Including the correct reference when making a deposit on your client's behalf saves you time and chase-up headaches
Why Proper Referencing Matters
When making SWIFT payments on behalf of your clients, it is crucial to include the correct reference to ensure automatic allocation. Incorrect or missing references can lead to delays, manual intervention, and additional follow-ups.
Correct Format for Client References
To ensure smooth processing, brokers must include 'OTC' before the client reference. The correct format is:
OTC[Client Reference]
For example: OTCSNAA462F84EE
Common Mistakes to Avoid
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Omitting 'OTC' – Without 'OTC' at the beginning, the system will not auto-allocate the deposit.
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Altering the client reference – The reference is case-sensitive and must be entered exactly as provided.
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Using generic or custom references – Always use the specific reference provided for each client.
Steps to Ensure Proper Referencing
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Retrieve the client reference from the OVEX platform.
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Prefix the reference with 'OTC' (e.g., OTCSNADF67F84EE).
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Double-check the reference before confirming the payment.
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Submit the SWIFT payment with the correct reference in the payment details.
What Happens If You Use the Wrong Reference?
If a payment is made with an incorrect or missing reference, it may not be automatically allocated to the client’s account. In such cases:
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You may experience delays in processing.
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You will need to manually request a reconciliation, which can take additional time.
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The client’s funds may not reflect in their account promptly.
Need Help?
If you encounter any issues with SWIFT payments, please contact OVEX Support with the payment details and reference used. Our team will assist in resolving any discrepancies.
By following these simple guidelines, brokers can ensure hassle-free processing of SWIFT deposits, saving time and avoiding unnecessary complications.