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UAE account holders: upcoming changes to electronic statements on 5 May 2019

Last updated: 2 May 2019

Starting from 5 May 2019, we'll be updating HSBCnet to support the new UAE Funds Transfer System (UAEFTS) – Immediate Payment Instruction (IPI). This is a 24/7 payment system in the UAE which supports real-time domestic Dirhams funds transfers for amounts up to 10,000. The UAEFTS-IPI scheme supports certain specific Purpose of Payment codes.

What this means for you

UAEFTS-IPI allows you to receive and make payments faster and more efficiently.

We’re introducing the UAEFTS-IPI on HSBCnet in two phases as follows:

1. Effective from 5 May 2019, you can start receiving domestic payments via the UAEFTS-IPI. These domestic payments can only be sent to you from institutions that are registered participants of the UAE Immediate Payment scheme for outward payments.
   
   
2. From 30 June 2019, you will be able to initiate payments via the UAEFTS-IPI. Further details on how UAEFTS-IPI works with respect to initiating payments will be made available to you in due course.

What’s changing on HSBCnet?

• HSBC Account Information
  
  We're introducing new account statement narratives and transaction codes for payments that are received/processed through the UAEFTS–IPI system. The enriched information will help you identify your transactions more easily as detailed here. >


• Statement Reporting
  
  If you have an automated account reconciliation process in place for your Dirhams accounts in the UAE, detailed information on new statement narratives and transaction codes is available here. >

Find out more

If you have any questions, please contact your UAE HSBC representative or local HSBCnet Support Centre.

 

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