News Release

Avinode revolutionises air charter payments with PayNode

Avinode Group (NBAA stand number 2219), parent of the world's leading B2B online marketplace for business air charter, announced today at NBAA, PayNode , the world's first end-to-end payment platform for business aviation. Working exclusively with American Express on its first product, PayNode will launch on 1 November 2016, with the ability for customers to pay directly for business charter flights via credit card. This will be followed shortly after by a comprehensive payment solution to include bank wire transfer payments.

A first-of-its-kind payment platform for the industry, PayNode is set to disrupt the multi-billion-dollar business aviation payments market by replacing a highly manual, time-intensive payments process with an end-to-end customer-facing platform. Customers can pay directly with their American Express Card, using PayNode to help brokers and operators to:

- Reclaim time with reduced payment processing from the industry's average of 30 minutes to 60 seconds.

- Lower the risk of exposure by processing payments with a secure and transparent platform that lets them see all their transaction and flight details in a single place.

- Simplify cross-border payments and processes independent of location, currency and transaction value.

- Increase profitability, with competitive processing rates and faster pay out terms, settling within 24 hours of delivering service.

Magnus Henriksson, global business director, PayNode, says: “The payment procedure in business aviation is a true industry pain point: it is inefficient, costly and insecure, placing unnecessary strain on brokers and operators' businesses, as well as giving customers insufficient protection of their payment details. PayNode is a solution which overcomes those barriers; anyone can use PayNode and it is free to sign up so brokers and operators can utilise the platform to save them time, money and risk."

Niklas Berg, CEO, Avinode Group, says: “The Avinode Group has transformed the way that business aviation brokers and operators connect and do business. We have been the market leader in developing new solutions to help the industry do business more efficiently and profitably. PayNode is an effective, robust and valuable solution for the industry, and we are proud to be leading the market in a new direction once again.”

Gunther Bright, executive vice president, American Express, says: “We are thrilled to partner with Avinode to help transform the way this industry processes payments. PayNode is a great solution for our customers, making business air charter payments seamless for our card members and more efficient for our merchants.”

In 2017, PayNode will launch its comprehensive 24/7, 365 payment flow solution which will completely transform the way the industry works introducing bank wire transactions, instant settlement, notification and fund movement.