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Multi-Currency ACH

As part of our GPS program, we transitioned processing of the Multi-Currency Automated Clearing House (MC-ACH) products to our strategic payments platform. The MC-ACH product supports ACH payments and receipts in the following currencies:

  • Hungarian Forint (HUF)
  • Czech Koruna (CZK)
  • Norwegian Krone (NOK)
  • Danish Krone (DKK)
  • Swedish Krona (SEK)
  • Polish Zloty (PLN)

This resulted in the following changes:

  • J.P. Morgan Transaction Reference Number
    The length and format of the J.P. Morgan transaction reference number changed to 12 alphanumeric characters for the following report types:
    • balance and transaction reports
    • statements
    • reject reports
  • Cut-Off Times
    Your payment submission cut-off times remain unchanged. J.P. Morgan may process any payments submitted after the published cut-off with good value (D) instead of revaluing them to D+1 on a best-effort basis. In such cases, your J.P. Morgan account is debited on D instead of D+1. There is no action you need to take. Please continue to submit files based on existing cut-off times. Should you have any questions or require assistance, please contact your Client Service Account Manager or the Solution Center.
  • Billing Codes
    The following MC-ACH specific service codes were introduced for CZK and HUF ACH receipts:
    Currency Service Code Service Code Description
    CZK 5305 ACH Receipts — CZ
    HUF 5306 ACH Receipts — HU
  • Structured Remittance
    Superfluous delimiters will be removed and the data fields delimited by "/".
  • Reporting
    • BAI Codes: Updates are being made to the below BAI codes and transaction descriptions:
      Existing BAI Existing Description To Be BAI To Be Description
      195 Incoming Money Transfer 142 ACH Credit
      506 Book Transfer 469 ACH Payment
      195 Incoming Money Transfer 266 Payment Return/Reject
    • Client batch reference: A client batch reference is now included in the balance and transaction report, if provided. This replaced the system-generated File Reference starting with IO (Regular Payments) or IR (Rejects).
    • Reject and Return Reporting
      • The introduction of enhanced transaction validation means some payment rejects could be visible to you earlier. These could be seen within your reject reporting on the processing date, instead of after the transaction value date.
      • The accounting entries remain the same. On value date, the client is debited for the batch amount, with rejects credited back same day.
      • Return and reject reporting is now consistent with other ACH EMEA clearings. Examples include the following:
        Reason Code Description Advising Code Type Description
        AC01 Incorrect Account Number R04 US INVALID ACCOUNT NUMBER
        AC04 Closed Account Number R02 US ACCOUNT CLOSED
        AM12 Invalid Amount R17 US INVALID AMOUNT
        FF01 Invalid File Format R17 US INVALID FILE FORMAT
        MS03 Not Specified Reason Agent Generated R17 US NOT SPECIFIED REASON AGENT GENERATED
        RC01 Bank Identifier Incorrect R28 US BENE BANK ID INCORRECT
        RR04 Regulatory Reason R17 US FAILED COMPLIANCE TODAY

 

Questions?

Please contact your service representative.