Last updated: 7 August 2024
7 August 2024 update: due to a small number of reported payment errors, we decided to roll back the update. We have identified the underlying issue and subject to further testing, we expect to be able to reintroduce the changes in the coming weeks.
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Further to our communication in June, we’re updating HSBCnet screens to help make it easier for you to know how and when to include Purpose of Payment details in your cross-border Priority Payments.
We previously advised that changes would be required by 27 July 2024. However, to provide you more time to prepare, these changes will now take effect from 3 August 2024.
What this means for you
Currently, the Purpose of Payment field becomes available when creating payments to beneficiary countries/regions where Purpose of Payment details are required by local regulation.
Starting 3 August 2024, the Purpose of Payment field will become mandatory in HSBCnet payment screens for cross-border Priority Payments to beneficiary locations where Purpose of Payment details are required.
To help prepare yourself for this change, we suggest that you start providing Purpose of Payment details in your cross-border Priority Payment instructions to the below beneficiary locations by 3 August 2024:
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Please note: the Purpose of Payment field will become mandatory to the above beneficiary locations in HSBCnet payment screens only. Payment instructions submitted via HSBCnet's File Upload service, HSBC Connect, and the HSBCnet Mobile app will not require a Purpose of Payment code at this time.
The Purpose of Payment field will still be available as a recommended optional field in HSBCnet payment screens for cross-border payments to other beneficiary bank locations.
HSBC UK accounts: requirement to include Purpose of Payment details in cross-border payment files
Starting in 2025, you will be required to include a valid Purpose of Payment code in all cross-border payment instructions debiting HSBC UK accounts uploaded using Instruction Level Authorisation (ILA) in the File Upload service.
We will soon be updating HSBC’s File Format Specifications guides (formerly Message Implementation Guides or MIGs) to include the latest file changes impacting UK accounts. Updated guides will be made available in the HSBCnet User Guides portal for the following file formats:
Find out more
For more information on Purpose of Payment details for cross-border payments, review the ‘Best practices for creating international payments' guide available in the HSBCnet User Guides portal.
If you have any questions, please contact your local HSBCnet Support Centre.