SPEI reconciliation, outside Mexico
Many companies pay their suppliers by bank transfer, not by card or direct debit. Without a reference, someone has to find each deposit in the bank and match it to the invoice. With reference-based transfers, Cord does it on its own, as it already does with SPEI in Mexico.
What's included
- One rail per country, in its currency: SEPA transfer to a virtual IBAN in euros for businesses in Spain, Germany and France (Spanish businesses get a French IBAN, because the payments platform doesn't issue Spanish ones); sort code and account number in pounds for the United Kingdom, by Faster Payments, Bacs or CHAPS; and account and routing number in US dollars for the United States, by ACH or domestic wire, never international.
- One fixed account per customer: your customer always uses the same account to pay all their invoices, and each payment carries its own reference. Cord reconciles by the reference and, if a transfer arrives without it, by the exact amount among that customer's open payments.
- On the invoice and on the quote: on the invoice link, with partial payments, and on the quote's payment page, with each part (deposit, balance or installment) as a payment with its own reference. It needs a customer linked to the document.
- Clear instructions: the reference first and highlighted, the amount and the account details with copy buttons. In euros, the account holder is typed exactly as shown: a different name can make the bank hold the transfer.
- Less or more, in plain sight: what doesn't complete a payment yet doesn't touch the balance. The invoice history says how much arrived and how much is missing, and any excess stays in the customer's favor for their next transfer payment.
- Refund to your customer's account: from the invoice detail, fully or partially, up to 180 days. Your customer gets an email to provide their bank account.
- No Cord fee: outside MXN, Cord charges no platform fee.
Clear limits
It isn't offered in the customer portal, automatic collection or retainers: there each invoice is paid from its own link. Canada, Brazil and the Mercado Pago markets don't have this rail. Mexico keeps SPEI with one CLABE per invoice.
Why it is in beta
The code and its tests are complete. The payments platform still needs to enable bank transfers for payment accounts, and the end-to-end test in test mode with an account on each rail remains. Until then your customers don't see it.
How it works
The business turns on its country's transfer in Settings › Payments › Payment methods and the payments platform activates it.
The customer chooses Bank transfer on the invoice link or the quote's payment page and transfers to their dedicated account with that payment's reference.
When the full amount arrives, Cord records the payment and recalculates the balance; anything missing or extra is noted in the invoice history.
Availability and scope
SEPA transfer in EUR for businesses in Spain, Germany and France; UK bank transfer in GBP; ACH or domestic wire in USD for the United States. On the invoice link and the quote's payment page, with a linked customer.
Clear limits
Only in the rail's currency and with the capability active on the payment account. Not in the portal, automatic collection or retainers. Never an international wire. An incomplete transfer isn't recorded until the rest arrives; any excess belongs to the customer and, if nobody applies it within 75 days, the platform tries to return it.