Action required: new regulatory requirement for payments from accounts in Indonesia

Effective 19 June 2016, new mandatory input fields will be introduced for payments debiting Indonesian accounts, both on-screen in HSBCnet and via the File Upload service.

In accordance with regulatory requirements introduced by Bank Indonesia, the HSBCnet payment system will be upgraded to support the following new mandatory requirements from 19 June:

Purpose of payment codes for foreign currency (FX) Priority Payments and Inter-account Transfers;
Beneficiary type and Beneficiary status input fields for domestic Indonesian Rupiah (IDR) ACH Credit and Priority Payments.

The Beneficiary name field will also be extended from 35 characters to 70 characters as part of this upgrade.

Action required by 17 June:
Please action any pending transactions (including forward-dated instructions) by the cut-off time on Friday, 17 June. Any instructions that were left in pending status over the weekend of 18/19 June will need to be re-created from 19 June, with the new mandatory fields completed.

Action required effective 19 June:
Any existing on-screen General/Restricted payment templates will need to be amended to include the Purpose of payment code after the upgrade. Any Standing instructions (recurring payments) will also need to be updated as of 19 June.

Please review the following details to learn more about the new requirements for payment instructions from your Indonesian accounts.

Customers making on-screen payments in HSBCnet:

Purpose of Payment code required for foreign currency (FX) Priority Payments/Inter-account Transfers:

From 19 June, all FX Priority Payment instructions from Indonesian accounts will be required to include a valid Purpose of payment code. Instructions submitted without a valid Purpose of payment code will be rejected by the system.

As of the effective date, the Regulatory reporting section of the HSBCnet Priority Payment and Inter-account Transfer screens will need to be completed as follows for FX payment instructions:

Search for the applicable purpose code by clicking the Select button in the Purpose of payment field. A complete list of available payment purpose codes will be available for you to select from.
Alternatively, you can manually input the applicable 3-digit Purpose of payment code in the field highlighted below in red.

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A full list of Payment Purpose codes is available for your reference here

New mandatory beneficiary fields for domestic ACH Credit/Priority Payments (IDR currency only):

As of 19 June, two new mandatory fields will be introduced for all domestic IDR Priority Payment and ACH Credit (SKN transactions including AutoPay) payment instructions. The new mandatory fields are:

Beneficiary type (Individual, Corporate, Government and Remittance)
Beneficiary status (Resident, Non-Resident, and Remittance)

From the effective date, you will be unable to process domestic IDR payment instructions if you have not completed these two fields.

Beneficary type and Beneficary status fields on Priority Payment screen:

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Beneficary type and Beneficary status fields on ACH Credit screen:

(Select image to enlarge)

Customers making payments using the File Upload service

For additional information regarding the new mandatory fields for payments from Indonesian accounts, please contact your local HSBCnet Support Centre.