Sometimes, just after processing a payment, your beneficiary might notify you of a change in banking details, or you may realise that the account number you've used for the transaction is incorrect.
Please note that sudden changes might be considered as red flag for fraud
So, depending on the type of error on the beneficiary details, there are two possible procedures:
Amendment: here, we'll send MT messages asking the intermediary banks to amend the payment details. This only applies if there's a typo on the account holder's name. We will also deactivate the current beneficiary so you can recreate it again, avoiding sending erroneous payments in the future.
Recall: a recall is a request for the funds to be returned to the remitter. This applies when the payment has been sent to another beneficiary altogether, as in the bank account number, the account holder or the SWIFT code are totally different.
The success of a recall depends on the beneficiary's collaboration. The beneficiary's bank will ask the account holder to provide consent to return the funds (commonly known as Debit Authority).
Funds typically take 5 or 6 weeks to be returned. Unfortunately, banks tend to not provide regular updates, but once the funds are returned, you will be informed by email.
If after several attempts our bank does not receive answer from the beneficiary's bank, the recall will be considered unsuccessful and you will have to contact your beneficiary accordingly.
If possible, we recommend you make the beneficiary aware of this request so they provide debit authority as soon as possible
If you think you've been victim of Fraud, please read this guide with steps to follow
If you need to amend or recall a payment that's already been processed, please feel free to contact us via live chat or email operationsteam@ebury.com
