Building better, safer transactions
Published: 04 Oct 2017
PayNode bills itself as the first payment provider created specifically for business aviation, and Magnus Henriksson’s job is to roll out the concept – which he sees as a game-changer – across global markets.
Tell us about your career so far
I have been with Avinode since 2008, when they snatched me up just as I graduated with a bachelor’s degree in business administration from the University of Gothenburg’s business school. Before my current role, I worked as Avinode’s business development manager and was responsible for running the business intelligence unit, as well as managing key projects for the whole group. I like to think I played an instrumental role in developing our data consulting services and I’m very proud that it is now one of the most respected sources of business aviation information in the industry.
What are Avinode and PayNode?
Avinode is the world’s largest online marketplace for buying and selling private air charter. PayNode is the world’s first payment service provider created specifically for the global business aviation industry. It is fully integrated across all Avinode systems, making it even easier for charter brokers and operators to work efficiently, take on more business, and be paid promptly. We have recently partnered with AvCard, one of the world’s most widely accepted aviation charge cards. Through our payment systems, AvCard holders can now use it as a way to pay for charter and subcharter flights.
How does PayNode work?
PayNode reduces the time that needs to be spent on processing charter transactions. It also reduces the risk of exposure for both the merchant and the payer. In a nutshell, it not only protects customer payment details with regulatory-compliant data security, but also minimises the risk of chargebacks. PayNode targets key pain points for brokers and operators: the need to work faster, to move large sums of money internationally at short notice and to get paid swiftly.
What are the challenges of your current role?
I know it’s a cliché, but I really do prefer to see opportunities instead of challenges. That said, as with any new business, our main challenge is changing people’s behaviour and persuading them to accept and adopt PayNode’s products as the new norm. Ensuring that I’m constantly up to date with both the financial technology and business aviation worlds is also something that keeps me on my toes.
What will payment platforms for business aviation look like in 10 years’ time?
I believe that in a decade from now, blockchain technology will be the driving infrastructure behind all high-value transactions worldwide, including business aviation. Blockchain networks will allow for instant cross-border payments with full transparency 24h a day, 365 days a year.
Where will you be?
Heading up PayNode, of course.
What does your job entail?
As PayNode’s global business director, I am responsible for leading the strategic business development of the company worldwide. I have overseen the launch of PayNode in the USA, Mexico and Europe. At the moment, I am leading the development of a bank wire transfer solution that is scheduled to launch later this year – it will be a gamechanger for the world of business aviation payments.
PayNode has entered a very specialised market. How will you stay ahead of your competitors?
By staying on top of latest developments within financial technology and business aviation and most importantly, by continuously listening to our customers and developing the products they need. Since Avinode’s beginning some 15 years ago, we’ve been on a mission to bring air charter to the forefront of the digital age.
What do you do in your free time?
I’m not sure that you would call it relaxing, but my top hobby is skiing. I’ve skied all my life in Sweden, Norway and the world. I also enjoy scuba diving and various other outdoor activities. My wife and I have travelled extensively and we take our children with us as much as possible. We usually avoid the tourist hotspots, preferring the roads less travelled.