BACS Credit Transfers
As part of our multi-year initiative, we are migrating BACS Credit Transfers processing to our strategic payments platform.
Migration will occur over time, and selected account holders will receive email notification in advance.
You Should Know
While the migration will be mostly transparent to you, you may need to prepare for the following changes to statements, reporting and processing for your BACS Credit Transfers.
- J.P. Morgan Transaction Reference Number: Changing from 10 to 12 characters on your balance and transaction reports and your statements (Bank References).
- Billing Codes: There will be new billing codes that will enhance your statements, these will be provided at a point in the future by J.P. Morgan.
- Statement Description: Updated statement detail for clarity and simplicity.
- 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 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 will enhance 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:
- 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 with the original value date debited.
- No 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.
Please contact your service representative.