The digital transformation of cross-border payments
In collaboration with the banking and corporate communities, SWIFT is designing additional payment services for delivering further enhancements in cross-border payments
Stop and Recall Payment service
Sometimes a payment needs to be stopped. For example: in case of fraud, or when a duplicate payment has been erroneously sent. Today, banks send a request for cancellation by following the same route of the payment, i.e. from one bank to the next, chasing the payment already on its way.
The ability to immediately stop a payment, at any point in the payment chain, would be of great value. With the SWIFT gpi Stop and Recall Payment service, banks will be able to stop a payment instantly, regardless of where it is in the payment chain, thanks to the unique tracking code linked to any SWIFT gpi transaction. In addition, every bank in the payment chain would be notified at the same time. And if the payment was already credited, the instructed bank would receive an immediate recall of funds instruction.
Besides the value of stopping an erroneous or fraudulent payment, this service provides increased operational efficiency and avoids a lot of administrative hassle for all parties involved.
Click here to learn more about SWIFT gpi.