How to handle incorrect beneficiary details on a payout: amendments, recalls, and corrections

If a payout cannot be applied by the beneficiary or intermediary bank due to incorrect beneficiary details (such as name, account number, or BIC/SWIFT code), there are several options available to resolve the issue. This article explains each option and what to expect.

Why does a payout fail due to incorrect beneficiary details?

A payout may be held or returned by the beneficiary or intermediary bank if any of the following details are incorrect or do not match the bank's records:

• Beneficiary name (including typos or incomplete legal entity names)
• Special characters in beneficiary name (such as '&') — these are not supported and must be substituted with acceptable alternatives (e.g., use 'and' instead of '&')
• Account number
• BIC/SWIFT code
• Beneficiary bank details

Note: Banks are very strict about name matching — even minor differences such as an extra space, punctuation, or spacing variations (e.g., 'Co. KG' vs 'Co.KG') can cause a payment to fail. Ensure the beneficiary name exactly matches the account holder's name, including all spacing.

When this happens, the support team will notify you and ask how you would like to proceed. You generally have two options: submit an amendment or initiate a recall.

Option 1: Amendment (correcting beneficiary details)

An amendment allows you to correct minor errors in the beneficiary details so the payment can be applied to the correct account.

What can be amended?

Amendments are only supported for minor corrections, such as small typos in the beneficiary name. The following types of changes are not supported via amendment:

Important: Amendments can only be submitted for payments that are still in process. Once a payment has failed, you cannot submit an amendment — you must create a new payment with the correct beneficiary information instead.

• Changing the beneficiary type (e.g., from Business to Individual)
• Completely changing the legal entity name
• Changing the beneficiary bank or SWIFT/BIC code entirely
• Replacing the account number with a completely different one

If the required change falls outside the scope of a minor correction, a recall will be necessary instead.

Amendment fee and timeline

• Fee: USD 70
• Processing time: Typically 7–15 business days (up to 2–3 business weeks), depending on the beneficiary and/or intermediary bank's processing time

The amendment is subject to approval by the beneficiary bank and is not guaranteed. Once submitted, the support team will follow up with the downstream partner and keep you updated.

How to request an amendment

1. Contact the support team with your payout ID and the correct beneficiary details.
2. Confirm that you agree to the USD 70 amendment fee.
3. The team will submit the amendment request to the downstream partner, who will forward it to the beneficiary bank.
4. You may also advise the beneficiary to contact their bank directly to help expedite processing.

Option 2: Recall (returning the funds)

If an amendment is not possible, or if you prefer to have the funds returned, you can request a recall.

For incorrect account numbers specifically: If the account number is incorrect and the payment is still pending at the beneficiary bank, you have two options: (1) wait for the beneficiary bank to automatically reject the payment due to the account mismatch, which will result in an automatic reversal without any recall fee, or (2) proactively initiate a formal recall request as described below. If choosing to wait for automatic rejection, you or the beneficiary can contact the beneficiary bank to request they reject the incoming payment, which may expedite the return.

Recall fee and timeline

• Fee: USD 70 (waived if the payment is cancelled by the downstream partner before processing)
• Processing time: Typically 2–3 business weeks, depending on the beneficiary and/or intermediary bank

The recall is subject to approval by the beneficiary and/or intermediary bank(s). Once the funds are returned, the payout will be reversed and the funds credited back to your Tazapay account.

Note: In some cases, the beneficiary bank may deduct charges before returning the funds. This cannot always be guaranteed to be avoided.

How to request a recall

1. Contact the support team with your payout ID and confirm you would like to initiate a recall.
2. Confirm that you agree to the USD 70 recall fee.
3. The team will initiate the recall request through the downstream partner.
4. In parallel, you may ask the beneficiary to reject the incoming payment at their bank, which can sometimes speed up the return of funds.

Option 3: Correcting an invalid BIC/SWIFT code (RFI)

If the support team receives a Request for Information (RFI) indicating that the BIC/SWIFT code provided is invalid, you will be asked to confirm the correct BIC/SWIFT code with your client or beneficiary. Once confirmed, share the correct code with the support team and they will update the downstream partner to proceed with the payment. No amendment or recall fee applies in this case.

What does "Succeeded" status mean?

A Succeeded status on the Tazapay platform means that the payment was successfully processed and forwarded by Tazapay to the next partner or the beneficiary's bank. It does not necessarily mean the funds have been credited to the beneficiary's account. If the beneficiary bank is unable to apply the funds (e.g., due to incorrect details), the payment may still be held or returned even after showing a Succeeded status.

Summary comparison

Option	Use case	Fee	Timeline
Amendment	Minor corrections to beneficiary name or details	USD 70	7–15 business days
Recall	Return funds when amendment is not possible or preferred	USD 70 (may be waived if cancelled by downstream partner)	2–3 business weeks
BIC/SWIFT correction (RFI)	Invalid BIC/SWIFT code flagged by bank	No fee	Varies

If you are unsure which option is best for your situation, contact the support team with your payout ID and they will advise you on the most appropriate course of action.