Updates to international payments
This update is to how you send international payments through Corporate Online. You will now need to include additional beneficiary details in international payments. This information is increasingly being requested by counterparty banks and more countries, such as Canada, UK and India, are mandating the inclusion of payee address for international payments. This change will help safeguard your international payments through increased control and transparency.
What’s changing and when?
- From Monday 25 October 2021, a beneficiary’s full address will be required when sending international payments to new beneficiaries or when modifying an existing beneficiary.
- From Wednesday 23 February 2022, international payments to existing beneficiaries will require the beneficiary’s full address. If you don’t enter the beneficiary’s address, you will not be able to make an international payment.
To ensure international payments can be processed after Wednesday 23 February 2022, please update existing international beneficiaries with their full address. This includes updating their addresses in any payments or accounting systems used to import information into Corporate Online.
To assist with this process, an additional search option is available to identify existing international beneficiaries requiring address details. Please also refer to the help guides available in Corporate Online.
Things you should know
- Refer to the Corporate Online User Guide for sending international payments.
- View the Corporate Online terms and conditions.
For assistance over the phone please refer to the Corporate Help Desk contact details and hours of availability for further details.