Action required: new Payment Purpose code requirement for RMB

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Action required: new Payment Purpose code requirement for RMB
cross-border payments

Dear HSBCnet User,

Effective 17 March 2014, the inclusion of a Payment Purpose code will be mandatory for all RMB cross-border payments.

People’s Bank of China (PBOC) will be upgrading China National Advanced Payment System (CNAPS) in 2014 to CNAPS2. This payment system upgrade will support enhanced regulatory requirements. As a result of this change, instructions submitted through HSBCnet without a valid Payment Purpose code may be rejected, delayed, or incur additional charges.

Please note: domestic RMB payments do not require a Payment Purpose code however there may be requirements for inclusion of a Payment Purpose code in accordance with your local country-specific payment requirements.

Customers making payments onscreen
The mandatory “Payment Purpose” field will be accessible from the Regulatory reporting section of payment instruction screens.

(click image to enlarge)

View list of Payment Purpose codes with descriptions

Please note: any currently existing RMB cross-border on screen payment templates must be amended to include the Payment Purpose code after 17 March.

More information
For additional guidance on HSBCnet payments/templates changes please review:

Payment Purpose code frequently asked questions

General information about CNAPS2 can be found via hsbcnet.com or by contacting your Cash Management specialist to obtain more detailed information.

Sincerely,

Your HSBCnet Team

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	Action required: new Payment Purpose code requirement for RMB cross-border payments Dear HSBCnet User, Effective 17 March 2014, the inclusion of a Payment Purpose code will be mandatory for all RMB cross-border payments. People’s Bank of China (PBOC) will be upgrading China National Advanced Payment System (CNAPS) in 2014 to CNAPS2. This payment system upgrade will support enhanced regulatory requirements. As a result of this change, instructions submitted through HSBCnet without a valid Payment Purpose code may be rejected, delayed, or incur additional charges. Please note: domestic RMB payments do not require a Payment Purpose code however there may be requirements for inclusion of a Payment Purpose code in accordance with your local country-specific payment requirements. Customers making payments onscreen The mandatory “Payment Purpose” field will be accessible from the Regulatory reporting section of payment instruction screens. (click image to enlarge) View list of Payment Purpose codes with descriptions Please note: any currently existing RMB cross-border on screen payment templates must be amended to include the Payment Purpose code after 17 March. More information For additional guidance on HSBCnet payments/templates changes please review: Payment Purpose code frequently asked questions General information about CNAPS2 can be found via hsbcnet.com or by contacting your Cash Management specialist to obtain more detailed information. Sincerely, Your HSBCnet Team




Please do not reply to this e-mail. Our postal address: HSBC Group Head Office 8 Canada Square London UK E14 5HQ You received this e-mail notification because you are a registered User of HSBCnet. Should you have any concerns regarding the validity of this message, please contact your local HSBCnet customer support. We maintain strict security standards and procedures to prevent unauthorised access to information about you. HSBC will never contact you by e-mail or otherwise ask you to validate personal information, such as your Username, Password or account numbers. If you receive such a request, please call your local HSBCnet customer support. Links within our e-mails will only take you to information pages. If you wish to unsubscribe from receiving service information from HSBCnet, please click here. © Copyright. HSBC Bank plc 2014. All rights reserved. Privacy & Data Protection Statement \| Terms & Conditions