Credit Payment Recovery (CPR) is the scheme procedure introduced in 2014 to bring consistency in the recovery method for Faster Payments (FPS) and settled Bacs (the Bacs recall pre-settlement process remains unchanged). The process is mandatory and the only method of recovery of these payments.
Whilst Griffin does not currently accept payments from overseas, it is possible for payments that have originated overseas to credit Griffin via the Faster Payment infrastructure. In such a scenario, the payment has been sent from overseas to a UK participant of Faster Payments before being sent onwards to Griffin as a Faster Payment. However, this is still considered a single payment, with the debtor bank being the overseas bank, and the creditor bank being Griffin.
Unfortunately, economic crime is prevalent in today’s financial system. Both you and we have a responsibility to ensure end customers are protected, and Griffin has a number of controls in place to reduce the risk to you and your customers.
Given the large volumes of payments that flow each day it is natural that errors occur. See below for various scenarios and how you should manage them.