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We’re enhancing your payments experience with improved capabilities, integrated solutions and an efficient, modern platform. Please review the relevant clearing product pages below for details on how these changes may impact your business.
As part of our Payments Modernization Journey, we have enhanced our technical capabilities and will begin transitioning the processing of the following payments to our strategic payments platform:
The transition will result in the following changes:
What’s Changing |
How it’s Changing |
ISO 20022 Migration |
Effective November 2025, in line with industry guidance from Swift, J.P. Morgan will no longer be able to support MT message types and will only be able to send, receive and process MX payment execution messages. Swift has reaffirmed the November 2025 deadline for implementing payment instruction messages for payment clearing and settlement messages via pacs.008 & pacs.009; and will introduce increased pricing for participants sending payments in the legacy MT Format. |
Return/ Reason Code Enhancements |
You will begin receiving standard ISO 20022 reason codes and descriptions. For example: AC04 Closed Account Number. |
J.P. Morgan Transaction Reference Number |
The current 12 character format that comprises the first two characters fixed as ‘FT’ followed by 10 alphanumeric characters will change to a 12 character format where all characters are alphanumeric with no fixed values. This will be reflected on your balance and transaction reports as well as your account statements. |
BAI Reporting Code –Narrative change |
All BAI Codes and Transaction description remain unchanged. The narrative structure you will now get would be enriched and aligned with the additional fields in line with ISO20022. |
Cancellations due to insufficient funds
|
If the account in question does not have enough funds to cover for the transaction, payments processing will be revalued to the next business day, for a maximum of five business days. After five business days, the payment will be cancelled. Please contact your service representative for further details. |
In order to align with global practices, J.P. Morgan will now implement a temporary hold on all payments that require a FX rate. This hold ensures that funds are available whilst J.P. Morgan books and applies the FX trade, reducing the risk of insufficient funds and any need to reverse the FX position.
Your same Currency and FX payment submission cut-off times will be changing. Refer to the table below for more details on changes to Cut-off Times which are listed in AST (Arabian Standard Time).
| Currency | Current Same CCY Client Cut-off | New Same CCY Client Cut-off | Current FX Client Cut-off | New FX Client Cut-off |
| AED - Arab Emirates Dirham | 14:30 (VD-1) | 11:30 (VD) | 13:00 (VD-2) | 10:00 (VD) |
| AUD - Australian Dollar | 14:30 (VD-1) | No change | 13:00 (VD-2) | 13:30 (VD-1) |
| BHD - Bahraini Dinar | 14:30 (VD-1) | No change | 13:00 (VD-2) | 12:00 (VD-1) |
| CAD - Canadian Dollar | 16:00 (VD) | No change | 13:00 (VD-1) | 15:00 (VD) |
| CHF - Swiss Franc | 16:00 (VD) | No change | 13:00 (VD-1) | 15:00 (VD) |
| CNY - Chinese Yuan | 14:30 (VD-1) | No change | 13:00 (VD-2) | 13:30 (VD-1) |
| EUR - Euro | 16:00 (VD) | No change | 13:00 (VD-1) | 15:00 (VD) |
| GBP - British Pound | 16:00 (VD) | No change | 13:00 (VD-1) | 15:00 (VD) |
| JPY - Japanese Yen | 14:30 (VD-1) | No change | 13:00 (VD-2) | 13:30 (VD-1) |
| KWD - Kuwaiti Dinar | 14:30 (VD-1) | No change | 13:00 (VD-2) | 12:00 (VD-1) |
| OMR - Omani Riyal | 14:30 (VD-1) | No change | 13:00 (VD-2) | 12:00 (VD-1) |
| QAR - Qatari Riyal | 14:30 (VD-1) | No change | 13:00 (VD-2) | 12:00 (VD-1) |
| SAR - Saudi Riyal | 15:30 (VD) | 15:15 (VD) | 13:00 (VD-1) | 10:00 (VD) |
| USD - United States Dollar | 16:45 (VD) | No change | 13:00 (VD-1) | 15:00 (VD) |
| *Disclaimer: Please be advised that the cut-off times for same Currency and Foreign Exchange (FX) payment submissions are subject to changes. J.P. Morgan reserves the right to amend these times as necessary. | ||||
Should you have any questions or require assistance, please contact your Client Service Account Manager or the Solution Center.
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