Regular versus Priority Payments

We currently support local (regular) and SWIFT (international priority) Payments. When setting up a payout and adding a beneficiary, make sure payment instructions match your local versus priority setup.

The regular payment method is the local or domestic payment. With Paynode you get four local or domestic payment methods: SEPA, UK Faster, EFT, and ACH/Fedwire payment, which is cheaper and avoids correspondent banking fees.

Regular payment method for EUR - SEPA

Single Euro Payments Area (SEPA) is a payment type used to transfer euro currency within the EEA (EU countries). It works the same way as a local or domestic bank transfer, so long as both countries are inside the eurozone. Learn more: How to set up SEPA payments.

Is SEPA the same as ACH?

SEPA transfers are euros transfers, pushing funds from one bank account to another. It's similar to an ACH transfer, except the SEPA transfer uses the IBAN and BIC numbers of both the sender and recipient's bank, rather than banking account information and routing number.

Regular payment method for GBP - Faster Payment

Faster Payments is one option for sending money electronically in the UK. Since it is a real-time payment system, any money sent is received very instantly. Learn more: How to set up Faster payments.

What is the difference between CHAPS and Faster Payments?

Faster Payments is a lot quicker, often moving the money between accounts within seconds. While CHAPS is a same-day payment transfer service. Faster Payments are generally less expensive to use compared to CHAPS. Faster Payments is also available any time, any day, while CHAPS is only available during working hours between Monday and Friday.

Regular payment method for CAD - EFT

Electronic Funds Transfer (EFT) is the electronic transference of money from one Canadian bank account to another Canadian bank. Learn more: How to set up CAD EFT payments.

Regular payment method for USD - ACH and Fedwire

Difference between ACH & Fedwire Payments

Both ACH and wire transfers work in a similar way but with different timelines and rules. Wire transfers are direct, generally immediate transfers between two financial institutions. ACH transfers, meanwhile, pass through the Automated Clearing House and can take up to 0 to 1+ business days. Learn more: How to set up ACH.

Note: “Cleared” means that the transaction details have been passed on. “Settled” means the two banks have exchanged money to honor the underlying transaction. “Disbursed” means the funds have been released to the end account holder.

1. Transfer speed
Domestic wire transfers usually clear within minutes and settles within a business day. ACH transfers can take between hours and days to both clear and settle.

How long does an ACH transfer take? The time it takes an ACH transfer to clear can vary. It typically can take up to 3 business days. Paynode's cut-off time for an ACH wire transfer out on the same day is 3:45 pm Eastern Standard (8:45 GMT). After the cut-off time, the wire will arrive the next business day.

How long does a wire transfer take? A wire transfer clears as soon as the receiving bank signs off on the incoming message. This happens either immediately or following any routine due diligence. With Fedwire, the transfer settles and disburses immediately if sent before the cut-time of 11:45 am Eastern Standard (4:45 GMT).

2. Settlement
Wire transfers generally settle permanently. Some ACH transfers, however, can take up to 1+ business days.

Bank Details Glossary

IBAN routing number for SEPA payments
Account Number unique account number varies between 9-12 digits depending on the financial institution

SORT Code are used in the British clearing system and historically in the Irish system.
ABA/ACH Routing Number differs from WIRE routing number by the financial institution
ABA/WIRE Routing Number differs from the ACH routing number by the financial institution
BIC/SWIFT Instruction for International SWIFT Payments Indicator

How to set up SWIFT International (Priority) Payments

SWIFT International Payment Method (Priority)

Priority Swift payment is an international wire payment, which is the fastest way to transfer funds, but also the most expensive.

Swift fees - The intermediary bank charges are deducted from the payment amount. As a result, the payment amount received in the beneficiary bank account may be less than the full amount expected.

To set up Swift payments

Step 1 - add Beneficiary and choose the Priority payment method.

Step 2 - add the Swift payment details.

For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay

Additional Information

Required Details for Swift Payment

Field	Individual	Company	Permitted Data	Notes
Beneficiary Entity Type	✓	✓	‘individual’ or ‘company’ only
Beneficiary First Name	✓	✕	1-255 characters*
Beneficiary Last Name	✓	✕	1-255 characters*
Beneficiary Company Name	✕	✓	1-255 characters*
Beneficiary Address	✓	✓	1-255 characters*
Beneficiary City	✓	✓	1-255 characters*
Beneficiary Postcode	✓	✓	1-12 characters*	Only required when sending payments to Canada, Mexico and the USA.
Beneficiary State or Province	✓	✓	1-255 characters*	Only required when sending payments to Canada, Mexico and the USA.
Beneficiary Country	✓	✓	2 letter ISO country code
IBAN	✓	✓	15-34 alphanumeric characters; spaces permitted	IBAN must be used when sending to all IBAN countries. When sending to non-IBAN countries, account number must be used.
Account Number	✓	✓	Varies per destination country	When sending to non-IBAN countries, account number must be used. IBAN must be used when sending to all IBAN countries.
CLABE	✓	✓	18 digits	CLABE must be used instead of account number or IBAN when sending payments in any currency to Mexico. CLABE is the banking standard for the numbering of bank accounts in Mexico (equivalent to the Account Number in other jurisdictions).
BIC SWIFT	✓	✓	Valid ISO 9362 SWIFT BIC code; 8 or 11 alphanumeric characters	BIC SWIFT must be used when sending payments to any country except the USA. When sending to the USA, ABA must be used.
ABA	✓	✓	9 digits	American banks are identified by a 9 digit ABA number, also known as ‘Routing Number’. The ABA should be valid for FedWIRE payments. Some ABA values are only valid for FedACH payments. Payments to FedACH-only ABAs will fail. The ABA is required for all payments to the USA.
Payment Currency	✓	✓	3 letter ISO currency code
Payment Amount	✓	✓	Numeric amount
Payment Reference	✓	✓	1-255 alphanumeric characters	Four lines, each 35 characters long. Anything over 140 characters will be truncated.
Payment Reason	✓	✓	1-255 alphanumeric characters	The scheme only supports 140 alphanumeric characters. The reference field will be truncated to fit this limit.
Payer Entity Type	✓	✓	‘individual’ or ‘company’ only
Payer First Name	✓	✕	1-255 characters*
Payer Last Name	✓	✕	1-255 characters*
Payer Company Name	✕	✓	1-255 characters*
Payer Address	✓	✓	1-255 characters*
Payer City	✓	✓	1-255 characters*
Payer Postcode	✓	✓	1-12 characters*	Only required when sending payments to Canada, Mexico and the USA.
Payer State or Province	✓	✓	1-255 characters*	Only required when sending payments to Canada, Mexico and the USA.
Payer Country	✓	✓	2 letter ISO country code
Payer Date of Birth	✓	✕	ISO 8601 format (YYYY-MM-DD).
Payer Identification Type	✕	✓	‘incorporation_number’ only
Payer Identification Value	✕	✓	1-255 characters*

How To Set Up ACH Payments (local USD payment method)

Time Frame Overview

Payment Type	SWIFT (Priority)	Local (Regular)
Cut-off time (UK Time)	4:30 pm	8:45 pm
Delivery time frame	0 days	0 days
Maximum payment size	No limit	$1,000,000 ($1m)
Payment Scheme	SWIFT - USD to any country Within the US, the SWIFT payment will use Fedwire or CHIPS, depending on the routing code used.	FedACH
Destination countries	Any (excluding sanctioned countries)	USA
Traces	Yes	No
Recalls	Yes	No
Ultimate payer displayed?	Yes	No

To set up ACH payments

Step 1 - add Beneficiary and choose Regular payment method. In the event that you decide to make a Swift payment in the future, you may also choose to enter the Swift payment details.

Step 2 - add the ACH payment details.

For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay

Additional Information

Required Details for Local ACH (Regular) Payment

Field	Individual	Company	Permitted Data	Notes
Beneficiary Entity Type	✓	✓	‘individual’ or ‘company’ only
Beneficiary First Name	✓	✕	1-255 characters*
Beneficiary Last Name	✓	✕	1-255 characters*
Beneficiary Company Name	✕	✓	1-255 characters*
Beneficiary Address	✓	✓	1-255 characters*
Beneficiary City	✓	✓	1-255 characters*
Beneficiary Country	✓	✓	2 letter ISO country code
Beneficiary Postcode	✓	✓	1-12 characters*
Beneficiary State or Province	✓	✓	1-255 characters*
Account Number	✓	✓	1-17 digits	We validate that the account number provided is a valid one. We do not currently perform checks against the account name.
ABA	✓	✓	9 digits	American banks are identified by a 9 digit ABA number, also known as ‘Routing Number’. The ABA should be valid for FedACH payments. Some ABA values are only valid for FedWIRE payments. Payments to FedWIRE-only ABAs will fail.
Payment Currency	✓	✓	3 letter ISO currency code
Payment Amount	✓	✓	Numeric amount
Payment Reference	✓	✓	1-255 alphanumeric characters	The scheme only supports 10 alphanumeric characters. The reference field will be truncated to fit this limit.
Payment Reason	✓	✓	1-255 alphanumeric characters	This field is not visible to the beneficiary.
Payer Entity Type	✓	✓	‘individual’ or ‘company’ only
Payer First Name	✓	✕	1-255 characters*
Payer Last Name	✓	✕	1-255 characters*
Payer Company Name	✕	✓	1-255 characters*
Payer Address	✓	✓	1-255 characters*
Payer City	✓	✓	1-255 characters*
Payer Postcode	✓	✓	1-12 characters*
Payer State or Province	✓	✓	1-255 characters*
Payer Country	✓	✓	2 letter ISO country code
Payer Date of Birth	✓	✕	ISO 8601 format (YYYY-MM-DD).

How to set up Canadian Payments (Local EFT payment method)

Time Frame Overview

Payment Type	SWIFT (Priority)	Local (Regular)
Cutoff time (UK Time)	4:45 pm	4:00 pm
Delivery time frame	0 days	0 days
Maximum payment size	No limit	CAD 200,000
Payment Scheme	SWIFT	Electronic Funds Transfer (EFT)
Destination countries	Any (excluding sanctioned countries)	Canada
Traces	Yes	No
Recalls	Yes	No
Ultimate payer displayed?	Yes	No

To set up Canadian EFT payments

Step 1 - add Beneficiary and choose Regular payment method. In the event that you decide to make a Swift payment in the future, you may also choose to enter the Swift payment details.

Step 2 - add the EFT payment details.

For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay

Additional Information

Required Details for Local (Regular) Canadian EFT Payment

Field	Individual	Company	Permitted Data	Notes
Beneficiary Entity Type	✓	✓	‘individual’ or ‘company’ only
Beneficiary First Name	✓	✕	1-255 characters*
Beneficiary Last Name	✓	✕	1-255 characters*
Beneficiary Company Name	✕	✓	1-255 characters*
Beneficiary Address	✓	✓	1-255 characters*
Beneficiary City	✓	✓	1-255 characters*
Beneficiary Postcode	✓	✓	1-12 characters*
Beneficiary State or Province	✓	✓	1-255 characters*
Beneficiary Country	✓	✓	1-255 characters*
Account Number	✓	✓	7-35 digits	We validate that the account number provided is a valid one. We do not currently perform checks against the account name.
Bank Code	✓	✓	3 digits	Also known as ‘(Financial) Institution Number’. The Bank Code indicates which bank the payment should be sent to. The full list of Bank Codes is available at Payments Canada. A combination of Bank Code and Branch Code is often referred to as a Routing Number. A Routing Number takes the format 0XXXYYYYY and is made up of: a leading 0 the 3 digit Bank Code (XXX), the 5 digit Branch Code (YYYYY). A Routing Number of 034300012 represents Bank Code 343, Branch Code 00012.
Branch Code	✓	✓	5 digits	Also known as ‘Transit (Branch) Number’. The Branch Code indicates which branch at the bank the payment should be sent to. The full list of Branch Codes is available at Payments Canada. A combination of Bank Code and Branch Code is often referred to as a Routing Number. A Routing Number takes the format 0XXXYYYYY and is made up of: a leading 0 the 3 digit Bank Code (XXX), the 5 digit Branch Code (YYYYY). A Routing Number of 034300012 represents Bank Code 343, Branch Code 00012.
Payment Currency	✓	✓	3 letter ISO currency code
Payment Amount	✓	✓	Numeric amount
Payment Reference	✓	✓	1-255 alphanumeric characters	The scheme only supports 100 alphanumeric characters. The reference field will be truncated to fit this limit.
Payment Reason	✓	✓	1-255 alphanumeric characters
Payer Entity Type	✓	✓	‘individual’ or ‘company’ only
Payer First Name	✓	✕	1-255 characters*
Payer Last Name	✓	✕	1-255 characters*
Payer Company Name	✕	✓	1-255 characters*
Payer Address	✓	✓	1-255 characters*
Payer City	✓	✓	1-255 characters*
Payer Postcode	✓	✓	1-12 characters*
Payer State or Province	✓	✓	1-255 characters*
Payer Country	✓	✓	2 letter ISO country code
Payer Date of Birth	✓	✕	ISO 8601 format (YYYY-MM-DD).

How to set up Faster Payments (Local GBP payment method)

Time Frame Overview

Payment Type	SWIFT (Priority)	Local (Regular)
Cutoff time (UK Time)	Currencycloud B.V. clients: 4.15 pm	24 hours a day processing (Monday - Friday).
Cutoff time (UK Time)	Currencycloud Ltd. clients: 5:00 pm	24 hours a day processing (Monday - Friday).
Delivery time frame	0 days	0 days
Maximum payment size	No limit	£1,000,000
Payment Scheme	CHAPS (GBP to the UK) SWIFT (GBP to any other country)	Faster Payments Service (FPS)
Destination countries	Any (excluding sanctioned countries)	United Kingdom, Gibraltar, Guernsey, Isle of Man, Jersey
Traces	Yes	No
Recalls	Yes	No
Ultimate payer displayed?	Yes	Yes

To set up UK Faster payments

Step 1 - add Beneficiary and choose Regular payment method. You can also choose to add the Swift payment details in case you prefer to make a Swift payment in the future.

Step 2 - add the UK Faster payment bank details

For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay

Additional Information

Required Details for Local (Regular) UK Faster Payment

Field	Individual	Company	Permitted Data	Notes
Beneficiary Entity Type	✓	✓	‘individual’ or ‘company’ only
Beneficiary First Name	✓	✕	1-255 characters*
Beneficiary Last Name	✓	✕	1-255 characters*
Beneficiary Company Name	✕	✓	1-255 characters*
Account Number	✓	✓	8 digits	We validate that the account number provided is a valid one. We do not currently perform checks against the account name.
Sort Code	✓	✓	6 digits
Payment Currency	✓	✓	3 letter ISO currency code
Payment Amount	✓	✓	Numeric amount
Payment Reference	✓	✓	1-255 alphanumeric characters	The scheme only supports 18 alphanumeric characters. The reference field will be truncated to fit this limit.
Payment Reason	✓	✓	1-255 alphanumeric characters
Payer Entity Type	✓	✓	‘individual’ or ‘company’ only
Payer First Name	✓	✕	1-255 characters*
Payer Last Name	✓	✕	1-255 characters*
Payer Company Name	✕	✓	1-255 characters*
Payer Address	✓	✓	1-255 characters*
Payer City	✓	✓	1-255 characters*
Payer Country	✓	✓	2 letter ISO country code
Payer Date of Birth	✓	✕	ISO 8601 format (YYYY-MM-DD).

How to set up SEPA Payments (Local EUR payment method)

Time Frame Overview

Payment Type	SWIFT (Priority)	Local (Regular)
Cut-off time (UK Time)	2:30 pm	2:00 pm
Delivery time frame	0 days	0 days
Payment Scheme	TARGET2 (EUR to any Eurozone country and Croatia, Bulgaria, Denmark, Poland, and Romania) SWIFT (EUR to any other country)	SEPA Credit Transfer (SCT) * SEPA Instant Credit Transfer (SCT Inst - Instant Credit Transfer (SCT Inst)) *
Maximum payment size	No limit	€100,000 (SCT Inst) No limit (SCT)
Destination countries	Any (excluding exception)	SEPA countries
Traces	Yes	No
Recalls	Yes	No
Ultimate payer displayed?	Yes	Yes

* Please note, for payments where the beneficiary bank is connected to SCT Inst and the payment is below €100,000 the payment will be automatically routed via SEPA Instant Credit Transfer (SCT Inst) If the beneficiary bank is not Inst-reachable, the payment will be sent as an SCT.

To set up SEPA payments

Step 1 - add Beneficiary and choose Regular payment method. In the event that you decide to make a Swift payment in the future, you may also choose to enter the Swift payment details.

Step 2 - add the SEPA payment details.

For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay

Additional information

Required Details for Local (Regular) SEPA Payment

Field	Individual	Company	Permitted Data	Notes
Beneficiary Entity Type	✓	✓	‘individual’ or ‘company’ only
Beneficiary First Name	✓	✕	1-255 characters*
Beneficiary Last Name	✓	✕	1-255 characters*
Beneficiary Company Name	✕	✓	1-255 characters*
IBAN	✓	✓	15-34 alphanumeric characters; spaces permitted	We validate that the IBAN provided is a valid one. We do not currently perform checks against the account name.
Payment Currency	✓	✓	3 letter ISO currency code
Payment Amount	✓	✓	Numeric amount
Payment Reference	✓	✓	1-255 alphanumeric characters	The scheme only supports 140 alphanumeric characters. The reference field will be truncated to fit this limit.
Payment Reason	✓	✓	1-255 alphanumeric characters	Only alphanumeric characters are accepted.
Payer Entity Type	✓	✓	‘individual’ or ‘company’ only
Payer First Name	✓	✕	1-255 characters*
Payer Last Name	✓	✕	1-255 characters*
Payer Company Name	✕	✓	1-255 characters*
Payer Address	✓	✓	1-255 characters*
Payer City	✓	✓	1-255 characters*
Payer Country	✓	✓	2 letter ISO country code
Payer Date of Birth	✓	✕	ISO 8601 format (YYYY-MM-DD).

How to add a user to Paynode

Specify who on your team can ask for and manage payments

For security purposes, only the company admin in your company can set up Paynode User permissions.

If you are the company admin, follow these steps to get your coworker up and running.

1. Go to the Company tab, select Users, and Edit your coworker profile.

2. Scroll down to the Login section and tick for Paynode access.

3. Save & Continue to Permissions.

4. Grant permissions for the charter sales or the finance team.

5. Click Save at the bottom of the page and done.

Repeat steps 1 through 5 for other members of your organization that need Paynode access.

Convert and Pay from these Supported Currencies

Make domestic and international payments in over 30 currencies to over 180 countries.

List of currencies you can send payments to cross-border and convert.

Australian Dollar (AUD)	Japanese Yen (JPY)	Singapore Dollar (SGD)
Bahrain Dinar (BHD)	Kenyan Shilling (KES)	South African Rand (ZAR)
Bulgarian Lev (BGN)	Kuwait Dinar (KWD)	Swedish Krona (SEK)
Canadian Dollar (CAD)	Mexican Peso (MXN)	Swiss Franc (CHF)
Chinese Yuan (CNH)	New Zealand Dollar (NZD)	Thai Baht (THB)
Czech Koruna (CZK)	Norwegian Krone (NOK)	Turkish Lira (TRY)
Danish Krone (DKK)	Omani Rial (OMR)	Ugandan Shilling (UGX)
Euro (EUR)	Polish Zloty (PLN)	UK Sterling (GBP)
Hong Kong Dollar (HKD)	Qatar Rial (QAR)	United Arab Emirates Dirham (AED)
Hungarian Forint (HUF)	Romanian Leu (RON)	US Dollar (USD)
Israeli Shekel (ILS)	Saudi Riyal (SAR)

How to add a Currency

Step-1: From your Dashboard go to Balances

Step-2: Click to Add Currency, and scroll to choose from 30+ available currencies

Supported Countries

Paynode Card Transaction Report

For our Paynode users who have access, we offer the possibility to download your company's Paynode card Transaction Report.

Go to the Company Tab →Report and Export Data.

Next, choose Paynode Transaction Report.

Please feel free to let us know what you would like to see in your report by contacting your Customer Success Manager or emailing support@paynode.com.

Paynode Transaction Reports - Beta

For our Paynode users who have full access we now offer the possibility to download your company's Paynode Transaction Report.

Simply go to the Finance Tab - Accounts and Export Data.

This feature is currently only available in Beta testing and is an opportunity for us to receive your feedback. Please feel free to let us know what you would like to see in your report by contacting your Customer Success Manager or e-mail support@paynode.com.

User permissions

You're in control. Empower your team to collect payments. Put checks and balances in place where you want them. No cost for 'Paynode Only' users.

Payments User Permissions

Charter Sales

By default, users that have access to Avinode Marketplace Sales are set up with these abilities:

Request Payments	Send Payments
Wire Credit card Instant Payment	Set up instant payments to be paid (pending approval)

*Users in Paynode for Charter Sales - View Only: recommended.

Owners and Directors

Account Administrators, typically Owner, CFO, and Controller, should have access to the following recommend permissions to manage your Currency Accounts and Balances.

Permission	Recommended Access
Instant Payment Pay	Full access to pay or approve Instant payments. View Only access to view account balances.
Currency Accounts	Full access to manage your accounts and balances with the option to add 🔒 multi-level approvals security for either or both payments made out and conversions between currencies.
Users in Paynode	Full access to edit your own and others' permissions.

Finance and Accounting

This is the Funds Manager permissions

Request Payments	Send Payments	Manage FX
Wire Credit card Instant Payment	Set up instant payments to be paid (pending approval) Approve instant payments View and manage balances Create beneficiaries Send wire payments	Convert funds

*🔒 Multi-Level Approvals are available for funds managers. Please see below.

Assigning payments permissions

Owners and directors can assign this set of permissions to specific individuals:

An owner or director can be given access to the KYB form.
Owners and directors can assign or delegate permissions to other users.

Paynode Permissions

Here is a description of what each Paynode permission means and which role it supports.

Permission	Charter Sales	Finance & Accounting	Owners & Directors
Payment Request Ability to request credit card and instant payments View wire instructions	✔️	✔️
Instant Payment Set up instant payments to be paid (pending approval) View pending and historic instant payments	✔️	✔️
Instant Payment Pay Approve or deny pending instant payments View account balances View pending and historic instant payments		✔️
Currency Accounts** Access account console View balances Manage FX Create beneficiaries Send wires and bank transfers		✔️
Paynode Users Ability to assign and delegate permissions to other users*			✔️
Company KYB Ability to edit and submit company info			✔️
Credit card Payment Notifications	✔️
Wire payment Notifications	upon request	✔️	✔️

*Owners and directors who are listed on the company's KYB form are able to assign or delegate Paynode permissions to other users. Users may not assign Paynode permissions to themselves.

Recommend permissions to manage your Currency Accounts and Balances.

*We offer you some additional tools to safeguard your funds. With 🔒 Multi-Level Approvals:

You can specify what transactions should require your approval
- Payments
- Currency conversions
- Both
Set what should trigger approval
- Set a transaction amount. e.g. anything above 50K
Choose who is authorized to approve
- Recommended at least 2 multi-level approvers