WHY HAS LESS MONEY ARRIVED THAN I EXPECTED?
On occasion, the banking network may have to route funds via a corresponding bank to reach your destination; these corresponding banks may levy a transaction charge resulting in your funds arriving short.
This is more common with US dollar transactions so we advise you to send additional funds to cover these charges if they occur regularly.
WHY HAVE MY FUNDS BEEN RETURNED?
If a payment fails, you will be sent an email with the reason given to UQPAY by the recipient's bank for the failure. You will need to speak with the beneficiary's bank directly for instructions on avoiding a returned payment again. The most common reasons are incorrect details (e.g. account number) being submitted on the payment.
MY PAYMENT HAS FAILED
In the event that your payment fails and is returned to UQPAY, you will receive a “failed payment” email and have two options to correct it:
1. Resend the payment
Amend the existing beneficiary details or add new beneficiary details, add a new payment to the original trade and resend.
If your payment was returned short, allocate this shortfall to a UQPAY account (you will have to set this up as a new beneficiary prior to the re-send).
An original payment of $1,000 was sent to ABC Ltd and $950 was returned. In this situation, add a new payment of $950 to ABC Ltd after amending the details. Add a new payment of $50 to UQPAY USD Account.
2. Sell back the returned amount
You will need to allocate a new payment against the original trade to UQPAY for the returned amount and then email cs@UQPAY.com.com giving instructions that this payment is to cover trade reversal (and include the trade ID).
Original trade: sell GBP, buy $1000 USD. Returned amount = $1000. Add a new payment against the original trade of $1000 to UQPAY USD account.
New trade: sell $1000, buy GBP and allocate to a GBP account of your choice.
If the funds were returned short (e.g. $950 in the example above), you must remember to only sell back the returned amount. Then allocate two payments against the original trade; $950 to UQPAY USD account to settle the trade reversal and $50 to a UQPAY USD SHORTFALL account and email email@example.com with the details.
I DIDN'T MANAGE TO SETTLE MY PAYMENT WITH UQPAY ON TIME
If you do not settle your payment on time, your payment due date will change to the next day and you will be charged for each additional day that it is not settled.
To avoid additional fees, please allow enough time for your bank to send the money to UQPAY before the cut off times.
THE FUNDS HAVE NOT ARRIVED
If a payment has not arrived within the expected timescales, please consider the following before contacting us:
●Are there external factors, such as a public holiday, that may have delayed the payment?
●Is the payment at least seven working days late? Our banking provider requires us to wait seven working days before requesting an investigation. Banks involved in the payment chain need to execute due diligence checks which can cause delays.
●Check that the recipient's bank details match the details in the payment confirmation.
To help avoid payment delays, always reference your payments clearly and pass the reference details on to the beneficiary so that they know what to look out for.
The amount of support we can provide for locating payments depends on the payment route - SWIFT or local.
There is a sophisticated tracking system available for SWIFT payments in the form of the SWIFT gpi tracker. This is available through Virtual Account and our APIs and should be the first place you look if you have a query.
All UQPAY payments are SWIFT gpi-enabled. Every SWIFT gpi-enabled payment is assigned a unique ID (UETR) that allows it to be tracked at any point across the network. SWIFT gpi shows the full payment chain and the last update status for the payment. Provided that all banks in the payment chain are gpi-enabled, it can be used to identify and confirm the whereabouts of the payment at any given time.
SWIFT gpi is growing but, currently, not all banks around the world are enabled. Payment tracking data may, therefore, be incomplete for some payments we send out. Universal Confirmations were mandated for all SWIFT members in November 2020, which means that SWIFT members must confirm when a payment (MT 103) has either been credited to the beneficiary's account, placed on hold or transferred outside of SWIFT. The introduction of Universal Confirmations has improved the coverage of tracking visibility.
In summary, UQPAY can provide you with the following information to help locate a SWIFT payment:
●SWIFT gpi screenshots
●MT103 - this is a standardized SWIFT payment message. It is accepted as proof of payment and includes all payment details such as date, amount, currency, sender and recipient
●UETR Reference - this is a unique reference associated with each payment that is kept and shared by each bank involved in the payment
●PET reference - this is a reference from our banking partner confirming that the payment has been processed from our side.
We recommend that you pass this information to the beneficiary's bank who will then be able to locate the funds.
If the beneficiary's bank is unsuccessful, we can place a trace on the payment to locate where the funds are, although this will only be done on a “best endeavors” basis and does incur a fee. The trace can take up to seven working days before we receive a response from the beneficiary bank or an intermediary bank.
Unlike SWIFT payments, no intermediary banks are involved in local payments, payments are therefore either with us or with the beneficiary's bank. This simplifies the process of locating the payment.
The support we can offer if a local payment hasn't arrived after seven working days varies by currency. We advise you to contact us at firstname.lastname@example.org after this period and we may be able to provide you with a trace id, which shows that the funds have left UQPAY's account. You should pass the trace id on to the beneficiary's bank and they will be able to help locate the payment.
Unfortunately, we are unable to offer traces or recalls for local payments.
I'VE REALIZED THAT THE BENEFICIARY DETAILS ARE WRONG. WHAT DO I DO?
For priority payments, we can try to recall funds that have been sent to an incorrect account, this option is not available for local payments.
Please note, we cannot amend beneficiary details retrospectively once a payment has been released.
Recalls are not always successful as it relies on the co-operation and approval of the receiving bank and the beneficiary. We can only place one recall on a payment and this cannot be cancelled. Once the recall is placed, our banking partner will chase for a response after seven working days. No further chaser will be made until a response is received.
The best way to get funds returned is for the beneficiary to contact the receiving bank directly, inform them of the situation and request that they reject the payment.
WHEN WILL MY FUNDS ARRIVE WITH THE BENEFICIARY?
Funds are released by UQPAY on the “delivery date” noted on the trade confirmation email
Please refer to our Payment Schedules for exact times for currency cut off times.
Please allow additional time for any payments sent locally.