Our Global Payments Strategy 

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.
• Cancellations due to insufficient funds: UK Faster Payments processing will be cancelled immediately if the account does not have enough funds to cover for the batch or transaction, moving UK FPS in line with the global Real-Time Payments experience.

• 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.
• Payment Value Date: Changes in value date represented on statements through transparent credit/debit reporting for scenarios where additional information is required to process transactions.
• Faster Payments Reference: Beneficiaries of Faster Payments transactions instructed via J.P. Morgan might experience differences in the Transaction Reference received. Remittance Information, if present, will be the descriptive text included in the main Reference.

• Payment Returns: J.P. Morgan will continue to support returns in an automated way.

• 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.
• Payments Route to CHAPS: J.P. Morgan will no longer be supporting automated route to CHAPS for those subscribed to this optional feature.

• J.P. Morgan Transaction Reference Number: Changing from 10 to 12 characters on your balance and transaction reports and your statements (Bank Reference).
• Debit and Credit Advices: If you are currently in use of Debit and Credit Advices for UK Faster Payments and require them going forward, please get in touch with your relationship team.

• Reporting: 
  • Updated statement narrative detail for clarity and simplicity.
  • VAM (Virtual Account Management) transactions will show virtual account number.
  • Transaction codes and descriptive text are being updated in our information reporting services.