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US accounts: send domestic Real-Time Payments starting 18 November

Last updated: 8 October 2019

As previously communicated, since July you've been able to receive domestic Real-Time Payments into your US accounts.

Starting 18 November 2019, we’re updating HSBCnet so that you can send Real-Time Payments from your US accounts.

What does this mean for me?

The Real-Time Payments USD domestic settlement network is a 24/7/365 system that supports the immediate processing of payments** of up to $25,000. Once sent, they are final and irrevocable, and you’ll receive a notification that the payment was delivered successfully.

1. File Upload service:
   From 18 November, if you create Priority Payment files using an ERP system, you’ll need to make sure you’re using the correct transaction codes.
   
   
   • New transaction codes for sending Priority Payment files >
     

   Note: using the incorrect transaction code can lead to rejections and delays in payment processing. For more information on updating your payment files, contact your Client Services representative.
   
   

2. Enhanced Priority Payment screens:
   From 18 November, when you create a Priority Payment from a US-domiciled USD account, you’ll see the following change:
   
   
   • Create payments using the 'Send instantly with immediate confirmation' option.
     
     

(select image to enlarge)

Account Information and Statement reporting

On 18 November, we're introducing new statement narratives and transaction codes for Priority Payments that are sent using the Real-Time Payments service. The enriched statement information will help you identify your transactions more easily.

Please note, the new statement narratives will not be applicable unless you make outward Real-Time Payments. There are no changes to the statement narratives for the existing Inward Real-Time Payments and other payment types.

If you have an automated reconciliation process in place for your USD accounts based in the US, please review the detailed information about the new statement narratives and payment identification codes for Account Information and Statement reporting.

What else is changing?

USD Real-Time Payments enhancements will continue to be developed in the future:

Earlier this year:

• Developments allowed you to receive Real-Time Payments in your US accounts.

Coming soon (November 2019):

• We'll introduce the ability to send Real-Time Payments using HSBCnet payment screens and the File Upload service.

Future enhancements:

• In the future, you’ll be able to send and receive other messages available on the Real Time Payments network, like Request for Payments (RFP) and Request for Information (RFI), using HSBCnet payment screens and files.

We’ll be sharing more information about RFP and RFI in the future.

Find out more

For more information, review our Frequently Asked Questions. If you need further assistance, please contact your local HSBCnet Support Centre.

 

* Additional fees will apply. Please refer to terms and charges or contact your HSBC representative.

** Payments will be processed immediately upon final payment authorisation.

 

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