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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.
  • 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


Questions?

Please contact your service representative.