To add a payout method to a recipient on the Payment Rails dashboard, follow these simple instructions:
On the Recipient page, select the recipient you want to edit by clicking "View Details". You will now be on the recipients Profile page.
To add a new payout method, click on Add new under Payout Methods.
You will then see a pop-up screen to add the payout method, such as Bank Transfer or PayPal. Select the preferred payout method.
Depending on the Recipient's address country, the appropriate bank account fields will be displayed that are needed to send a payment to their bank account. We have provided helpful "tool tips" for many fields to help guide you on number formats for each country. Mandatory fields are indicated with a red " * ".
Some guidance on the bank detail fields:
Routing Number (US): The Routing Number is a 9 digit numerical code used to identify an individual branch of a financial institution in the United States. It can be found on a check, bank statement, or in your online banking.
(Keep in mind that some banks in the US have 2 Routing numbers. One for international wires, and one for local ACH transfers. We will require the local ACH ABA Routing number).
Institution Number (Canada): The Institution Number is a 3-digit number representing the name of the bank or financial institution. It can be found on a cheque, bank statement, or in your online banking.
Transit Number (Canada): The Transit Number is a 5-digit number representing the bank branch. It can be found on a cheque, bank statement, or in your online banking.
IBAN (Europe, Pakistan, Brazil, etc): IBAN stands for International Bank Account Number, and consists of up to 34 alphanumeric characters comprising: a country code; two check digits; and a number that includes the domestic bank account number, branch identifier, and potential routing information. It can be found on a bank statement or in your online banking.
Sort Code (UK): The Sort Code is a bank code used in the UK. It is a 6 digit number and identifies both the bank and the branch where the account is held. It can be found on the bottom of cheques and debit cards as well as online banking.
SWIFT-BIC (many countries): A Swift Code or Bank Identifier Code (BIC) is a unique identification code for a particular bank. Swift-BIC codes consist of 8 or 11 characters, with 8-digit codes and 11-digit codes ending in XXX referring to the primary office.
BSB (Australia): The BSB (Bank State Branch) number is a 6 digit numerical code used to identify a specific bank branch in Australia. It is made up of a bank code (2), a state code (1), and the branch code (3)
IFSC code (India): The Indian Financial System Code (IFSC) is an 11-digit code, with the first four characters representing the bank name, the fifth character is 0, and the last six characters representing the branch.
CLABE (Mexico): The CLABE (Clave Bancaria Estandarizada) account number has 18 digits and identifies a specific bank account. It is made up of a bank code (3 digits), branch office code (3), account number (11), and a control digit (1).
CBU (Argentina): The CBU (Clave Bancaria Unificada) is a 22-digit code in Argentina that identifies the financial institution, branch and the specific bank account number.
Account Number: The recipient/beneficiary's bank account number.
Account Holder Name: The name of the account holder (beneficiary) as it appears on the bank account. A payment sent to a bank account where the account holder name is different, will result in a returned payment from the receiving bank, in accordance with international banking guidelines.
Bank Address (Swift countries): The street address of the bank branch. This additional bank brach address information is requires in Swift countries, and helps to avoid delays in crediting funds to the beneficiary bank account by the receiving bank.
Bank City (Swift countries): The city/town of the bank branch.
Bank Province/State (Swift countries): The state/province/county/region of the bank branch. This field is optional.
Currency: We support payouts in the official local currency of all countries. In some countries, we are able to support a secondary currency, such as in Canada (CAD, USD), UK (GBP, EUR), Sweden (SEK, EUR), Norway (NOK, EUR), China (CNY, USD*), and some others. *When sending USD into countries such as China, higher fees will apply to those payments as it is not possible to process them through local payment infrastructure and must be sent as a Swift wire.
Please note: Only one payout method can be active at a time on a recipients profile.
Error: Failed Payment.
If the recipients account bank holder name doesn't match with what the recipients profile name, compliance will flag the payment to be processed, unless this is updated at either your end (admin has rights to amend recipient details) or your manually by recipient.