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Channel Islands Banking
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System availability Friday 4th April
Please be advised that Investec Online for Channel Islands Trust and Corporate accounts may be unavailable at times on Friday 4th April from 5pm until 7pm due to essential maintenance.
We apologise for any inconvenience.
Purpose of Payment
As per the Bank of England, it will soon be mandatory to include a Purpose of Payment (POP) code on all sterling domestic SWIFT payments that are property related.
A new ‘Purpose of Payment’ field will be made available in IBCI Online, which will display the following options:
Purpose codes
Purpose of Payment Code
Purpose of Payment Description
POP HLRP
Property Loan Repayment
POP HLST
Property Loan Settlement
POP PLDS
Property Loan Disbursement
POP PDEP
Property Deposit
POP PCOM
Property Completion Payment
POP PLRF
Property Loan Refinancing
Once you select an option, the corresponding Purpose of Payment Code will automatically populate in the Beneficiary Reference field.
Should you use our File Upload service, please arrange to insert the full 7-digit POP code on the first line of the Beneficiary Reference field on the file. For example, POP HLRP.
Should you have any questions or require further clarification, please do not hesitate to contact us.
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