverse the transaction. This code is important for ensuring that businesses can protect themselves from erroneous or fraudulent debits in the electronic payments system.

Understanding this return code is vital for financial professionals and businesses as it informs them of significant transactional issues that may require immediate attention, such as potential fraud or errors in processing.