Global Pay

The Global Pay function is used to make international payments. 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.

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

Payment flow

They payment is done in two stages when you pay via Global Pay:

1. The payment first goes into a client account with Open Payments. Therefore you cannot see the recipient’s (the supplier’s) bank account and payment reference in your bank’s payment information. It is Open Payment which is shown as the receiving account with the payment reference “OPESEXXXX” As you’re paying in the local currency and Open Payments manages all currency exchange, the payment will show in the local currency with your bank.

2. Open Payments exchanges the currency and sends the payment to the recipient’s (your supplier’s) bank account. The recipient receives the correct currency amount and the correct payment reference (invoice number) will show up on their bank statement.

Example of a company in Sweden using Global Pay:

When confirming payments made via Global Pay, an accounting record is automatically attached when the records are loaded from the bank. This accounting record shows more information about the payment (Proof of payment information). This document is automatically saved as a PDF to the voucher which is created during the confirmation reporting. This is a record of Open Payments paying your supplier and can be provided as proof of payment should you need to provide proof that the payment has been made. Read more about payment confirmation here.

Supplier settings when paying via Global Pay

• Within the SEPA, only IBAN and BIC are required.

• Outside of the SEPA there are different requirements depending on the recipient’s country:

  Country	Country code	IBAN/BBAN	Length	Bank code/Routing no.	Length	Clearing	Length	Street	City	Postal code/Zip code	State
  Argentina	AR	BBAN	22	*				*	*	*
  Australia	AU	BBAN	20	Bank code	6			Required	Required	Required	Required
  Bangladesh	BD	BBAN	13	*				*	*	*
  Brazil	BR	IBAN	29			Branch code	7	*	*	*
  Canada	CA	BBAN	12	Bank code	3	Branch code	5	Required	Required	Required	Required
  China	CN	BBAN		Bank code		Cnaps		Required	Required	Required	*
  Egypt	EG	IBAN	29					*	*	*
  Ethiopia	ET	BBAN	5–35					Required	Required	Required
  Ghana	GH	BBAN	8–20	Bank code	6			Required	Required	Required
  Hong Kong	HK	BBAN	9	Bank code	3	Clearing		*	*	*
  India	IN	BBAN	11	Bank code	11			*	*	*
  Indonesia	ID	BBAN	35	Bank code	3	Branch code	4	Required	Required
  Israel	IL	IBAN	23	Bank code	5			*	*	*
  Kenya	KE	BBAN		*				Required	Required	Required
  Korea	KR	BBAN	11–16	*				*	*	*
  Malaysia	MY	BBAN	20	*				*	*	*
  Mexico	MX	BBAN	18	*				*	*	*
  Morocco	MA	BBAN	24	*				*	*	*
  Nigeria	NG	BBAN		*				Required	Required	Required
  Philippines	PH	BBAN	13	*				*	*	*
  Qatar	QA	BBAN	35	*	9			Required	Required	Required
  Taiwan	TW	BBAN	34	*	7			Required	Required	Required
  Tanzania	TZ	BBAN	5–35	*				Required	Required	Required
  Turkey	TR	IBAN	26	*				*	*	*
  Ukraine	UA	BBAN		*				*	*	*
  USA	US	BBAN		Routing no.	9			Required	Required	Required	Required
  Vietnam	VN	BBAN	30	*				Required	*	*

  *Parameter requirement not confirmed