During May and June 2022, the remitter name for real-time gross settlement (RTGS) and overseas telegraphic transfers (OTT) payments made through PaymentsPlus will automatically update to the account name(s) registered with us for the Nominated Account(s). This update is in line with global payments industry standards.
The registered name of your Nominated Account(s)can be accessed by signing into PaymentsPlus and viewing your Settlement Account, from the Administration menu. Please note that the remitter name shown in your payment recipients’ bank statements depends on recipient banks’ processes.
Get in touch with us if the registered name for your Nominated Account/s needs to be updated.
To assist payment recipients in accurately identifying future payments, you can:
Contact payment recipients to let them know that future RTGS and/or OTT payments will be made from the updated remitter name; and
Provide additional information for your RTGS and/or OTT payments, such as the invoice details.
To help communicate with your impacted payment recipients, consider using these resources:
Email template
PaymentsPlus guides
Email template to share with your payment recipients to help them identify and reconcile future payment
To: Recipients of your OTT and RTGS payments through PaymentsPlus Subject: Important: the remitter name you may use to identify our payments is changing after <date> Hello, This is to let you know about a change to real-time gross settlement (RTGS) and overseas telegraphic transfers (OTT) and payments you receive from us from <date>. From this date, the remitter name for our RTGS and OTT payments will be updated to the name/s below. This may be different from the name/s you currently see and may impact your payment matching and reconciliation processes. Please note the remitter name shown in your bank statements depends on your bank’s processes.
The change is being made by our financial institution and aligns with global payments industry standards Please advise if you believe there will be other impacts from this update and get in touch if you’d like further information. |
PaymentsPlus guides for sharing remittance information, such as the invoice details or ‘purpose codes’, in payment instructions via new versions of file formats CSV and PAIN.001.
You can populate remittance information by using two fields of up to 35 characters each
To use this new field, update to Version 5 by adding a value of 5 to the ‘File Header Record’ – for full instructions, see PaymentsPlus migration notes.
If you are using version 2 or 3, first update to version 4, then move to version 5 as above.
PAIN.001 Version 3 (ISO 20022 accounts payable)
You can populate remittance information by using the unstructured remittance tag Ustrd of up to 140 characters.
You do not need to do anything to move to Version 3. To use the new tag Ustrd, refer to the ISO accounts payable specification.