This article answers some of the most frequently asked questions (FAQ) related to outgoing bank transfers in Payhawk.
Can I cancel an outgoing bank transfer?
No. Once an outgoing bank transfer has been initiated in Payhawk, it cannot be canceled or reversed from within the application. This applies to transfers in both pending and completed status. If the transfer has already been sent to the banking rails, cancellation is not possible.
Even if the transfer is in a pending status, it's already being processed by the bank and cannot be canceled or reversed within Payhawk. If you need to recover the funds after the transfer is completed, you must arrange with the recipient to return the amount. This policy applies to all outgoing transfers, including those to employees and foreign currency accounts.
Why was my outgoing bank payment rejected?
Outgoing bank payments can be rejected by Payhawk or by the recipient's bank for several reasons. The following are the most common causes and how to resolve them.
Incorrect or incomplete beneficiary details - The payment can be rejected if the IBAN or BIC is incorrect, if the beneficiary name does not exactly match the name registered at the recipient's bank, or if the name contains unsupported special characters. Verify the details with the recipient and remove any special characters before retrying.
Compliance flag - Payhawk may flag a payment for sanctions screening or regulatory review and request additional information from you. If you do not respond to the compliance request, the payment will be rejected. Respond promptly to any compliance emails and reinitiate the payment after providing the required details.
Closed or inactive beneficiary account - Payments to closed or inactive accounts are rejected by the recipient's bank. Confirm the account status with the recipient before retrying the payment.