IBAN required for cross-border payments to more beneficiary locations

Last updated: 8 December 2023

After further review, the below change relating to International Bank Account Number (IBAN) requirements will not be implemented over the weekend of 9/10 December 2023 but postponed until 2024.

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Starting 11 December 2023, in line with local regulations, beneficiary International Bank Account Number (IBAN) details will be required for outgoing cross-border Priority Payments submitted through HSBCnet and the HSBCnet Mobile app to IBAN compliant beneficiary bank locations.

View full list of IBAN compliant beneficiary bank locations ❯

What this means for you

From 11 December 2023, HSBCnet ‘Create payment or transfer’ screens will require IBAN details to submit cross-border Priority Payments to the IBAN compliant beneficiary bank locations provided in the link above. Cross-border Priority Payment instructions that are uploaded using the File Upload service under Instruction Level Authorisation (ILA) will also require beneficiary IBAN details.

Here’s what the mandatory IBAN field will look like in ‘Create payment or transfer’ screens:

(select image to enlarge)

To avoid any payment processing delays or rejections, we recommend that you review and, if necessary, update cross-border Priority Payments to the above beneficiary locations to include a valid IBAN for the following payment services:

• Payments created in HSBCnet:
  From 11 December 2023, you will need to include a valid IBAN in respective fields when creating cross-border Priority Payments.
• General or restricted templates:
  Review and update your cross-border Priority Payment templates and make sure they include a valid IBAN by 11 December 2023.
• Existing beneficiaries:
  Review and update your beneficiaries for cross-border Priority Payments in Beneficiary Management and make sure they include a valid IBAN by 11 December 2023.
• Payments pending authorisation, standing instructions and forward-dated payments:
  Review and update any cross-border Priority Payments pending authorisation, standing instructions or forward-dated payments. Any instructions submitted after 11 December 2023 will need to include a valid IBAN.
• Payment files uploaded using Instruction Level Authorisation (ILA):
  From 11 December 2023, payment instructions uploaded using the File Upload service under Instruction Level Authorisation (ILA) that do not include a valid IBAN will be rejected. Rejected instruction details will be listed in the Track Files and File Status Monitoring services.

Note: payment instructions uploaded under File Level Details and File Level Summary will not require the beneficiary's IBAN at this time.

Find out more

For more information on how to include a beneficiary's IBAN in your payments, review the ‘Best practices for creating international payments’ page in the HSBCnet User Guides portal.

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