Implementation of Payment Purpose Codes in Jordan
At Standard Chartered Bank, we have an ongoing commitment to provide our valued clients with the highest quality service. As part of our commitment, we would like to keep you informed of regulatory changes that may affect your banking needs.
The Central Bank of Jordan has recently introduced a national Purpose Codes list which was mandated on the 2nd of February. The Purpose Codes initiative consists of a uniform code list with 4 digit code(s). The main objective of capturing these codes is to determine the purpose of all incoming and outgoing financial transfers to and from Jordan. This is a major initiative where all banks in Jordan are required to adhere to by only processing payment instructions with the purpose code.
As a result, and to avoid any delays, we recommend that you:
- Provide the purpose code for all your funds transfers when making any payments to Jordan.
- Request all your payers in Jordan to send transfers into your account with the accurate purpose code.
- Amend all your standing orders for payments from your account to beneficiary accounts held in banks within Jordan, by providing the accurate purpose code.
Please note that your payments to and from Jordan might get rejected if the purpose code is not mentioned.
List of Payment Purpose Codes
For the list of Payment Purpose Codes and their descriptions, please click here.