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For customers with accounts in Canada: enhanced ACH payments service

Last updated: 2 August 2018

Effective 17 September 2018, we’ll be updating HSBCnet’s Automatic Clearing House (ACH) service to align with local industry changes to the Electronic Funds Transfer (EFT) service in Canada. The changes will impact your CAD-currency ACH payments from your Canadian domiciled accounts.

The enhanced ACH service will include 4 improvements: same-day payroll, expedited bill payments, faster settlement of invoices, and the ability to move away from paper and cheque payments.

What’s changing?

We’re making the following updates to HSBCnet’s ACH service:

  1. Additional cut-off time for CAD ACH payments:
    Starting 17 September 2018, a third cut-off time will be introduced at 7:00pm Eastern Time (ET) / 4:00pm Pacific Time (PT) for CAD ACH Credit/ACH Debit payments submitted in HSBCnet. The addition of this new cut-off time means that you’ll have more time to send your CAD EFT payments. Payments sent after this new cut-off time will be processed the next day.
First Cut-off Time (Existing)
Second Cut-off Time (Existing)
Third Cut-off Time (New)

5:00am ET / 2:00am PT
2:00pm ET / 11:00am PT

7:00pm ET / 4:00pm PT

The new cut-off time does not apply to USD ACH payments and the USD cut-off time will remain at 5:00am ET / 2:00am PT.

  1. Make same-day CAD payments for faster funds availability:
    As of 15 October 2018, “Same Day Credit” payments will be available for CAD ACH Credit payments. In order for the payment to qualify for same-day value, your EFT File or Payment Instruction template must state the current date and must be received by HSBC before one of the three daily cut-off times. Funds should be made available to the payee within 4 hours after each cut-off.

  2. New report delivery time:
    With the addition of the new cut-off time, the following End of Day reports will be provided via HSBCnet’s Reports and Files Download service at approximately 10:00pm ET / 7:00pm PT (rather than the current 5:00pm ET / 2:00pm PT delivery time):

    • Returned Item (EFFP400R)
    • Rejected Item (EFFP200R)
    • Re-presentment (EFT340R)
    • EFT Output File (CONFILE)

Find out more

If you have any questions, please contact your local HSBCnet Support Centre.

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