IBAN required for cross-border payments to more beneficiary locations

Last updated: 20 March 2024

This article has been updated to reflect the new IBAN requirement implementation date to 23 March 2024.

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Starting 23 March 2024, in line with local market practices, beneficiary International Bank Account Number (IBAN) details will be required for outgoing cross-border Priority Payments submitted through HSBCnet and HSBCnet Mobile to IBAN compliant beneficiary bank locations.

View full list of IBAN compliant beneficiary bank locations ❯

What this means for you

From 23 March 2024, HSBCnet ‘Create payment or transfer’ screens will require IBAN details to submit cross-border Priority Payments to the IBAN compliant beneficiary bank locations listed 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 23 March 2024, 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. Any new cross-border Priority Payments created from templates after 23 March 2024 will need to include a valid IBAN.
• Existing beneficiaries:
  Review and update your beneficiaries used for cross-border Priority Payments in Beneficiary Management and make sure they include a valid IBAN by 23 March 2024.
• Payments pending authorisation, standing instructions and forward-dated payments:
  Review and update any cross-border Priority Payments pending authorisation. Any new standing instructions and forward dated payments created after 23 March 2024 will need to include a valid IBAN.
• Payment files uploaded using Instruction Level Authorisation (ILA):
  From 23 March 2024, 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 tools. Payment files submitted other than Instruction Level Authorisation that do not contain the beneficiary’s IBAN will not be rejected at this time; however, we recommend including beneficiary IBAN details when available.
• Payments submitted through the HSBCnet Mobile app:
  When submitting a cross-border Priority Payment to an existing beneficiary through the HSBCnet Mobile app after 23 March 2024, a payment will need to be submitted to that beneficiary using an IBAN on the desktop version of HSBCnet first.

Please note: to help prevent processing delays, ensure that you use the IBAN’s electronic format with no spaces.

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.