Having trouble reading this e-mail? View the online version.
	Customers with accounts in Singapore: upcoming enhancements to the GIRO (ACH) payment service Dear HSBCnet User, Due to an industry-wide initiative supported by The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), the interbank payment infrastructure for GIRO payments will be upgraded in the first quarter of 2015. HSBC will be enhancing its GIRO (ACH) services along with this industry wide initiative. As a result of the GIRO service upgrade, when making domestic SGD ACH payments from accounts in Singapore on screen in HSBCnet you will be required to input a SWIFT bank code and a Payment Purpose code. Customers using File Upload service will not be required to include these codes as a result of this upgrade. SWIFT Bank Identifier Code (BIC) Once the GIRO upgrade is completed, you will be required to enter the SWIFT Bank Identification Code (BIC) for the beneficiary financial institution in all domestic SGD ACH payment instructions created on HSBCnet. When creating a payment instruction in HSBCnet, input the SWIFT/BIC in the “Beneficiary details” section. To ensure accuracy when entering the code in HSBCnet, select the 'Find code' button next to the “SWIFT/BIC address” field to locate the appropriate SWIFT/BIC from a master list. The introduction of SWIFT/BIC replaces the need to input bank and branch codes. After the upgrade, you will be asked to input the SWIFT/BIC and account number. For ACH payments to select banks, you will also need to include the Branch code as a prefix to the account number. Details of the revised beneficiary account number format are outlined below:   Current Post Upgrade  Bank Name Bank Code Branch Code Account Number SWIFT/BIC Account Number HSBC 7232 146 123456789 HSBCSGSGXXX 146123456789 OCBC 7339 550 1234567 OCBCSGSGXXX 5501234567 123456789 550123456789 SBI 7791 277 12345678901 SBINSGSGXXX 27712345678901 All other banks After the upgrade, you do not need to include the Bank code and Branch code. Instead, you will need to include the SWIFT/BIC and the account number only. Important note: following the upgrade, payments made via HSBCnet that do not include the revised beneficiary account number format may be rejected by the beneficiary bank. For additional information regarding the input of the beneficiary account number, and a list of financial institutions and their associated SWIFT/BIC, please review the information provided in the link below. View detailed SWIFT/BIC and Beneficiary account number information Payment Purpose code The inclusion of a code referencing the purpose of payment to the beneficiary account will be required for all domestic SGD ACH payments from accounts in Singapore. After the GIRO upgrade, you will be unable to submit ACH payment instructions via HSBCnet without inputting a valid Purpose of payment code. The mandatory “Purpose of payment” field will be accessible in the “Beneficiary details” section of payment instruction screens. Input the Payment Purpose code in this field, or select the “Find code” button to look up the code from a master list. (select image to expand) View list of Payment Purpose codes with descriptions Please note: Any existing domestic SGD ACH on screen payment templates in HSBCnet can be amended to include the Payment Purpose code after the GIRO upgrade. In addition, the following enhancements will also be introduced on HSBCnet after the GIRO upgrade: Customer reference field - Beneficiary Reference (Second Party Reference) for the ACH transaction will be sent to the beneficiary’s bank and can be used for reconciliation with your beneficiary. Your existing ACH reports will be demised and the following reports will be introduced:     Pre-defined Reports  Report Name Description ACH Credit ACH Debit EOB – End of Batch Upfront Rejects (pre-processing) for an ACH Batch FPAR03P FPAR06P EOD – End of Day Summary Summary of transactions for the day FPAR01P FPAR05P EOD – End of Day Detailed report or all ACH transactions processed and rejected/returned during the day FPAR02P FPAR07P Enhanced bank statements to provide more structured narratives and new transaction codes to identify reversals/returned transactions. Updated Transaction Processing: Your accounts will be debited during the day instead of end day for Outward ACH transactions. For Direct Debit (DD), the collection amount credited into your account will be the net amount (total amount less the collection charges). The ACH daily cut-off time and clearing turnaround time remain unchanged. Please note: at this time there will be no change to existing fees and charges as a result of this upgrade Please note: information in your bank statements could change due to this enhancement and as a result your ERP systems or automated account reconciliation programs may be impacted. If you download statements from HSBCnet for software (ERP) integration, you may contact your usual HSBC PCM expert for assistance with change requirements. If you have further queries regarding the GIRO upgrade, please email us at hsbcnetcentresg@hsbc.com.sg or contact your local HSBCnet Support Centre. Sincerely, Your HSBCnet Team
Please do not reply to this e-mail. The postal address for related inquiries is: HSBC - E-Channels 8 Canada Square London UK E14 5HQ This communication is provided by HSBC Bank plc on behalf of the member of the HSBC Group that has contracted with your organisation for the provision of HSBCnet services. 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 2015. All rights reserved. Privacy & Data Protection Statement | Terms & Conditions