1. How to amend a payment after submission
Can I modify an international payment after it's been submitted?
Once a payment has been validated and transmitted, it may still be possible to request an amendment, depending on the transaction status. The sooner the amendment request is made, the higher the likelihood of successful correction
The types of amendments covered:
Beneficiary bank details, such as IBAN
Intermediary bank
Recipient identity (name, address)
Payment references
Procedure to request:
Contact our support team immediately upon discovering the payment error
Provide the following information:
The transaction reference
The incorrect detail identified
The corrected information to be applied
Warning: amendments cannot be guaranteed once the payment has been processed by the correspondent or intermediary bank
⚠️ Key Points:
10 business days deadline: After this period, beneficiary banks begin rejecting payments with incorrect information
Alternative: return of funds: If the payment is rejected or the deadline has passed, opt for a funds’ repatriation procedure instead
Amendment fees apply: Correction charges are applied when the error is attributable to the client
2. Return of funds: How to recall a payment
What is a payment recall or return of funds?
It’s a formal request to retrieve money that has already been transferred.
⚠️ Payment recalls are non-binding in most cases. The beneficiary is not legally obliged to return the funds if they:
Have already withdrawn the money
Reject the recall request
Refuse to cooperate
As the payment originator bears full responsibility when validating a transaction, the beneficiary retains the right to decline the recall.
Exception: Recalls are binding only when caused by a technical error from the banking institutions (e.g., system-generated duplicate payments).
When can I request a recall of funds?
Common scenarios include:
Payment sent to an incorrect beneficiary account
Duplicate payment transaction
Wrong payment amount transferred
Fraudulent or unauthorised transaction
Technical banking error
What is the process?
1. Contact iBanFirst support with the payment reference and recall reason
2. iBanFirst contacts the beneficiary's bank on your behalf
3. The beneficiary's bank reaches out to the account holder
4. If consent is granted, funds are returned to your iBanFirst account
How long does a payment recall take?
SEPA recalls: typically resolved within 10 business days
International (SWIFT) recalls: Usually take 4 to 8 weeks depending on correspondent banks involved
No guarantee: Success depends entirely on beneficiary bank cooperation and account holder consent
Will I receive confirmation when funds are returned?
Yes, our support team will notify you immediately once the returned funds are credited back to your account.
Are there any fees?
Yes, Payment recall requests incur processing fees, depending on the payment type and the number of intermediary banks involved.
3. Tips to avoid these situations
· Always double-check the IBAN and beneficiary name before submitting a payment
· If you receive an unexpected incoming transfer, contact support before rejecting or returning it manually
Need help?
Contact our support team at [email protected] with your payment reference and a clear description of the issue. The faster you reach out, the better the chances of resolution.