UK Faster Payments

What’s Happening?

As part of our multi-year initiative, we are migrating UK Faster Payments processing to our strategic payments platform.

Timing

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 UK Faster Payments.

Cut-Off Times: UK Faster Payments processing will now be 24 hours a day, 7 days a week. This means you’ll no longer wait overnight or weekends for your UK Faster Payments Processing.
J.P. Morgan Transaction Reference Number: Changing from 10 to 12 characters on your balance and transaction reports and your statements.
Statement Description:
- Updated statement detail for clarity and simplicity.
- VAM (Virtual Account Management) transactions will show virtual account number.
Stale Dated and Future Dated Transactions:
- Transactions dated more than five days in the past will be rejected.
- Future dated transactions will continue to be supported.
FX Receipts: J.P. Morgan will no longer be supporting FX Receipts. Any sterling UK Faster Payment Receipts into any non-sterling account(s) you have will need to be processed through other clearings.
Reporting: The following BAI codes and descriptions are being updated.

Existing BAI	Existing Description	New BAI	New Description
142	ACH Credit	158	RTP Credit
266	ACH Returns	158	RTP Credit
469	ACH Payment	458	RTP Debit

Reason Code Enhancements: You will begin receiving the following reason codes and descriptions.

Code	Description
AB06	Transaction stopped due to timeout at the Instructed Agent
AB08	Creditor Agent is not online
AC03	Creditor account number invalid or missing
AC06	Account specified is blocked, prohibiting posting of transactions against it
AC07	Creditor account number closed
AC11	Creditor account currency is invalid or missing
AG01	Transaction forbidden on this type of account (formerly No Agreement)
AM04	Amount of funds available to cover specified message amount is insufficient
AM05	Possible Duplicate Instruction
BE01	Identification of end customer is not consistent with associated account number.
BE05	Party who initiated the message is not recognised by the end customer
BE21	Name missing or invalid
BE22	Creditor name is missing
CUST	Cancellation requested by the Debtor
FF02	Syntax error reason is provided as narrative information in the additional reason information.
MD07	EndCustomerDeceased
MS03	Reason has not been specified by agent
NARR	Account cannot be identified without data in Reference In-formation field
NARR	Account cannot be identified without data in Reference Information
NARR	Account is not in currency quoted
NARR	Account Transferred
NARR	For business reasons only
NARR	Other
NARR	Receiving Agency Account Closed
NARR	Receiving Agency Account Stopped
NARR	Receiving Agency Sort Code/Account Number Unknown
NARR	Receiving Agency/Responding Third Party Beneficiary Account transferred
NARR	Reference Information is incorrect
NARR	Sending Agency Account Closed
NARR	Sending Agency Account Stopped
NARR	Sending Agency Account transferred
NARR	Sending Agency Sort Code/Account Number Unknown
NARR	Sending FPS Institution action required
RC04	Creditor bank identifier is invalid or missing

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UK Faster Payments

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