Electronic Payment Discrepancies: Originator Name & Sort Code Mismatch

[Sheena Cook]

We’ve noticed a recent change in the remittance and transaction details provided by the bank for electronic payments received into our account. Specifically:

The originator name listed is not always the actual name on the account sending the funds.

The sort codes provided often do not match the accounts we expect the payments to come from.

A common example is payments from clients we expect to originate from Nationwide accounts, which are now appearing with HSBC sort codes instead.

Is anyone else experiencing similar discrepancies?

[Tiffany Woodhall]

Hi
This is because Nationwide are not a direct member of the Clearing House Automated Payment System ( we know as CHAPS) so HSBC are the intermediary bank to route funds

[Sheena Cook]

Hi Tiffany,
Thank you for confirming my suspicions with Nationwide.
Have you had any issues with the originator name on funds received showing ‘Mr J Bloggs’ when the funds have come from ‘Bloggs Ltd’ or similar, or showing your firm name rather than say Skipton Building society.

[Author]

Posts