Making it simpler to send Chinese Yuan payments
We’re making it easier for you and your customers to send Chinese Yuan (CNY and CNH) payments. To do this, we’ve updated our payment purpose codes and simplified the required fields when creating a payment.
Updated purpose codes
If you’re sending CNY payments via SWIFT, we’ve summarised the changes to the required purpose codes in the table below. We’ve added two new codes (RMT and OFT) and removed two legacy codes (COCADR and CCDNDR). We’ve also standardised the code formatting in line with the changes the People’s Bank of China has made - making processing these payments cleaner and easier.
You may notice that one of our new codes (RMT) is for cross-border individual remittance. We’re working hard behind the scenes to introduce SWIFT CNY payments for individuals to all clients. We’ve launched this in pilot with selected clients. We’ll be sure to share more details on this soon and let you know as soon as this has been rolled out to all clients.
Table 1: Updated purpose codes
As we roll out these changes, there are a few steps you need you to take to make sure your payments are optimized:
- API Clients: On the 3rd November 2022 we’ll be making the newly formatted codes mandatory and no longer accepting the old formatted or legacy codes. You can continue to use the current and legacy codes until this date but we recommend making the switch to the new format asap to avoid any payment delays or failures.
- Currencycloud Direct clients: The newly formatted codes have already been updated on the platform and you can start using them today.
Simplifying the required fields when creating a payment
Currently you and your customers have to input the payment purpose code into both the ‘reason’ field and the ‘purpose code’ field when making a CNY payment into China. Going forward, you’ll only need to complete the ‘purpose code’ field and the ‘reason’ field will become plain text so feel free to add any specific payment reason when making a payment. As always, when making a CNH payment the purpose code is not required at this step so you can leave that blank.
Check out our CNY payment guide for information on all of the above changes.