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Security & Fraud. Learn how to improve Cyber awareness in your Business.                        Find Out More

Download our free Security Software to get extra protection.                                                   Find Out More

Rapport is a free piece of security software which is used to establish an extra layer of
protection between your computer and our Internet Banking services.

Regulatory requirements for payments to/from Europe

As a reminder, in accordance with the European Union’s Wire Transfer Regulation 2 (WTR2), HSBC is required to obtain detailed payee and payer information for all payments made to or from accounts within the European Economic Area (EEA).

What information do I need to include in payments to/from Europe?

WTR2 establishes the information of the Payer (also known as the Ordering Party) and the Payee (also known as the beneficiary) that must accompany a transfer of funds, in any currency that is paid by, to or through a bank in the EEA.

If you are creating a payment on your own behalf, no additional Payer information is required. For payments where Ordering Party fields are displayed on the payment screens, please enter the following mandatory information:

  1. Ordering Party name
  2. Ordering Party address (including City/Town, County and country)

For Beneficiary details, please enter the following mandatory information (where fields are provided):

  • Beneficiary name
  • Beneficiary account number
  • Beneficiary address (including City/Town, County and country)

What payment types are impacted?

You’re required to include the payer/payee information for all payments. Please follow our recommended guidelines for payment initiation to ensure compliance to the regulation.

What happens if my payment doesn’t include the required information?

All payment service providers in the EEA, including HSBC, are required by law to monitor all incoming payments to make sure they include all mandatory information. If your payment includes incomplete or meaningless information, it may be rejected or held pending the provision of required details by any bank in the payment processing chain.

Find out more

This communication provides a high level overview of the regulation. In case you have any additional questions, please reach out to your regular HSBC Service Representatives. HSBC values our continued relationship and is happy to talk through any aspects of these requirements.

Fraud Alert – Business Email Compromise

What is Business Email Compromise?

A fraudster emails a company's payments team impersonating a contractor, supplier, creditor or even someone in senior management. The email might appear to be from the CEO, asking that an urgent payment be made, or from a supplier, requesting that future payments go to a new account. Often it instructs the recipient not to discuss the matter with anyone else.

Since the sender's email closely matches a known address, this type of fraud often goes unnoticed until too late. Cybercriminals may even hack into a real email account - from which fraudulent communications are hard to identify.

Remember,

  • If the request to make this payment has originated from an email, make sure you verify with the sender it was actually them via a different method (e.g phone them on a known number) before making the payment.
  • Make sure your payments team are aware of this type of fraud and what to look out for to protect your business from financial loss.
Download our Five Top Rules for HSBC UK customer to avoid fraudulent requests

Download our Five Top Rules for HSBC Bank customer to avoid fraudulent requests    

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Existing users please note: To avoid deactivating your current device only select 'upgrade' if you have received a new device.

Find out more about your security device using our HSBC UK Customer- BIB Security Device Help Centre

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