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For customers with accounts in Singapore: PayNow Corporate will be available from 13 August 2018

Last updated: 4 July 2018

On 13 August 2018, you’ll have the option to send domestic payments in Singapore using a beneficiary’s Alias, instead of their account number.

We’re bringing you this enhancement in alignment with the Association of Banks in Singapore’s (ABS) announcement of the introduction of PayNow Corporate on 13 August 2018.

PayNow Corporate is an enhanced funds transfer service that will allow businesses to send and receive Singapore Dollar funds locally using an account proxy (also known as Alias on HSBCnet payment screens), instead of the beneficiary’s bank account number.

What does this mean for me?

From 13 August 2018, when you create a Customer Transfer/Priority Payment from a Singapore-domiciled account, you’ll see the ‘Alias’ option in the ‘Create payment using’ field.  Once you select this option, the payment screen will update to capture the beneficiary’s Alias information.

What information can I use as the Alias of a beneficiary?

For:

• Corporates: the Alias is their Unique Entity Number (UEN) together with an optional 3 character suffix.
• Consumers: the Alias is their mobile or National Registration Identity Card (NRIC) number.

Please note: in order for a beneficiary to receive payments using this option, their Alias must be registered with PayNow or PayNow Corporate through a participating bank.

From 13 August 2018, you can register your UEN as an Alias(es) on HSBCnet to receive payments via PayNow Corporate. For instructions on how to do this, refer to the “How to register for PayNow Corporate in Singapore” Quick Guide in the HSBCnet Help Centre or ask the Virtual Assistant (available 13 August 2018).

Will I still be able to make payments to beneficiaries by using their account number?

Yes, you’ll continue to be able to make payments using the current method by selecting the ‘Beneficiary details’ option in the ‘Create payment using’ field.

Changes to statement narratives in the Account Information service

In addition to the enhancements for payments in Singapore, statement narratives will also be updated for PayNow Corporate transactions starting 13 August 2018.

If you use ERP systems or automated account reconciliation programs for your Singapore account statements, you may wish to review the following information to note the statement narratives for the new PayNow Corporate transactions.

As there are no changes to the structure of the statement narratives, your automated reconciliation processes should not be impacted. However, you may wish to review your internal system’s automated reconciliation processes and, if required, update them prior to 13 August 2018.

This change affects the following file formats: MT940, MT942, XML Intra-Day camt.052, XML End-of-Day camt.053, BAI2 Intra-Day, BAI2 End-of-Day, and CSV End-of-Day.

The following table outlines the statement narratives that will apply for PayNow Corporate transactions effective from 13 August 2018.

Please note: the examples below are provided for the purpose of demonstrating the new statement narratives and may not exactly match your statement entries.

Find out more

For questions regarding the PayNow Corporate enhancements for your accounts in Singapore, please contact your local HSBCnet Support Centre.

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