HSBC bank has introduced the SWIFT/BIC to replace the need to input bank and branch codes.
Effective 1 October 2016, and in compliance with industry-wide initiatives supported by The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), your GIRO (ACH) payments submitted via File Upload must include:
- SWIFT Bank Identification Code (BIC);
- complete beneficiary account number; and
- a valid Payment Purpose code.
Details of the revised beneficiary account number format are outlined (as shown below):
Please note, as of 1 October, HUB MRI and Singapore MRI file formats will no longer be supported by HSBCnet. If you are currently using these formats for File Upload, you must implement one of the supported file formats indicated in the HSBC Singapore GIRO (ACH) Payment Formatting Guide.
For more information, please click here or contact your HSBC account manager.