Payment trace and recalls FAQs
It’s now even faster and easier for you to manage trace and recalls for SWIFT payments using Currencycloud Direct.
Submit trace and recall requests on eligible payments directly via our platform, removing the need for manual intervention from one of our experts and giving you greater control over your payments.
How does it work?
You can now place a trace or recall request on eligible SWIFT (priority) payments using Currencycloud Direct.
When viewing a completed SWIFT payment on Direct, the new “Manage payment” section contains links to initiate a payment trace or recall. Once you fill out and submit the simple form, we’ll handle the rest. Our experts will be in touch with any updates on the trace or recall once we’ve heard back from our partners.
Keep in mind that we are dependent on the co-operation of the corresponding and receiving banks, together with approval from the beneficiary, so the speed and success of any requests are variable. We recommend always trying to contact the beneficiary or beneficiary bank in the first instance before submitting a request.
What payments are eligible for a payment trace?
You can place a payment trace request on any SWIFT payment five or more working days after the payment has been completed. Before placing a trace request, we recommend you provide the MT103 to the beneficiary bank directly.
What payments are eligible for a payment recall?
You can place a payment recall on any completed SWIFT payment.
How long will a request take?
We are dependent on a number of other parties including our providers, correspondent banks and beneficiary banks – so response times will vary. We are unable to chase any requests until seven business days have passed to ensure standard handling time for the message to be processed.
Is there a cost for placing a trace or recall request?
We’re not making any changes to the fees we charge to cover the costs we incur – we’re simply making it easier for you to submit a request. Any fees for manual interventions set out in your agreement with us will continue to be added to your monthly invoice.
Why can’t I see the options to place a payment trace or recall request?
Only payments meeting certain criteria are eligible for these requests. Completed payments sent via the SWIFT network (priority payments) can be recalled. Additionally, at least five working days must have passed before you can trace a payment.
We can only place one trace or recall on each payment and these cannot be canceled.
If you believe a payment is eligible for a payment trace or recall but cannot see this option, then please get in touch with us via the Direct platform or online.