For customers with accounts in Saudi Arabia: Purpose of Payment code requirement for type O and N ACH Credit transactions
Last updated: 20 November 2017
Starting 3 December 2017, you can include a Purpose of Payment code in type O and N (non-Wages Protection System WPS) ACH transactions from your accounts in Saudi Arabia.
This change is in accordance with local regulatory requirements issued by the Saudi Arabian Monetary Authority. This requirement does not affect your Wages Protection System (Saudi WPS ACH ) payments (type S - Salary and B - Bonus).
What does this mean for me?
Effective 31 March 2018, type O and N ACH Credit payments without a Purpose of Payment code will be rejected.
We recommend that you start including a valid Purpose of Payment code in your type O and N ACH Credit instructions from 3 December. This applies for payments submitted on-screen in HSBCnet or via the File Upload service.
From 3 December, if a type O and N ACH Credit payment is sent for Repair (via the Payment Summary service), the payment creator will need to input a valid Purpose of Payment code to proceed with the payment.
View the list of Purpose of Payment codes for type O and N ACH Credit transactions in Saudi Arabia >
What do I need to do?
For your type O and N ACH Credit instructions, provide the Purpose of Payment code in the ‘Purpose of Payment’ field.
Payments submitted via the File Upload service
The following table outlines the Purpose of Payment file formatting requirements for your type O and N ACH Credit payments effective 3 December 2017:
File formats |
Tags |
|---|---|
Ifile |
Field no 43 on SECPTY INV |
CRG Paymul |
FTX+ABY+++INV' |
XML v2 |
<RgltryRptg> <RgltryDtls> <Inf>INV</Inf> </RgltryDtls> <RgltryRptg> |
XML v3 |
<RgltryRptg> <Dtls> <Inf>INV</Inf> </Dtls> </RgltryRptg> |
Find out more
To request an updated Message Implementation Guide (MIG) for formatting your payment files, please contact your Client Services Representative.
If you have questions about Purpose of Payment code requirements for your ACH transactions in Saudi Arabia, please contact your local HSBCnet Support Centre or your SABB representative.
File formats |
Tags |
|---|---|
Ifile |
Field no 43 on SECPTY INV |
CRG Paymul |
FTX+ABY+++INV' |
XML v2 |
<RgltryRptg> <RgltryDtls> <Inf>INV</Inf> </RgltryDtls> <RgltryRptg> |
XML v3 |
<RgltryRptg> <Dtls> <Inf>INV</Inf> </Dtls> </RgltryRptg> |
The postal address for related inquiries is:
HSBC Group Head Office
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