Customers with accounts in Singapore: SWIFT Bank Identifier Codes for domestic SGD ACH payments 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 Identification Code (BIC). Customers using File Upload service will not be required to include a SWIFT/BIC 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 a SWIFT/BIC from a master list. (select image to expand) The introduction of SWIFT/BIC replaces the need to input bank and branch codes. For a list of financial institutions and their associated SWIFT/BIC, please review the information provided in the link below. View list of SWIFT Bank Identifier Codes In addition to the introduction of SWIFT/BIC, the input of beneficiary account numbers on HSBCnet is also changing. After the GIRO upgrade, you will no longer be required to input bank and branch codes. After the upgrade, you will need to enter only beneficiary’s account number as outlined in the table below:   Current Post Upgrade  Bank Name Bank Code Branch Code Account Number SWIFT/BIC Account Number Citibank 7302 002 1234567890 CITISGSGXXX 1234567890 HSBC 7232 146 123456789 HSBCSGSGXXX 146123456789 OCBC 7339 550 1234567 OCBCSGSGXXX 5501234567 123456789 550123456789 SBI 7791 277 12345678901 SBINSGSGXXX 27712345678901 DBS 7171 001 123456789 DBSSSGSGXXX 123456789 UOB 7375 030 1234567890 UOVBSGSGXXX 1234567890 SCB 7144 018 1234567890 SCBLSGSGXXX 1234567890 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. Please note the following key exceptions: As shown above, when inputting the beneficiary account number for payments to the following financial institutions, you must include the bank’s branch code as well as the account number. • The Hongkong and Shanghai Banking Corporation Limited (HSBC) • Oversea-Chinese Banking Corporation (OCBC) • State Bank of India (SBI) If you have further queries, please email us at hsbcnetcentresg@hsbc.com.sg or contact your local HSBCnet Support Centre.
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