Close

Purpose of Payment requirements for cross-border payments are changing

Last updated: 9 September 2024

Further to our previous communication about changes to Purpose of Payment fields in HSBCnet, we updated HSBCnet screens on 12 August 2024. Purpose of Payment details will now be mandatory when creating certain cross-border Priority Payments in HSBCnet.

In the coming months, this requirement will be extended to cross-border payment files where Purpose of Payment details are required by local regulation.

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 the below beneficiary locations, Purpose of Payment details will become mandatory in HSBCnet payment screens:

  • Chile
  • Egypt
  • India
  • Indonesia
  • Malaysia
  • Maldives
  • Philippines
  • Qatar
  • Saudi Arabia
  • South Korea
  • Thailand
  • United Arab Emirates

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.

Please note: the Purpose of Payment field is mandatory for the above beneficiary locations in HSBCnet payment screens only. Payment instructions submitted via HSBCnet's File Upload service, HSBCnet Mobile app, HSBC Connect, and SwiftNet are not included in this requirement at this time.

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:

  • XMLv2
  • XMLv3
  • Dynamic CSV

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.


Back to top | Close

The postal address for related enquiries is:
HSBC - Digital Channels, Wholesale
8 Canada Square
London UK E14 5HQ

This communication is provided by HSBC Bank plc on behalf of the member of the HSBC Group that has contracted with your organisation for the provision of HSBCnet services. HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

You received this email notification because you are a registered user of HSBCnet. Should you have any concerns regarding the validity of this message, please contact your local HSBCnet customer support.

We maintain strict security standards and procedures to prevent unauthorised access to information about you. HSBC will never contact you by email or otherwise ask you to validate personal information, such as your username, password or account numbers. If you receive such a request, please call your local HSBCnet customer support. Links within our emails will only take you to information pages.

If you wish to unsubscribe from receiving service information from HSBCnet, please select here.

© Copyright. HSBC Bank plc 2024. All rights reserved.

Privacy & Data Protection Statement | Terms & Conditions

Deutsche | En español | En français (Canadian) | En français (European) | 繁體中文 | 简体中文 | Bahasa Indonesia