You can cancel a payment order at any point prior to it being sent to your bank for processing. This includes payments either in the approved or needs approval stage. This can be done by toggling the dropdown on the payment order status and selecting ‘cancel.’
Once a payment is processing, sent, completed, or returned, Modern Treasury has engaged in file transfer to share your payment with your bank and a cancellation cannot be issued through our platform. Working with your financial institution, you can initiate reversals dependent on the payment rail used to issue the payment order. These often have time limits associated with how long after a payment is sent, so it’s advisable to reach out to your bank as soon as possible.