- Why TransferMate
To fight global terrorism, money-laundering and fraud, banks and payment institutions have to follow strict regulations and laws set out by local and international governing bodies. Which means that, despite best efforts, there may be times when TransferMate, either direct or via a Partner may request further information about a Payee, or a Supplier, or may request invoice documentation to support a transaction or series of transactions.
Unfortunately, if a request for information happens, there’s often no information that a bank or payment institution can legally provide during the process. TransferMate appreciates that such situations can cause confusion and frustration, and on occasion slow down speed of payment delivery, as such we have compiled this FAQ for requests for information (RFI).
Why is my payment on hold or why is further information requested?
There is no single reason why a payment may be held by a bank or payment institution. However, there are common trigger points:
How do I get my payment released?
If a payment is held by TransferMate, or by one of its global banking partners, our Operations team will reach out to your Account Admin. To ensure successful delivery of funds, it is important that you promptly respond to any request for additional information to prevent further delays to your payment, or disruptions in future payments. Usually, 10 business days is permitted to respond however this could be less so please take note of the expected response date.
What kind of information could be requested?
The nature of information requests depends on several factors including but not limited to who is requesting the information, for example TransferMate, its global banking partner, or the receiving financial institution, and the potential inherent risk scenario. Below shows some examples of what to expect for the most common triggering points:
Why am I being asked to confirm the Payee bank information verbally with the Payee, or through some other form of validation?
It is increasingly common for cybercriminals to use a tactic called Business Email Compromise (“BEC”) to commit payments fraud. In this scheme, criminals may:
If you receive payment instructions from a supplier’s employee or an executive via email, or if you receive bank account number updates via some other means, be sure to follow up with them or a trusted contact by phone to verify their instructions. Never rely on email alone, as it may have been compromised. Other best practices include obtaining evidence of the new bank details provided, for example by requesting a bank statement from the Supplier.
Should you wish to know about other practical steps to help combat fraud, please contact our Customer Service team.
What if I do not respond to the further information request?
As a rule, if TransferMate does not receive a response within 10 calendar days, the payment may be cancelled, and the funds returned to you.
If the information request was triggered by a potential OFAC or similar financial sanction agency match, failure to provide information may result in the funds being held by TransferMate, or by our banking partner.
What can I do to prevent payments from being held?
To minimize the possibility of your payments being held or delayed, the following is critical:
How can I learn more about the request for information process?
If you have any questions on this process, please feel free to contact firstname.lastname@example.org
High Risk Countries (as at March 2023)
Payments to the below countries require further information to support the activity.
|Central African Republic|
|Democratic Republic of the Congo|
|Trinidad and Tobago|
|United Arab Emirates|
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