Our Global Payments Strategy 

SEPA ACH Credit Transfers

What’s Happening?

As part of our multi-year initiative, we are transitioned processing of SEPA ACH Credit Transfers to our strategic payments platform.

SEPA Instant is not impacted.

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.
  
  
  
  • Statement Description: Updated statement detail for clarity and simplicity. Purpose Code or Instrument Code will be included if provided on instruction
  • Enhanced details for return of funds initiated by a recall request
  • FX (Foreign Exchange) transactions will show currency, amount, rate, and contract number
  • VAM (Virtual Account Management) transactions will show virtual account number
• Stale Dated Transactions: Payments initiated with a date more than 30 days in the past will be rejected.
• Rollover Processing: Transactions that do not complete on their original value date are rolled over to the next available value date.
  
  
  
  • For every transaction that does not complete on the original date your account will be re-credited (with original value date) and then re-debited (with achieved value date) on the day the transaction completes.
  • If the transaction cannot be completed your account is re-credited.
• Host-to-Host Returns and Rejects reporting: Clients who use the Host-to-Host returns and rejects reporting service will be notified of forward value cancellations on processing date rather than value date.
• Host-to-Host Individual Accounting Reporting of Cancellations: Clients who use the Host-to-Host returns and rejects reporting service will receive cancellation notifications if configured for Individual Accounting.

Questions?

Please contact your service representative.