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Product Updates 413 and 412: ACH Autopay bank format enhanced for HSBC Singapore

The following bank format has been enhanced for both domestic and foreign payments:

Note: The bank format types are categorized as DCT = Domestic Credit Transfer and FCT = Foreign Credit Transfer.

This new enhancement requires users to provide the SWIFT address or the Business Identifier Code (BIC), as well as the branch code for HSBC, OCBC and SBI, in the Maintenance bank account numbers screen.

If the SWIFT address field has been defined, the value will be used by the system. Otherwise, the BIC code will be used.

In the General section, the Branch code can be defined. The branch code is the three-digit code which assigns transactions to a particular bank branch instead of the head office. 

Note: This is a requirement if the creditor’s bank account is maintained at HSBC, HSBC Subsidiaries, OCBC and SBI.

For these banks, the branch code will be used as a prefix for the bank account number in the ACH Autopay file. If the Branch code field is not defined, only the value from the Number field will be used. For example, the Branch code field can be left blank and the Number field can be defined with the branch code and bank account number together.

When Autopay is selected, the following screen will be displayed:

In the Payment screen, two new options have been made available, namely Purpose Code and Payment date. The code selected at the Purpose Code field will indicate the payment purpose and will be used for all transactions selected for the ACH Autopay file generation. The following options are available for selection at Purpose Code:

• OTHR (Other)
• SALA (Salary payment)
• SUPP (Supplier payment)
• BEXP (Business expenses)
• CDCD (Cash disbursement)
• Custom

If Custom is selected, you can define the purpose code provided by the bank at the text field available. You are allowed to define only four characters at the field. At the Payment date field, you can select a different date as the payment date. By default, the current date will be displayed.