China payouts

Send Chinese yuan to a bank account in mainland China. Fincra pays over CNAPS, the domestic clearing system of China.

A China payout uses three objects. You make the first two once, then reuse them.

Object	What it is	Ready when
Sender	The party that sends the money.	`verificationStatus` is `approved`. Fincra sends `sender.updated`.
Counterparty	The party that receives the money.	`status` is `active`. Fincra sends `counterparty.updated`.
Payout	One payment from the sender to the counterparty, on the mode you choose.	`status` is `successful`

sequenceDiagram
    participant You
    participant Fincra
    participant Partner
    You->>Fincra: POST /global-payouts/v1/senders
    Fincra-->>You: sndr_... (pending)
    You->>Fincra: POST /global-payouts/v1/senders/{id}/documents
    Fincra-->>You: verification callback (approved)
    You->>Fincra: POST /global-payouts/v1/counterparties
    Fincra->>Partner: Register the account
    Partner-->>Fincra: Accepted
    You->>Fincra: GET /global-payouts/v1/counterparties/{id} (active)
    You->>Fincra: POST /send
    Fincra->>Partner: Pay the account
    Fincra-->>You: Payout webhook (successful)

Three things that make China different

The payee name must match the bank record. The payment partner checks the name of the counterparty against the name on the Chinese bank account. A name in Latin characters fails this check. Copy the name from the bank record of the payee.

The account must be onshore. CNAPS pays a bank account in mainland China. The address of the counterparty must be in China.

Every payment needs a reason and evidence. You send a purpose of fund. The purpose sets the trade details and the documents that Fincra needs before it pays.

Two processing modes

You choose a processing mode for each payment. The mode sets when the payment settles, and it is one of the two things that set the fee.

Mode	When it settles	What it suits
Normal	Business hours, Monday to Friday. Settlement is T+1.	Planned payments. Supplier invoices and payroll runs with a known date.
Instant	Any time, 24 hours a day, 7 days a week.	Payments that cannot wait for the next business day, and weekend or holiday payments.

Both modes pay a business bank account and an individual bank account. The mode does not limit the account type, and the account type does not limit the mode.

The fee depends on the mode and on the counterparty type. A business account carries a different fee from an individual account, so there are four fee cases. Fincra sets them per merchant.

How long it takes

Make both parties days before your first payout. A new sender needs a verification that takes hours. A new counterparty needs a registration with the payment partner that takes up to 48 hours.

A payout that carries every document goes to the partner at once.

Limits and cut-off times

Ask your account manager for the payment limit of your business, the cut-off time and the settlement time. Fincra sets these for each merchant.

📘
Ask before you go live
Fincra enables each currency for each merchant one at a time. Tell your account manager before you send your first CNY payout.

Abbreviations

Abbreviation	Expansion
CNAPS	China National Advanced Payment System
CNY	Chinese yuan
E.164	The international telephone number format
ISO 3166-1 alpha-2	The two-letter country code standard
ISO 8601	The date and time format standard

Next: Before you begin.