Has anyone having experience implementing the new ISO20022 for ACH payments? This is for HSBC
Best answer by Eranda
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Hi
See this attachment
PowerPoint Presentation (insided.com)
And also there are quite much topic for ISO format that you can get benefit. But key thing is format of your bank. Although the ISO is standard, they still can ask some specific information that you have to put in the application.
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As an IFS partner, we have done multiple ISO20022 implementations in US and Canada for different banks including HSBC. If you are especially referring to ACH based on NACHA standards, I can confirm that NACHA is fully supported for ACH-based credit transfer payments via ISO20022 pain.001.003 messages.
I was a former IFS R&D member and design owner of the IFS ISO20022 solution, I can confirm that you can implement the ISO20022 CT solution for HSBC without major modifications (APP10 and IFS Cloud). You have to make minor adjustments to the standard solution in order to comply with the HSBC proprietary guidelines. Please keep in mind HSBC does not provide a test platform to the customers to validate the payment file. So, you have to deal with HSBC relationship manager and the project manager to validate your test file through their internal team. It might be a bit cumbersome job since it requires multiple communications back and forth. So, the most important thing is to make sure you meet their guidelines.
If you need more details, please feel free to contact me.
Regards
Eranda
e.maldeniya@e-analytics.com
Thanks Johannes
Hello
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Thanks everyone
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