Q: Why are my payments slow to deliver?
A: Payments are not released until they have been approved in the PayRecs system. Ensure the payment has been approved ASAP to reduce delay.
In almost all cases, when sending a payment through to a new recipient for the first time, there are additional OFAC and compliance screenings - this usually delays the first payment by 1-2 hours. Subsequent payments to recipients are fast-tracked for release.
Q: Are intermediary bank instructions required or available in PayRecs?
A: Intermediary bank instructions are not required on PayRecs. As long as you have valid beneficiary bank / recipient instructions, we will be able to route the payment to the final destination.
Q: Who is the “beneficiary,” is it the bank or the recipient?
A: It’s both. The beneficiary bank refers to the information of the receiving bank , the beneficiary refers to the person or entity who is named on the beneficiary bank account - this would include legal name, address, and purpose of payment details.
Q: Continue/next button grayed out?
A: Typically the button is grayed out because a required field is not entered or it is possible that you revised an existing, submitted, recipient and didn’t update the required information.
Q: Why is the SWIFT Code not working during Recipient creation?
A: In some cases we may require a Routing Code (Transit Number for Canada, Sort Code for Great Britain or BSB code for Australia) in which case a SWIFT code will not be enough. If the field says "SWIFT BIC" check out this article SWIFT BIC, otherwise if it's Routing Code, click this one for more information: Routing Codes.
Q: My Transaction shows processed in my online banking, but was the wire released?
A: The true status should be viewed in PayRecs and not online banking. If approval is required for your wire, then you may still need to approve the wire in PayRecs before it is actually released. The transaction in your online banking shows that we impounded the funds and placed them in a settlement account at your bank.
Q: Is my payment received when marked as "paid"?
A: Paid status indicates the payment has been sent. In international payments, there are different banks and corridors the payment must pass through before delivery. In may cases this is 15 minutes or less. In some instances, when valid recipient information (legal name, account number), it is incumbent on the receiving bank to apply the payment to the beneficiary which may delay delivery.
We are adding GPI tracking to the system in order to show more precise status of the payment journey for countries where this tracking is available.