A payment recall is a request from the payer's bank to the payee's bank to return a credit transfer already executed, for example after a duplicate, a technical error or fraud. In ISO 20022 it travels as a camt.056 and is answered by a pacs.004 return or a negative camt.029. The payee's bank, and often the payee, must agree.
pacs.004 (payment return)pacs.004 is the ISO 20022 message that returns the funds of an already settled payment to the sending bank, for reasons such as a closed account, a wrong account number or an accepted recall. It carries a reason code and references to the original payment. In SEPA it is used for credit transfer returns and for direct debit returns and refunds.
R-transactionsR-transactions are SEPA payments that fail or are reversed after initiation: rejects before settlement, returns, refunds, refusals, reversals, requests for cancellation and, for credit transfers, recalls. Each carries an ISO reason code. Core direct debit returns must be made within five interbank business days of settlement, and refunds follow consumer refund rights.
UETR (Unique end-to-end transaction reference)The UETR is a 36-character unique reference in the UUID version 4 format that the first bank assigns to a payment and that every bank in the chain must pass on unchanged. It lets all parties track the payment in the Swift gpi tracker and link investigations, returns and recalls to the original payment.
Authorised push payment (APP) fraudAuthorised push payment fraud happens when a criminal tricks a person into authorising a credit transfer to an account the criminal controls, for example by posing as a bank employee or a supplier. Since October 2024 UK providers must reimburse most victims, up to 85,000 pounds per claim. The EU PSR adds refunds for some impersonation fraud.
ISO 20022ISO 20022 is the international standard for financial messages, built from a common business dictionary and usually expressed in XML. Payment messages are grouped as pain (customer to bank), pacs (bank to bank) and camt (cash management, such as statements). It is the format of SEPA, T2, CHAPS and Swift cross-border payments.
pacs.004 (payment return)pacs.004 is the ISO 20022 message that returns the funds of an already settled payment to the sending bank, for reasons such as a closed account, a wrong account number or an accepted recall. It carries a reason code and references to the original payment. In SEPA it is used for credit transfer returns and for direct debit returns and refunds.