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	Action required: Purpose of payment code requirement for payments from accounts in the Philippines Dear HSBCnet User, Effective 19 October 2015, the inclusion of Purpose of payment code will be mandatory for payments debiting Philippines accounts made on-screen in HSBCnet and using the File Upload service. Due to regulatory requirements of the Bangko Sentral ng Pilipinas, the HSBCnet payment system will be upgraded to support the implementation of Purpose of payment codes in the Philippines. As a result of this change, payment instructions submitted through HSBCnet will be required to include a valid Purpose of payment code. Instructions submitted without a valid Purpose of payment code will be rejected. Payments affected are: Priority Payment instructions for domestic and cross border transfers Cheque Outsourcing Service (COS) instructions to issue Cashier's Orders Please note: existing on-screen payment templates must be amended to include the payment purpose code by 19 October. Customers making on-screen payments in HSBCnet Priority Payments The Regulatory reporting (section 7) of the HSBCnet Priority Payment screen will need to be completed as follows: Select the SWIFT codeword and the applicable country from the dropdown options; then Choose an applicable Purpose of payment code by selecting 'Search', or manually inputting the appropriate 4-digit purpose code in the field highlighted in red. (Select image to enlarge) By selecting 'Search', a complete list of available Purpose of payment codes will be displayed for you to choose from. For the complete list of codes you may visit http://www.hsbc.com.ph/1/2/remittance-codes Cheque Outsourcing Service (COS) The Purpose of payment code (section 6) of the HSBCnet COS screen will need to be completed in either of the following two ways: Select 'Search' and choose an applicable code; or Manually input a description for the payment in the 'Input details' field. This option is to be used if the applicable code is not found using the 'Search' feature (Select image to enlarge) Payment Purpose code Payment Purpose description VENDOR Vendor Payments / Trade Payables PETTYC Petty Cash / Expense Reimbursements COMPEN Employee Compensation (i.e. Payroll, Loan Payout) COMMIS Commissions (i.e. Sales Incentives) GOVPAY Government Payments (i.e. BIR Tax Payments, Customs Duties, SSS Contributions) Customers making payments using the File Upload service The mandatory Purpose of payment code is mapped into the following fields per file format as outlined in the link below. Please ensure your payment files are updated to support this requirement. You may contact your Client Integration Manager for questions about these file formats. Priority Payments The Purpose of payment code will need to be in the format of /ORDERRES/AA//XXXX or /BENEFRES/AA//XXXX, where AA is the applicable country code and XXXX is the applicable 4-digit purpose code. For the complete list of codes you may visit http://www.hsbc.com.ph/1/2/remittance-codes Cheque Outsourcing Service (COS) The Purpose of payment code will need to be a 6-character code from the table above. View Purpose of payment code File Upload information For additional information regarding Purpose of payment codes, please contact your HSBC representative. Sincerely, Your HSBCnet Team
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