Purpose of Payment (POP) requirements for some cross currency payments
Bank of America is advising us that cross currency payments into three countries we do business (Thailand, India, and South Africa) now require a Purpose of Payment code be provided in each payment file. For Thailand they say the regulatory requirement has actually been in place since March 2018, although our Thailand cross currency payments continue to be processed by the bank with no issues even though we are not currently providing a POP.
We'd be interested in hearing from anyone who has successfully implemented a process to accomplish this, including:
1. The set up and maintenance of the POP codes for each country;