Wire Transfer Regulation update

Regulation (EU) 2015/847 on information accompanying the electronic transfers of funds (commonly known as the Wire Transfer Regulation) will apply from 26 June 2017. From this date all payments paid into fund group bank accounts will need to contain the following information:

•             PAYER NAME
•             PAYER ACCOUNT NUMBER
•             PAYER ADDRESS
•             PAYEE NAME
•             PAYEE ACCOUNT

The regulations state the recipient bank can reject or delay transactions which are missing the required payer or payee information. To avoid payments being rejected please ensure this information is included in all electronic transfers to fund group accounts by 26 June 2017.