Paynode in tie-up with WorldFirst

PayNode – the business aviation payment platform unveiled at NBAA in Orlando last year by the company behind the Avinode online charter marketplace – has introduced a third method by which its clients can move funds.

The partnership with London-based wire transfer specialist WorldFirst is in addition to earlier agreements with American Express and AvCard payment cards. Paynode says more than 100 US and European brokers and aircraft operators have stareted using Amex and AvCard on its payment processing system since it launched. The service will be introduced this quarter and rolled out fully early next year.

While Amex is the charge card of choice in the business aviation market, the link with WorldFirst will improve the cross-border, cross-currency wire transfer payments that are common in the industry while also mitigating foreign exchange risk, says PayNode.

Magnus Henriksson, PayNode managing director, says more than 15% of charter bookings in North America and 25% in Europe involve these sort of transactions. “The delays and costs of receiving these high-value payments are a burden for many business aviation companies,” he adds. “With WorldFirst, PayNode will increase the speed of payments, apply automatic reconciliation and processing, and provide a transparent system that helps protect from wire fraud.”

(Evangle Luo of TTFLY shared with you)