Payments service update: enhanced Beneficiary and Intermediary bank identifier features

Last updated: 25 November 2019

On 15 December 2019, we’re enhancing the Beneficiary and Intermediary bank identifier features on HSBCnet’s payment and template screens. After this change, the Beneficiary and Intermediary bank identifier database will be more frequently updated to add new codes and remove outdated ones.

What do I need to do?

Starting 15 December, you may find that the Beneficiary or Intermediary bank SWIFT codes you’ve been using for Priority Payments, Customer Transfers, or ACH payments, have been updated and are no longer recognised in HSBCnet. If this occurs, we recommend that you (or another user in your organisation with the correct payment permissions) review your HSBCnet payment instructions as follows:

File upload:
To avoid delays or rejections we recommend that you review and update your payment details on or after 15 December to make sure that the SWIFT codes you’re using are accurate.

If you have any questions about submitting these payments, please contact your Client Services representative.

Payments created on-screen or via templates:
From 15 December, if you submit a payment with a SWIFT code that is not recognised, HSBCnet will give you an error or warning message. If you see an error or warning message when you create your payment, you’ll need to update your payments instructions to include an updated SWIFT code. The ‘Find bank identifier’ feature can be used on HSBCnet payment screens to make sure you’re using an accurate SWIFT code.

Reminder: when you update a restricted template, you’ll need to have another user approve the changes in the Authorisation summary service before the updated template can be used to make payments.

Forward-dated payments and Standing instructions:
If you have any Forward-dated payments or Standing instructions that use SWIFT codes, the payments will be submitted with the information that was previously entered. We recommend that you review these payment instructions on or after 15 December to avoid possible delays or cancellations.

Important note: submitting a payment with invalid or incorrect payment details (including SWIFT codes) can result in payment processing delays or cancellations. If you’re unsure if the SWIFT code you’re using in your payments is accurate, you can use the ‘Find bank identifier’ feature on HSBCnet payment screens, or confirm with your beneficiary to make sure their banking information is up to date.

Find out more

If you have any questions about making payments on HSBCnet, please contact your local HSBCnet Support Centre.