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	Action required: new Payment Purpose code requirement for Saudi Arabia payments Dear HSBCnet User, Effective 29 August 2015, the inclusion of a Payment Purpose code will be mandatory for cross-border payments debiting Saudi Arabia accounts.   Due to regulatory requirements introduced by the Saudi Arabian Monetary Agency (SAMA), the HSBCnet payment system will be upgraded to support the implementation of Payment Purpose codes in Saudi Arabia. As a result of this change, cross-border payment instructions submitted through HSBCnet (as well as Host to Host (HSBC Connect) / SWIFT FileAct channels) will be required to include a valid Payment Purpose code. Instructions submitted without a valid Payment Purpose code may be rejected.   Payments affected are: Priority Payments Inter-Account Transfers Customer Transfers Please note: domestic Saudi Arabia (ACH) payments will not require a Payment Purpose code at this time. Customers making on-screen payments in HSBCnet As of 29 August, the mandatory “Payment Purpose” field will be accessible from the Regulatory reporting section of payment instruction screens. To input the Payment Purpose code, select the “Add Payment Purpose code” button and select the appropriate code from the list. (select image to enlarge) View list of Payment Purpose codes with descriptions Please note: any currently existing cross-border on-screen payment templates must be amended to include the Payment Purpose code after 29 August. Customers making payments using the File Upload service The mandatory Payment Purpose code will be mapped into tag 77B of MT103/MT101 Payment Files in the following formats:  File Format Input field PAYMUL FTX+ABY XML ISO20022 (v2) <RgltryRptg><RgltryDtls><Inf> XML ISO20022 (v3) <RgltryRptg><Dtls><Inf> MT103 :77B: iFile SECPTY(65) iDOC Consult the bank if you use this format. Payment purpose code should be populated in the following format: /BENEFRES/Payment Country Code*//Purpose of Payment Code   E.g. /BENEFRES/FR//OVT * Payment Country Code should be an ISO Standard Country Code (2 digit alpha characters only) For additional information regarding Payment Purpose codes, please contact your local HSBCnet Support Centre. Sincerely, Your HSBCnet Team
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