Global Pay

The Global Pay function is used to make international payment via Open Banking. You connect your account (in your local currency) to a function that makes payments in foreign currency via our partner Open Payments. When you make a payment it is converted to a foreign currency, just as with your regular bank, but with the help of a function that can make it a little cheaper. There are several benefits of this:

Often lower conversion rates and transaction fees than your regular bank.
Quicker payments, payment either the same day or the next day at the latest.
Full control over which exchange rate and transaction fee in real time before you make any payment.
You can transfer both domestically and internationally via the same payment flow (excluding payments from currency accounts).
Payments to most countries/currencies.
The service is free.

This function requires you to fill out a Know Your Customer (KYC) check. You can do this step quickly and easily in the Bank settings procedure in Monitor ERP. You can read more here.

You can schedule an invoice payment for up to 30 days in advance. You can read more here.

Example of a company in Sweden using Global Pay:

Supplier settings when paying via Global Pay

International payments via Global Pay are made via Open Banking and require certain information from the recipient such as address and bank account information. This is especially the case outside of the Single Euro Payments Area (SEPA).

Within the SEPA, only IBAN and BIC are required.
Outside of the SEPA there are different requirements depending on the recipient’s country:

Read more about international payments via Global Pay here.