BACS Direct Debits
As part of our multi-year initiative, we are migrating BACS Direct Debits 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 Direct Debits.
- J.P. Morgan Transaction Reference Number: Changing from 10 to 12 characters on your balance and transaction reports and your statements (Bank References)
- 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
- VAM (Virtual Account Management) transactions will show virtual account number
- Transaction codes and descriptive text are being updated in our information reporting services.
- 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.
- 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.
- 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.
Please contact your service representative.