User Tip: improve Priority Payment processing with these helpful reminders

The inclusion of all relevant information in your Priority Payment instructions helps enable straight-through processing, preventing processing delays and/or charges associated with incorrect payment details.

Follow the best practices provided below to help ensure the efficient processing of your Priority Payments:

Use the HSBCnet Beneficiary Bank Identifier field to validate and automatically populate bank information (For example, the Bank Identifier Code (BIC) / SWIFT codes). Only include the bank code in this field, the bank’s name and address details will be populated by HSBCnet. Including any additional information in this field may result in delayed processing.
Include the International Bank Account Number (IBAN) for payments to countries where IBAN is a mandatory requirement.
Provide an appropriate Purpose of Payment code for destination countries where this is mandatory. Failure to do so may lead to rejections, delays and/or additional charges. You may choose to provide this information in either the "Information to Beneficiary" field or "Regulatory Reporting" field.

If you choose to use the "Regulatory Reporting" field, select the SWIFT code word ‘/BENEFRES/’ from the available dropdown and then input the appropriate purpose code in the adjoining text field (Please note, this is applicable for AED transfers to beneficiaries within the UAE)
For customers that use MT103 payment format, you may include the “Information to Beneficiary” reference in the Tag 70 field and the “Regulatory Reporting” reference via Tag 77B.