Modern Treasury offers a number of controls around payments. Cancelling a payment order prevents the payment from being sent to the bank. It is notably different than a Return or Reversal, which are controls once payment instruction has already been sent to the bank.

When are payment orders sent to the bank?

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Cancellations are not possible once a payment order is sent to the bank.

Cancellations are only possible for payment orders with a status of pending, needs_approval, or approved. Payment orders can not be cancelled after they've been sent to the bank. You will need to issue a reversal or contact your bank directly.

Based on the payment order effective_date and the bank's required timings, Modern Treasury determines the optimal date and time to send the payment to the bank. Modern Treasury strives to maximize the cancellation window, reducing the need to contact banks directly to modify in-flight payments.

What happens when a payment order is cancelled?

Cancelled payment orders will not be deleted. You can still view cancelled payment orders and filter for them as needed. Cancelled payment orders can also be duplicated.

How to cancel a payment order

API

To cancel a payment order using the API, you can use the Update Payment Order route setting the status to cancelled.

Dashboard

Navigate to the desired payment order in the dashboard and select Cancel in the Actions dropdown.