- What is the procedure for a payer to recall a payment?
A recall request must be submitted (that details the payment information and reason) to BVNK’s customer support, which is then escalated internally to our Operations team who will log the request and submit a recall instruction to the banking partner, attaching the relevant MT103/POP.
Upon confirmation of a successful recall request, funds are reallocated to the customer’s wallet and the customer is notified accordingly.
- Is there a specific timeframe within which a recall can be initiated?
We aim to initiate a recall promptly upon receiving a merchant request however, timeframes may vary depending on the reason for the recall:
- DUPL (Duplicate Payment) – recall target: within 10 banking business days of the original transaction’s execution date
- TECH (Technical Problem) – recall target: within 10 banking business days
- FRAD (Fraudulent Transaction) – recall window: within 13 calendar months of the original transaction’s execution date
- CUST (Customer Request) – recall window: within 13 calendar months
- AC01 (Incorrect Account Number) – recall window: within 13 calendar months
- How long does it typically take to process a recall request?
Recall timelines vary by scheme and are dependent on beneficiary bank cooperation:
- GBP (Faster Payments): Recalls are initiated immediately, but recovery typically takes 1–5 business days, subject to beneficiary bank approval.
- SEPA (EUR): Recalls are processed in line with SEPA scheme rules, generally up to 10 business days, depending on the recall reason and beneficiary response.
- SWIFT (USD): Recalls are initiated promptly, with recovery typically taking several days up to a few weeks, depending on intermediary banks and beneficiary bank cooperation.
- Will the recipient be notified of the recall?
Yes - the beneficiary bank will notify the beneficiary of the recall request and the reason for the recall. However, in most cases the beneficiary’s approval is required before funds can be returned.