Our Payments Modernization Journey

J.P. Morgan Transaction Reference Number

Expect to see 12 characters instead of the previous 7 on your balance and transaction reports and statements.

Batch Revaluation and Cancellation (including advising)

Credit Transfer Payments:

Transactions that are not completed on their original requested value date will be rolled to the next available value date. Payments will be rolled over up to 5 days.

Your account will be credited back on the same day and payments will continue to roll until the initial debit is completed or cancelled.

Upon completion, your account will be credited for the original value date and will be re-debited with the achieved value date. If cancelled, your account will be credited for the original value date without re-debiting.

Billing Codes

We will be providing new billing codes to enhance your statements. These will be available in due course.

Credit facility

Your Swiss ACH Credit Transfer (Payments) processing currently rely on an ACH Credit Line which will be transitioned to a default Pre-funded Model.

This change will require funds to be available on the account one (1) working day prior to the Requested Value Date in order to prevent delays. Processing based on Intra-day overdrawn positions is possible and would require a Credit Facility to be placed on your request.

Future Dated Transactions

These transactions will be supported with a date up to one (1) year, instead of the previous 180 calendar days.

Host-to-Host Returns and Rejects Reporting

There may be changes to this reporting due to reference updates. Expect notifications to occur on the processing date rather than the value date.

Batch vs. Individual Reporting

You will have the option to chose between individual and batch reporting. For individual reporting, payments will be processed as a batch but will be reported as individual transactions.

Payer Control for Direct Debit Payments

You will be able to provide specific instructions to block or allow the use of the direct debit payment method to pull funds from your account(s).

Payment Cancellations

Payment cancellation reporting will occur on the processing date rather than the value date.

Reason Code Enhancements

Error codes will be updated to display ISO industry standard details in any cancellation, rejection or return scenario.

Stale Dated Transactions

Payments and direct debits initiated with a date more than 30 days in the past will be rejected.

Reporting

Transaction (BAI) codes and descriptive texts will be revised to align with industry standards for a more streamlined and comprehensible reporting experience.

Refer to the table below for more details on BAI code changes.