Payment repair is the manual or automated correction of incomplete, inconsistent, or invalid payment information so an instruction can continue processing. Common triggers include missing identifiers, invalid formats, beneficiary-data mismatches, or information that cannot be interpreted by an intermediary or receiving institution.
Quick reference for Payment repair
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Payment repair and nearby terms
- Failed payment: A failed payment is a payment that did not complete through its intended route.
- Beneficiary verification: Beneficiary verification checks that a Recipient and its Bank details are accurate and appropriate before payment.
