In the event that your payment fails and is returned to Currencycloud, you will receive a “failed payment” email and have two options to correct it:
1. Resend the payment
Amend the existing beneficiary details or add new beneficiary details, add a new payment to the original trade and resend.
If your payment was returned short, allocate this shortfall to a Currencycloud account (you will have to set this up as a new beneficiary prior to the re-send).
An original payment of $1,000 was sent to ABC Ltd and $950 was returned. In this situation, add a new payment of $950 to ABC Ltd after amending the details. Add a new payment of $50 to Currencycloud USD Account.
2. Sell back the returned amount
You will need to allocate a new payment against the original trade to Currencycloud for the returned amount and then email firstname.lastname@example.org giving instructions that this payment is to cover trade reversal (and include the trade ID).
Original trade: sell GBP, buy $1000 USD. Returned amount = $1000. Add a new payment against the original trade of $1000 to Currencycloud USD account.
New trade: sell $1000, buy GBP and allocate to a GBP account of your choice.
If the funds were returned short (e.g. $950 in the example above), you must remember to only sell back the returned amount. Then allocate two payments against the original trade; $950 to Currencycloud USD account to settle the trade reversal and $50 to a Currencycloud USD SHORTFALL account and email email@example.com with the details.