When approved invoices are scheduled to be paid, Borderless sends payment instructions to our payment partners, and they process in order of queue from all of their clients. This means Borderless cannot control the exact timing of all payments.
To provide more visibility into payment timelines, each invoice has an accompanying payment status that updates automatically. The four payment statuses are defined as follows:
- Pending: Payment is pending processing initiation
- Processing: Payment was processed by Borderless; payment instructions were sent to the payment partner
- In Transit: Partner received an update that the payment was successfully sent to the bank
- Paid: Partner received an update that the payment was successful received by the bank
Please note Borderless' payment partners mark a payment as "In Transit" according to the receiving bank's standards and processes. There are some instances where a bank will receive the payment but may not immediately credit the bank account.
For example, all USD transfers going to bank accounts in the US can take up to 2 business days to be credited to the account. This is because the US banking system does not provide instant confirmation of transfer completion. Nevertheless, most banks will still credit the payment within those 2 days.