The following is a consolidated list of treasury services initiatives which impact transactional code and formats. Changes are listed in order of impact date. Not all initiatives are applicable to all clients.
To provide a broader, faster and more flexible low value payment service in Australia, JPMorgan Chase Bank, N.A., Sydney Branch will be offering an additional GIRO transaction category of BPAY Payments starting April 3, 2017.
The BPAY electronic payment system enables clients to use the J.P. Morgan ACCESS® OnlineSM Global Automated Clearing House (Global ACH) module or J.P. Morgan ACCESS® Host-to-Host SM file upload to initiate payments to organizations which are registered BPAY billers, using only the BPAY Biller Code and a Customer Reference Number (CRN) which can be found on the vendor's invoice being paid.
BPAY Payments Terms and Conditions
BPAY Payments are subject to the BPAY Payments Terms and Conditions. A copy of the BPAY Terms and Conditions is available here. Please read the BPAY Terms and Conditions carefully before using BPAY Payments. THE USE OF BPAY PAYMENTS CONSTITUTES YOUR ACCEPTANCE OF THE BPAY PAYMENTS TERMS AND CONDITIONS.
Instructions and Payment Formatting Guide
The instructions and payment formatting guides are available here.
Effective November 21, 2016, the usage of the amendment flag SMNDA used with Sepa Direct Debits will be changing. Previously, the acronym 'SMNDA' was used to indicate 'Same Mandate with a New Debtor Agent'. However, when the Creditor only receives the IBAN, it will not always be possible to derive if an account change took place in the same or in another bank. To better accommodate this situation, the definition of the acronym 'SMNDA' has been updated to indicate 'Same Mandate with a New Debtor Account'.
Account number and debtor bank changes
SMNDA in <OrgnlDbtrAgt><FinInstnId><Othr><Id>
Nothing in <OrgnlDtrAcct><Id><IBAN>
Example
Account number change — not aware if debtor bank has changed (might have IBAN only and no BIC)
To use 'Identification 'under 'Other' under 'Identification' with code 'SMNDA' in Original Debtor Account field to indicate same mandate with new Debtor Account.
Nothing in <OrgnlDbtrAgt><FinInstnId><Othr><Id>
SMNDA in <OrgnlDtrAcct><Id><Othr><Id>
Example
Account number change — no bank change
In case of an account change within the same bank, IBAN is allowed. Original Debtor Agent not to be used if element 'Original Debtor Account' is populated with 'SMNDA'.
Nothing in <OrgnlDbtrAgt><FinInstnId><Othr><Id>
Old IBAN in <OrgnlDtrAcct><Id><IBAN>
Example
Effective Monday November 21, 2016, the European Payments Council is introducing some significant changes to the SEPA Direct Debit schemes. As a result of these changes the COR1 exception scheme will close. The last date that COR1 transactions can be submitted is Friday, November 18, 2016 and the last settlement date available for that scheme will be Friday December 2, 2016.
Therefore Direct debit originations must be submitted using the CORE scheme starting from November 21, 2016. This will impact the way that pain008 direct debit xml messages are formatted when they are forwarded to J.P. Morgan.
The following tag (structural sequence number 02.06.03.01) needs to be revised. Click here for details.
IMPORTANT: Failure to update the pain008 direct debit xml message from November 21, will result in the file being rejected and the collections not processed. If the xml message is updated with a settlement date prior to November 21, please be aware the Direct Debits will be processed with the current CORE settlement times of D-5 for new collections and D-2 for subsequent collections.
There is no impact to existing mandates the CORE and COR1 schemes are inter-operable.