What type of supporting documentation do I need in order to send a payment? | Conduit Guides
What type of supporting documentation do I need in order to send a payment?
To process a payment, you may need to provide one of the following:
- Invoice
- Agreement/Contract
- Purchase Order
Each document should include: Description of Goods/Services – Clearly outline the items, quantities, and prices.
Parties Involved – Names, addresses, and contact details of both buyer and seller.
Payment Terms – Payment amounts, due dates, and accepted methods.
Signatures – Required for agreements/contracts to formalize the transaction.
Business Justification – If the purpose is unclear, a signed statement explaining the transaction may be required.
Frequently asked questions
Can you reverse or recall a payment?
Once a payment is completed, it can only be recalled. However, a recall may take up to 7 business days and should only be requested in urgent cases.
Can I send or receive funds from an individual?
Incoming payments: Personal accounts cannot send funds to Conduit (blocked/rejected).
Exception: Transfers over $100K USD may be allowed with prior compliance approval.
Outgoing payments: Funds cannot be sent to personal accounts.
Exceptions: Payroll providers and approved payroll transactions for staff/contractors (subject to due diligence).
For more details, check out our blog on Payments to and from Individuals.
What are the regulatory requirements for sending/receiving funds?
Each payment is subject to compliance review and must be supported by a valid payment reason and appropriate documentation (e.g., invoice or contract).
What information can I get to track a payment with my beneficiary bank?
The information required to track a payment depends on the payment method used:
- Domestic wires: You will need the IMAD (Input Message Accountability Data) or OMAD (Output Message Accountability Data) reference. These unique identifiers are assigned to wire transfers within the U.S. financial system and help banks locate transactions in their system.
- SWIFT payments: You will need the MT103 document, which serves as proof of payment in international wire transfers. This message contains details such as sender and beneficiary information, transaction reference, and timestamps.