Documentation Index
Fetch the complete documentation index at: https://developers-sandbox.uqpaytech.com/llms.txt
Use this file to discover all available pages before exploring further.
What are UQPAY SWIFT collections?
UQPAY’s SWIFT collections capability enables receiving third-party funds in unrestricted currencies. You can convert collected funds to your required currency at competitive rates on your own schedule, making it a cost-effective global payment collection method when using the Virtual Account platform.
What details do third parties need to send funds?
Senders require your UQPAY account details, accessible through:
- Virtual Account: Navigate to “Balances,” select your currency account, and view account details showing account name, number, and SWIFT BIC code
- API: Use the Find Funding Accounts API with your desired currency to retrieve the same information
Will the account be in my name?
Yes, named accounts are provided.
Does the sender need to reference the payment?
No reference is required.
How do I receive the collected funds?
Once the payment is made and the funds arrive at UQPAY, the funds are reconciled to the account and your balance is updated. Push notifications alert you when funds are credited.
How long does it take for the funds to arrive?
Timelines depend on the sending bank’s cut-offs and the currency’s clearing system. Once the funds arrive at UQPAY, they are credited to your account within an hour, provided they are referenced correctly.
Available sender information varies by sending bank. The main fields available are “reference” and “name,” with some banks providing address details. Access this through Virtual Account transactions or the Get Sender Details API endpoint.
Why didn’t the full amount sent by my customer arrive?
SWIFT transfers are subject to correspondent banking fees when sending and beneficiary banks lack direct relationships, requiring intermediary banks to forward payments and collect fees.
Can the funds be sent in full, without correspondent bank fees?
Yes. UQPAY offers local collections in multiple currencies without these fees, with new currencies being continuously added. Contact your Account Manager for details.
Why is the bank saying my UQPAY account may be fraudulent?
UK clients sending GBP may encounter Confirmation of Payee errors. Your UQPAY account is not fraudulent and is a valid account, but UQPAY is not currently part of the Confirmation of Payee initiative. UQPAY is an indirect Faster Payments participant awaiting PayUK guidance on implementation.
