PayNode, the world’s
first online payment platform created for business aviation, is
forging a partnership with international payments specialist
WorldFirst to improve bank wire transfer payments for charter
brokers and operators.
PayNode’s new bank
payment solution, being developed with WorldFirst and Multi Service
Technology Solutions, will begin beta testing in the fourth quarter
of 2017. It will become the third payment option offered by PayNode,
whose processing solutions for American Express and AvCard payment
cards have been adopted by more than 100 US and European brokers and
operators since PayNode’s launch at NBAA 2016.
PayNode’s latest
solution will significantly improve the cross-border, cross-currency
wire transfer payments that are common in business aviation. It will
mitigate foreign exchange risk for brokers and operators receiving
payment (‘merchants’); offer competitive exchange rates to payers;
enable the high-speed transfer of international and domestic
payments into merchants’ bank accounts; and notify merchants that a
payment is received so that charter flights can be operated without
delay.
The new solution will
also improve the handling of same-currency transactions. It will
bring full transparency on all costs involved in each transaction to
enable efficient decision-making on costings and quotes. It will
bring automatic reconciliation to the payment process with instant
notifications of when monies are processed. There will also be
automatic processing in order for merchants to set the payment for
multiple outstanding invoices from one incoming payment, thereby
speeding up the payment chain and creating savings for merchants in
administrative time and costs.
Magnus
Henriksson, PayNode’s
Managing Director, says: “We’re delighted to be working with
WorldFirst to create a solution that will help brokers and operators
take charge of the payment process and run their businesses more
profitably, efficiently and with greater confidence.
“We estimate
that more than 15% of charter bookings in North America
and 25% in Europe involve cross-currency, cross-border
bank payments.
"At present,
the delays and costs of receiving these high-value
payments are a burden for many business aviation
companies.
"With
WorldFirst, PayNode will increase the speed of payments,
apply automatic reconciliation and processing, and
provide a transparent system that helps protect
merchants from wire fraud.” |
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Magnus
Henriksson |
Alex Arnold,
Head of Partnerships at WorldFirst, says: “In business aviation,
many companies operate on low margins so it’s vital their financial
costs and risks are kept in check. WorldFirst has helped thousands
of corporate and individual customers find a better way of managing
foreign exchange. We’re excited to be pooling this expertise with
PayNode to create a better payment experience for charter brokers
and operators.” |