Return requests
What you will learn
✅ How to respond to a return request in COS Explorer
Learn about Wires.
Before you begin
Make sure you have:
Process overview
Return requests are identified in COS Explorer by their Payment Type which will be ServiceMessage and the Type Code which will have a value of 1001 or 1007. These indicate formal requests to return funds related to previously completed wire transactions, and trigger the Respond to Return Request workflow.
Wire service code 1001 relates to a current-day funds transfer reversal and code 1007 indicates a request to reverse a prior-day funds transfer.
For a given wire transaction, this feature allows you to chose the response to the request in a drop down:
- Full Return Of Funds
- Partial Return Of Funds
- No Return Of Funds
Use this feature instead of the Notes section.
For questions, contact your Relationship Manager.
To respond to a return request
For an incoming return request, click Respond to Return Request in COS Explorer from the list of payment tasks in the right-hand pane.
A red * indicates a required field.
Select an incoming return request
Navigate to the relevant wire transaction, typically an inbound wire for which a return has been requested. IT will have a service code of 1001 or 1007
Click Respond to Return Request. A drop-down menu appears.
Choose an option.
Each option has specific input requirements.
- Full Return of Funds Select this option if the full amount can be returned. You must initiate the payment return using the "Reverse Wire" functionality after responding to the return request.
- Partial Return of Funds Enter the partial amount that will be returned. You must initiate the partial payment return using the "Reverse Wire" functionality after responding to the return request.
- No Return of Funds Select one of the following reasons from the drop-down menu:
Reason code | Reason type | Description |
|---|---|---|
AC04 | Account closed | The account number specified is closed on the Receiver's books |
AM04 | Insufficient funds in the account | There are not enough funds available to cover the specified message amount |
ARDT | Funds already returned | The return request isn't accepted because the transaction was already returned |
CUST | Customer declined the return | The return request cannot be accepted because of a customer decision (Creditor) |
IDMN | Hold Harmless | The return request cannot be accepted until indemnification is received |
Other | Answer using free text | Use only when the other options don't apply |