AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Most delayed or returned foreign transfers come down to wrong or mismatched details, a compliance check that needs an answer from you, a problem at an intermediary bank, or cut-off times and holidays. Get the sender's transfer reference, check the details they used, and reply quickly to any request from your bank or provider.
First, find out where it is
Before you guess, collect three things from the sender:
- The transfer confirmation, with the date, amount, currency and charging option.
- The reference number. For SWIFT payments this is often called a UETR or the MT103 reference.
- The exact details they entered for you: name, account number, routing number, sort code or IBAN.
With these, your bank or provider can trace the payment. Without them, everyone is guessing.
The common causes
| Cause | Signs | Fix |
|---|---|---|
| Name mismatch | Payment held or returned; message mentions beneficiary name | Sender re-sends with your name exactly as on the account |
| Wrong routing, sort code or IBAN | Payment rejected or returned after some days | Sender checks details against what you sent |
| Wrong payment type | US wire sent with an ACH routing number, or the reverse | Use the routing number labelled for that type |
| Compliance check | Bank or provider asks you for information | Reply with the purpose and documents |
| Intermediary bank issue | SWIFT payment stuck between banks | Sender's bank traces it with the reference |
| Cut-off times and holidays | Payment sent late on a Friday or before a holiday | Wait one or two working days before chasing |
| Currency not supported | Sent euros to dollar details, for example | Ask the sender to send in the account's currency |
Compliance checks: what they are and how to clear them
Banks and payment providers are required to know their customers and to look at the purpose of payments, especially larger or unusual ones. Under the CBN's Foreign Exchange Manual, for example, banks must record the purpose of telegraphic transfers from domiciliary accounts. A check does not mean you have done anything wrong. It does mean the money will wait until you answer.
- Say plainly what the payment is: family support, salary, freelance fees, sale of an item, school fees refund.
- Name the sender and your relationship to them.
- For larger sums, attach evidence: an invoice, contract, payslip, offer letter or sale agreement.
- Use the official channel in your app or bank, never a link in an unexpected message.
How long to wait before chasing
- Local payment in the sender's country
- If it has not arrived by the end of the next working day, ask the sender for the confirmation.
- SWIFT payment
- Allow three to five working days before raising a trace, unless your bank has already contacted you.
- Remittance service
- Check the service's tracking page first; most show when the payout was made.
Chasing too early wastes time; waiting too long can matter if a payment needs to be recalled. A trace started by the sender's bank usually gets answers faster than one started on your side, because the sender's bank holds the original instruction.
When a payment is returned
A returned SWIFT payment goes back the way it came, and each bank in the chain may take a charge again. The sender may also lose on conversion if their bank converted the money on the way out and converts it back on return. Ask the sender to check the details carefully before resending.
Worked example: a late salary payment
Example only. Bisi works remotely for a company in Toronto and is paid $1,200 a month by wire.
- The payment is due on Friday but has not arrived by Tuesday.
- She asks the employer's payroll team for the confirmation and SWIFT reference.
- The confirmation shows they used her old surname. Her account is now in her married name.
- Her provider confirms it was held for a name check. She updates her name with the employer; the next payment arrives on time.
- For the held payment, she sends her provider the confirmation and a copy of her employment contract, and it is released.
How to prevent it next time
- Give payers your details in writing, copied from your account, with your exact account name.
- Label each set of details by currency and payment type. Our guide to account details for USD, GBP and EUR helps.
- Prefer local details over SWIFT where you can; fewer banks in the chain means fewer places to get stuck. See SWIFT vs local rails.
- Tell regular payers in advance about any change of name or account.
- Keep your profile and ID up to date with your bank or provider.
- Do not let others route payments through your account. See transfer scams.
If nothing works
If your bank or provider does not resolve a held payment, use its formal complaints process and keep a written record. If that fails, you can escalate to the regulator; our guide to complaining about a bank or fintech sets out the steps.
Where Pryme fits
Pryme shows the USD, GBP and EUR local details for your Personal Account in the app, with your account name, so you can copy the right block for each payer. Money stays in the currency it arrived in, and you can convert with Swap when you choose, rate first and fee on its own line. See multicurrency and security.
Questions people ask
Why is my international transfer taking so long?
Common reasons are a compliance check, a problem at an intermediary bank, wrong details, or cut-off times and holidays. Ask the sender for the transfer reference so your bank can trace it.
What happens if the sender used the wrong account number?
The payment is usually rejected and returned, often minus charges. If it reached another account, only the sender's bank can start a recall, so the sender should act quickly.
My bank says my foreign transfer is under review. What should I do?
Reply through your bank's official channel with the purpose of the payment, who sent it and supporting documents. It is released once the check is complete.
Can a returned transfer lose money?
Yes. Banks in the chain may charge again, and the sender may lose on conversion if the money was converted on the way out and back.
Sources
- Mondaq: Key regulatory update in Nigeria, the CBN Foreign Exchange Manual 2026 · accessed Oct 2026
- CBN: Foreign Exchange Manual, 4th Edition (2026) · accessed Oct 2026
- BusinessDay: CBN scraps pandemic-era dollar account curbs · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.