Outgoing funds not applied to beneficiary; “Our client has informed us that their bank has returned the funds to Banking Circle”?
I have received a return but can’t locate which outgoing payment it belongs to
If you have been informed by the beneficiary that their bank has returned a payment back to Banking Circle, please refer to your account report to see if a return has been received. Some banks do a direct return or they initiate a new payment as a return. We can not determine on our side the length of time it could take for the funds to hit your account. We also cannot determine the original outgoing payment linked to your return if there is no clear referencing.
We suggest that you make use of extended filters on your transaction reporting view; Value date: original date of payment to present date to reconcile
Login to www.bankingcircleconnect.com
1.Select Payment
2.Use the filters to narrow down your search
-More filters will allow you to include recipient/sender account number to narrow down the search criteria, amount, dates
3. Apply
4. You can also download reports and apply these filters to any reports to locate a return or incoming payment intended as a return
Alternatively, please ask the returning bank to trace the returned payment, and/or you can recall the transactions directly from the platform