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For customers with accounts in Mexico: mandatory Purpose of Payment codes, as well as new SPID file format requirements

Last updated: 6 February 2018

As previously communicated, Purpose of Payment codes will be mandatory for payments from accounts in Mexico as of 31 March 2018. In addition, there are also new regulatory file format requirements for SPID payments.*

From 31 March 2018, Priority Payments/Customer Transfers without a valid Purpose of Payment code will be rejected. SPID payment files that do not meet the new regulatory format requirements will also be rejected.

These regulatory requirements apply to payments submitted on-screen in HSBCnet or via the File Upload service.

What payments (from debit accounts in Mexico) require a Purpose of Payment code?

1. Cross-border (international) payments
2. Domestic USD payments to other HSBC accounts
3. SPID payments (domestic USD payments to non-HSBC accounts)

Please note, local MXN currency (SPEI) payments in Mexico do not require a Purpose of Payment code.

What do I need to do?

The way in which you include Purpose of Payment codes on HSBCnet depends on whether you submit your payments using payment screens or the File Upload service. The following information outlines what you need to do for each payment method:

• Payments submitted on-screen in HSBCnet:
  
  Update your payment templates starting 31 March 2018 to include Purpose of Payment codes.
  
  Select the appropriate code information in the Regulatory reporting field (highlighted below) when making on-screen payments in HSBCnet:
  
  
  1. For SWIFT codeword, select  /BENEFRES/ or /ORDERRES/ (both are valid)
  2. Choose MX Mexico from the country list.
  3. Select the Add Payment Purpose code button to choose a relevant code for your payment.

(select image to enlarge)

Reminder: if you're using Restricted templates for payments, you must update them before being able to make a payment. Once updated, you must wait 30 minutes for a template to register.

• Payments submitted via the File Upload service:
  
  Update your relevant payment files before 31 March 2018 to include valid Purpose of Payment codes.
  
  For SPID payments, you're are also required to update your files with the latest regulatory format requirements captured in our updated Message Implementation Guides. To obtain Message Implementation Guides for formatting your files, please contact your Mexico Client Services representative.
  

Find out more

For questions about Mexico’s Purpose of Payment code requirements, please contact your local HSBCnet Support Centre or HSBC representative.

 

* Art.115 of the Credit Institution Law issued by Secretaría de Hacienda y Crédito Público, requires Purpose of Payment codes for cross-border payments, as well as domestic USD payments between HSBC accounts.

The regulator of SPID payments, Banco de México, requires Purpose of Payment codes and additional mandatory information in SPID payment files.

 

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