Stop payments in flight and recall the funds quickly
When there’s a problem with a payment, being able to stop it in its tracks quickly is key to prevent a possible scam/fraud or a long series of investigations, back and forth communications and stress.
For payment operations teams and your customers, the number one priority is reversing the damage as quickly as possible, and getting the money back to the rightful owner.
Status of the service: live
Our stop and recall service uses the power of the SWIFT gpi Tracker to enable the rapid halting of payments, and the recalling of funds to the sender. When you suspect that a payment has been made in error or may be fraudulent, you can send a stop and recall request to the Tracker. An inflight transaction will automatically be stopped via the network, preventing any further processing of the payment. The Tracker will also route the stop and recall request to the intermediary financial institution handling the payment at that moment. After stopping the payment, the institution can re-route the funds back to you before it’s too late.
Values and benefits
Enhance customer experience
Handling payments in the millions or even billions can be stressful. Your customers want to have the peace of mind that if something goes wrong, it can be reversed before the funds are lost. By leveraging stop and recall, you can reassure your clients and foster better relationships.
Reduce manual intervention + Transparency
When there is a problem with a payment, your payment operations teams want to be fast and efficient. They don’t want to engage in a series of manual interventions with your counterparts when time is critical. With stop and recall, you can help reduce efforts with real-time visibility into the stop request at all times, allowing you to act fast.
The sophistication of fraudsters and cyber-criminals is growing. If you or a customer has been the victim of a fraudulent transaction, stop and recall offers you a means of recourse to act quickly and prevent the fraudsters from getting away with your money.
Case Study - China Minsheng Bank and gpi Stop and Recall
Find out how China Minsheng Bank is delivering value-added services for its corporate customers using the...
How to get started
Sign up to SWIFT gpi
Stop and recall comes as a standard service with your SWIFT gpi subscription. Visit our online e-ordering form to sign up today.
Get in touch with your SWIFT Relationship Manager
Your SWIFT Relationship Manager can help address your specific needs, including how to get started and what value-added services you might benefit from.
Have a question?
Ready to get started but have a question? Our SWIFT Support and Professional Services colleagues are on hand to give you bespoke advice.