PAYMENT TRACKING AND UNIVERSAL CONFIRMATIONS

SWIFT payment tracking in Direct

Statuses

There are three statuses shown in the interface (as per the API):

●Processing

This status shows that the payment has been instructed by the paying bank but the beneficiary bank has not yet confirmed that the beneficiary has been credited. For more information, check the Payment Tracker or Payment Events tab.

●Rejected

This status means that the payment has failed on its way to the beneficiary. This can be for a number of reasons. In this situation, please allow 5 days for funds to return - if you still haven't received them after 5 working days, please contact cs@UQPAY.com.com.

●Completed

This status means that the beneficiary bank has confirmed to the SWIFT network that the ultimate beneficiary's bank account has been credited with the payment.  

Please note that these statuses may differ to what you see elsewhere within Direct for a particular SWIFT payment. For the most up-to-date information, navigate to the SWIFT payment tracking interface. Please see the FAQ for more information.

FAQs

What is a typical timeframe for a payment?

The vast majority of payments are credited on the same day, with beneficiaries in certain countries seeing payments landing in seconds, minutes, or hours. As of October 2020, 42% of all SWIFT payments we send credit the beneficiary bank account in under 5 minutes.

Why does my payment say “Processing” still?

“Processing” within SWIFT Payment Tracking means that we have not received final confirmation from the beneficiary bank that the payment has been received.  

This is either because i) the payment has not yet been received or ii) the beneficiary bank has not (yet) reported back to the SWIFT network that payment has been received.

Please note that elsewhere within Virtual Account, you may see a SWIFT payment marked as 'Completed' - this means that the money has left UQPAY's client account. It does not mean that the money has been credited to the beneficiary - use SWIFT Payment Tracking to find out this information.

Are all payment events reported?

All payments made through UQPAY are enabled for SWIFT gpi. Every SWIFT gpi-enabled payment is assigned a unique ID that allows it to be tracked at any point across the network. SWIFT gpi is growing but, currently, not all banks around the world are SWIFT gpi-enabled. Payment tracking data may, therefore, be incomplete for some payments we send out.

What is Universal Confirmation?

Universal Confirmations were mandated for all SWIFT members in November 2020. This means that SWIFT members must confirm when a payment (MT 103) has been credited to the account of the beneficiary, placed on hold or transferred outside of SWIFT. The introduction of Universal Confirmations has improved coverage on tracking visibility.

As a beneficiary Financial Institution of SWIFT payments (our SWIFT VANs), we are obligated to confirm to the SWIFT tracker when we have credited funds to a customer's account (or returned them).

Universal Confirmations are not sign-posted in the Direct interface.

What is the benefit of Universal Confirmation?

On inbound transactions (collections and receipts), any sending banks using SWIFT gpi can see when any funds they send to us have landed successfully and been credited. On outbound payments, this ensures we get even better coverage on tracking visibility.

Has my payment been made to a beneficiary?

When we settle a transaction you are sent an automated confirmation email and the status of the transfer updates to "Completed" on the platform in Payment History.

This means we have made the payment as per the instructions provided and are now waiting for the  funds to arrive with the recipient.

Please check the email confirmation for specifics as the type of payment (either SWIFT or local) will affect the speed of the delivery. Different currencies may also take longer to clear.

If the funds haven't arrived after seven working days, please follow the guidance given in our document for this situation.

What information is mandatory for my payment?

Information that is required for your payment depends on the payment type (local or SWIFT), payer country, payer legal entity type, beneficiary country, beneficiary entity type and payment destination country.

What happens if a payment fails?

If a payment fails before it completes, the fee transaction is canceled and not debited. If a payment fails after it completes, the fee is not automatically credited back to the account balance. To reimburse your customer for the payment fee, you can manually initiate a transfer from your main account balance (house account) to the relevant customer account balance (sub-account).  

Can I apply different fee currencies per payment route or charge type for each customer account?

No, fees across different routes and charge types are denominated in a single currency within a customer account. The currency is defined in the fee table assigned to the account.

If there are insufficient funds to cover the payment fee, will the platform auto-convert funds from another currency to fund the fee?

No, there must be sufficient funds to cover the payment and the fee for the payment to be executed. Otherwise, the payment is not executed and the fee remains in pending status. The balance can be credited by either instructing a conversion from a different currency or by directly topping up the relevant balance(s).

What if my customer does not have enough funds on their balance to cover the fee?

The payment will not be executed unless there is sufficient funds in the relevant currency balance to cover both the payment and the payment fees. In there are insufficient funds, your customer will need to top up the relevant currency balance, by funding the account or by converting funds from a different currency balance. Alternatively, you can modify the fee amount to a smaller one that can be covered by the existing funds on balance or even remove the fee altogether.

What is the difference between CNY and CNH? And how to make exchange?

Renminbi is the name of the currency of the People's Republic of China (RMB) while the currency unit is the Yuan. There are two types of Renminbi, each one covering a different trading market -  CNY is used in the domestic economy while CNH is used for international trade. These two markets differ according to regulations and each market has its own exchange rate.

Clients can make CNY payments by converting funds firstly to CNH and then to CNY at a 1:1 exchange rate.