Swift collection FAQ

Clients and their customers are able to receive third-party funds in all unrestricted currencies supported by UQPAY.
SWIFT Collections provide the ability to receive funds from payers up to 34 currencies. You'll find a list of frequently asked questions below.

What are UQPAY SWIFT collections?

UQPAY's SWIFT collections are capable to provide you with the ability to receive third-party funds from all un-restricted currencies supported by UQPAY. When you're ready, you can convert these funds to the selected currency, at competitive rates, on your own terms.
When you're using our Virtual Account, this will ease the way to collect money globally in a more cost-effective manner. 

What details do third parties needed to send funds?

Third parties will need your UQPAY account details for fund sending details. You can find the details either UQPAY Virtual Account platform or via UQPAY's Settlement Accounts API.

●UQPAY Virtual Account: After completing the account screening and authentication process, select 'Balances' from the left-hand navigation. Choose the account for the currency you wish to receive, and select"Account details" to view the details. From the details will show such as account holder name, account number and SWIFT BIC code to share to your customers to send funds;

●Using the Settlement Accounts API: Call the Find Funding Accounts API with the currency to receive. This shows the account holder name, account number and SWIFT BIC code to share with your customers too. 

Does the account for collections will be in my name?

Please follow the given guide and bank details shown in "Account details" to send to third parties. 

Does the sender need to reference the payment?

No reference is required.

How do I receive the collected funds?

Once the payment is made and the funds arrived at UQPAY, we reconcile the funds to the account and update your balance. If you are using push notifications, you will receive a completed balance notification to tell you that the funds have been credited to your account.

How long does it take for the funds to arrive?

Funds completion are subject to the cut-offs and timelines of the sending bank used by your customer and the clearing system for the given currency. Once the funds arrived at UQPAY, they are credited to your account within an hour, provided they are referenced correctly by your customer.

What information can I see about the sender?

We provide you with as much information as we receive from the sending bank when it comes to who has sent you funds. This information can vary depending on the bank sending the funds. The main fields available are 'reference' and 'name'. Some banks will also provide the address details.

Sender details are available within the UQPAY Virtual Account platform by viewing your transactions and then selecting the reference on the funding transaction. If you are using API you can call the Get Sender Details endpoint.

Why didn't the full amount sent by my customer arrive?

Sending funds via the SWIFT network is subject to correspondent banking fees. These fees is charged when the sending bank and the beneficiary bank do not have a direct relationship, so an intermediary bank is required to forward the payment. This intermediary (or correspondent) bank will often take a fee for forwarding this payment.

Can the funds be sent in full, without correspondent bank fees?

Yes! UQPAY offers local collections in several different currencies which are not subject to these correspondent bank fees. Plus, we're continuously adding more currencies to our list so if you're interested in hearing more about our Collections capability, please speak directly to your Account Manager for more details.

Why does bank saying that if they cannot match the beneficiary name and that may lead to my UQPAY account may suspect as fraudulent activity?

If you are one of our UK clients, and paying GBP into one of our local GBP account numbers or SWIFT IBANs, you may have heard this from a bank. A lot of UK banks have implemented Confirmation of Payee and this has resulted in the following error.

Although your UQPAY account is not fraudulent and is a valid account, but currently, we are not part of the Confirmation of Payee initiative. Confirmation of Payee, to date, only been implemented for direct participants of Faster Payments.
At UQPAY, we are indirect participants and are working on to take appropriate measures to protect your customers and business.

Meanwhile, we are waiting for the guidance from PayUK on how Confirmation of Payee should work for indirect participants. As soon as we have this information we will resolve the issue very soon.