Payment Reference

When creating a payment in the CPN API, the OFI should provide the refCode field to carry a meaningful reference for the transaction. This field can be an invoice ID or a customer reference. The way this reference appears on the beneficiary's bank statement depends on rail capabilities and is handled as follows:

• Metadata support by rail and BFI: The sender's name (OFI's customer name) from the travel rule data appears directly on the recipient's bank statement as the ultimate remitter, and the refCode appears in the memo field. This provides the highest level of transparency for the recipient to recognize and reconcile the payments.
• Partial metadata support: If the payment rail does not support displaying the sender's name separately but allows a memo/reference field, the BFI populates this memo with a concatenated string in the format {refCode} + {Sender Name}
• Minimal metadata support: If neither the sender name or reference field is supported on the rail, Circle returns a fiatNetworkPaymentRef, which is a rail-specific transaction reference. This ID is visible to the beneficiary on their bank statement, and is returned to the OFI by webhook and in the get payment endpoint.