FAQ
Can I receive proof of payment?
Yes. For each offramp, the Ops team can provide IMAD/OMAD tracking upon request.
Do you support payments to high-risk or sanctioned countries?
Please refer to our prohibited countries list for details on restricted jurisdictions.
A lList of restricted countries can be found here.
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).
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 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.
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.
How long does a transaction take?
- Domestic USD: Up to 2 hours.
International Wire Transfer: 2–8 hours, depending on the beneficiary’s timezone. If submitted outside the beneficiary bank’s operating hours, it will settle on the next business day (T+1).
What are the minimum and maximum payment amounts I can send?
- Minimum amount: $10,000 USD per transaction. A fixed fee of $35 USD will apply for transactions below this amount.
- Maximum amount: There is no set maximum, but transactions can be quoted up to $1,500,000 USD. For larger amounts, you can either split the transaction or contact our operations team for assistance.
I have submitted a payment with incorrect payment instructions, how long does it take for the wire to return?
Payments are typically returned the same day, subject to the operational hours of the beneficiary bank. The Payment Ops team will notify you as soon as the returned payment is received.
What does the status of my payment mean?
In Compliance Review: Your payment is under compliance review.
Processing Settlement: Your payment is being prepared for settlement.
Completed: Your payment has been successfully sent.
Rejected: Your payment could not be processed.
If a payment remains in the same status for an extended period, please contact the Payment Ops team for assistance.
My beneficiary is in pending status, how long does it take to get approved?
If the beneficiary is created within Conduit's operational hours, the review should take no more than 10 minutes.