South Africa accounts: Balance of Payment details mandatory for cross-border and foreign currency payments beginning 7 December 2020

Last updated: 23 November 2020

Beginning 7 December, in accordance with local regulations, Balance of Payment details will be mandatory when sending cross-border or foreign currency Priority Payments, or reportable transactions, debiting your HSBC accounts in South Africa.

What’s changing?

From 7 December 2020, you’ll need to include the Balance of Payment (BOP) details for BOP reporting purposes when creating a cross-border or foreign-currency Priority Payment debiting your South Africa accounts. The new mandatory BOP reporting information will need to be completed in the Purpose of payment section when creating your payment instructions through HSBCnet.*

Here’s what the new BOP section in HSBCnet will look like:

(select image to enlarge)

What you need to do

If you have any existing Priority Payment templates, Standing instructions, or forward-dated payments, we recommend that you (or another user in your organisation with the correct payment permissions) review your payments as follows:

• Standing instructions, or Forward-dated payments:
If you have any cross-border or foreign currency Standing instructions or Forward-dated payments, make sure that you review and, if necessary, update them to include valid BOP details.
• General or Restricted templates
If you have any cross-border or foreign currency Priority Payment templates with information already included in the Purpose of Payment section, we recommend reviewing the details and, if necessary, adding in valid BOP details.

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.

Find out more

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