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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.
- 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 |
Questions?
Please contact your service representative.
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