Our Global Payments Strategy 

Bacs Credit Transfers

What’s Happening?

As part of our multi-year initiative, we transitioned BACS Credit Transfers to our strategic payments platform.

You Should Know

While there’s no change to the core processing, this resulted in the following changes:

• J.P. Morgan Transaction Reference Number: Changing from 8 or 10 to 12 characters on your balance and transaction reports and your statements (Bank References).
• Statement Description: Updated statement detail for clarity and simplicity.
  
  
  
  • Enhanced details for return of funds initiated by a recall request
  • Incoming FX (Foreign Exchange) credits to your non-GBP denominated account(s) will include currency, amount, rate, and contract number 
  • VAM (Virtual Account Management) transactions will show virtual account number
• Incoming FX (Foreign Exchange) Credits: Where applicable, receipts to your non-GBP denominated account(s) will be automatically be converted if below your instructed account threshold.
• Stale and Future Dated Rejection: Clients who use the Host-to-Host; Transactions dated more than 30 days in the past will be rejected. Future dated transactions will continue to be supported if received within the 30 days, transactions will be re-valued to the next available clearing date.
• Payment Cancellations: J.P. Morgan enhanced the timing of the reporting to occur on the processing date instead of the value date.
• Receipt Credit to Client Accounts: Credits received on your account will be visible after 4pm London time on processing date.
• Rollover Processing: Transactions that do not complete on their original value date are rolled over to the next available value date:
  
  
  
  • After initial debit with requested value date, your payments will be rolled to the next available value
  • On the day when the transaction is completed, your account will be credited back for the original value date and re-debited with the achieved value date
  • If cancelled, your account will be credited for the original value date but not be re-debited
• Book Transfers: All Bacs transactions instructed will be sent to clearing for processing, including any transactions debiting and crediting two accounts held at the same JPMC branch. This will ensure clients can leverage the standard industry Recall process (as applicable).
• Bespoke Reports: A report will be generated and sent to your J.P. Morgan Access Cash Reporting Inbox, accompanied with an email notification to users with the entitlements to the J.P. Morgan Access ID. This will be in an Excel format available for download.
• Payroll Transactions: Any transaction classified by you as Payroll (through providing a UK RTI Reference or via Category Purpose Code) would be always booked as a batch to maintain privacy requirements. This would also happen on accounts where you may have indicated an itemized booking preference. 

Questions?

Please contact your service representative.