Last updated: 1 May 2024
In the coming months, we’ll be updating HSBCnet and HSBC Connect systems to help make it easier for you to know how and when to include Purpose of Payment details in your cross-border Priority Payments.
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.
For cross-border Priority Payments to beneficiary locations where Purpose of Payment details are required, the Purpose of Payment field will become mandatory in HSBCnet payment screens in the coming months. This field will also be available as a recommended optional field for other
cross-border payments.
To help prepare yourself for this change, we suggest that you start providing Purpose of Payment details in your payment instructions, where available, if you’re not already doing so.
HSBC UK accounts: requirement to include Purpose of Payment details in cross-border payment files
In the coming months, 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.
What you can expect next from us
We will soon be providing further details about how HSBCnet payment screens will be changing to help you capture Purpose of Payment details in your payment instructions.
In addition, we’re 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 soon be 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.