APAC

The following is a consolidated list of treasury services initiatives which impact transactional code and formats. Changes are listed in order of impact date. Not all initiatives are applicable to all clients.

IMPORTANT UPDATE: Hong Kong Faster Payment System (FPS) Reporting Enhancement
December 9, 2019

In June 2019, we informed you that support for Traditional Chinese and Simplified Chinese for Hong Kong Dollar (HKD) direct credit transfers — commonly known as GIRO receipts — was postponed from June 10, 2019.

Starting December 9, 2019, J.P. Morgan will be able to support Traditional Chinese and Simplified Chinese for GIRO receipts.

In addition, we will also be able to support Traditional Chinese and Simplified Chinese for incoming Direct Debit (payment) transactions initiated by beneficiary banks via FPS.

Please refer to the guide on the reporting enhancements for GIRO Receipts and Incoming Direct Debit Payments.

If you have any questions, please contact your client service representative.

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IMPORTANT UPDATE: Hong Kong Faster Payment System Reporting Enhancement
June 5, 2019

In May 2019, we informed you about changes which were planned to apply to Hong Kong Dollar (HKD) direct credit transfers — commonly known as GIRO — starting June 10, 2019.

To best facilitate this transition, please note that the capability to support Traditional Chinese and Simplified Chinese for GIRO receipts has been postponed. The corresponding reports and fields for GIRO receipts will continue to be reported in English only.

In preparation for this transition, you may have already made system changes to the interfaces between your internal systems and J.P. Morgan systems. Therefore, please share the postponement with the technical resources within your company.

We will inform you of the rescheduled date when this capability will become available.

If you have any questions, please contact your client service representative.

Hong Kong Faster Payment System Reporting Enhancement
April 25, 2019

As part of Hong Kong's Faster Payment System (FPS) continuous upgrade, J.P. Morgan Hong Kong branch will be enhancing the following changes in relation to Hong Kong Dollar (HKD) direct credit transfers, commonly known as GIRO. You will experience the changes starting June 10, 2019.

GIRO Receipt

• Supports English and non-English characters received via FPS clearing, namely Payer name field and Remittance information field.
• Note: Non-English characters include Traditional Chinese and Simplified Chinese, which can be supported by Unicode.

GIRO Payment

• Supports only English characters.
• Beneficiary (or payee) account name via J.P. Morgan Access^® Global ACH can support up to 140 characters (from 70 previously).

Reporting
With the capability to support non-English characters for GIRO receipts, the corresponding reports and fields (i.e. Payer name and Remittance information) will been enhanced to support accordingly. Details of the changes are available here.

Samples of the reporting change will be available in the coming months. Please bookmark this page and check for periodic updates on FPS.

J.P. Morgan recommends that clients assess the reporting options that will impact the internal reconciliation with the enhancement to include non-English characters.

If you have any questions, please contact your client service representative.

Hong Kong Faster Payment System (FPS)
October 2, 2018

Hong Kong's Faster Payment System (FPS), an industry bulk-payment initiative led by Hong Kong Monetary Authority (HKMA) and Hong Kong Interbank Clearing Limited (HKICL), will go into effect on October 2, 2018.

Driven by HKICL, the initiative aims to upgrade the existing clearing GIRO proprietary format to ISO 20022 messages. As part of the upgrade, J.P. Morgan Hong Kong branch will be able to support the new low-value payment and clearing infrastructure for GIRO payments and receipts.

What to expect from the FPS upgrade

Account Number Structure: There has been a recent development in the account number structure for transactions processed via FPS clearing in Hong Kong. FPS will be supporting a single field for storing branch code and account number, whereas the current ECG stores branch code and account number in separate fields.

For outgoing payments, the change to the account number structure has no impact to the way you initiate payment instructions to J.P. Morgan as we will facilitate the change by combining the "Branch Code" with the "Account Number" to form a single FPS account number field that is compliant with the account structure for local clearing via FPS.

Payment initiation: While J.P. Morgan's host-to-host file formats (ISOv3 and GFF) have been upgraded to support the extended payment fields, clients may continue to initiate payments using existing practices. The introduction of a new three-digit clearing code, used as the bank identifier to replace the bank branch code will not impact clients as the change will be facilitated by J.P. Morgan.

Clients who wish to leverage the extended payment fields for payments sent via host-to-host channels (ISOv3 and GFF file format) should contact their J.P. Morgan client service representative.

Reporting: Lengths of fields under payment details will be increased to allow additional information to be provided to the beneficiary, including but are not limited to:

• Payer account name (increased to a maximum of 140 characters, from 20 previously)
• Customer reference (increased to a maximum of 35 characters, from 18 previously)

While there will be greater clarity of GIRO receipts on bank statements and reports, J.P. Morgan recommends that clients assess if the extended field lengths will have any impact on their internal reconciliation processes.

Please refer to the samples of the "Balance and Transaction Report (BTR)" below.

GIRO Receipt

• New label "/RmtInf/" introduced to differentiate remittance information within the “PAYDET” fieShould you have questions, please contact your client service representative.