What Are Mass Payments?
If you want to learn how mass payments work and how to optimise your payment processes, please keep reading.
Technology is disrupting the way businesses send payments. The focus of this article will be on how mass payments save man hours, reduce costs, and ease the process of making hundreds or thousands of payments to the relevant counter-parties.
The Mass Payments solution gives you the ability to make payments at scale. So it works in the same way single payments work, but it supports automation and scale.
The mass payments solution allows you to execute a payment in over 50 different currencies and to 120+ countries, including low-value channels. All this is done without having to maintain local currency accounts and from a single platform, in the same way you would be making a single payment.
How Do Mass Payments Work?
A good example is a fashion house that needs to make a thousand payments for payroll every month to a particular country in a particular currency. Rather than going in and making one thousand individual payments, there is an API connectivity or excel documents that can be exported from the accounting system with all relevant payment details (like IBAN, amounts, currency, etc.).
So the company can drag and drop that excel document into the payments platform, and by doing so, they are automatically uploading a thousand payments into the platform, which are then performed in bulk. If a company has only GBP in their payments platform and payments are needed in GBP, USD, and EUR, the platform automatically exchanges currencies for these payments and executes them as it recognises which payments need to go via SEPA, SWIFT, or Faster Payments. This can also be done via an API connection, which is a very easy and straight-forward way.
Another example where time can be saved would be supplier payments. A company that has hundreds or thousands of supplier payments can execute them in bulk the same way a fashion house executes its payroll payments by exporting an excel document from its accounting system or connecting via API.
Mass Payments API
The Mass Payments API brings all your payments together in one secure and efficient hub. Automation saves the payer time and improves productivity while ensuring better delivery to payees. The underlying technology allows the payer to respond quickly to client feedback and market needs. The API also supports local legislation to keep businesses compliant, with easy payment controls and audit trails.
What Are the Benefits of Mass Payments?
There are a number of different benefits of using mass payments besides saving time and money. Our advanced list of benefits below:
Advanced Security - Mass Payments are protected by advanced encryption technologies with access restrictions and associated authentication steps.
Sanction screening - the mass payments system is checking for suspicious payments and comparing them with black lists and agency data to prevent sanctions violations and keep the transaction flow smooth.
Advanced Compliance - The mass payments solution is compliant with the latest international legislation to ensure that payments are never compromised and are always according to compliance standards.
Scalability - with the help of cloud-based technology, a mass payments solution is ready to help your business scale.
Cost-efficient - access to multiple wholesale liquidity providers via API ensures that the client is getting the most competitive rates and the best choice across the markets.
Automatic Validation - All payments are delivered on time by automating country rules. The mass payments solution prevents returned payments because of the selected payment routes and upfront validated payment information.
How To Get Mass Payments Solution?
Getting a solution for mass payments is not hard. First and foremost, a digital bank account is required.The same provider that you set up your digital bank account with should be able to provide the mass payments solution.
Reach out to us, and we will share a list of the best digital banking providers that support mass payments through robust payment corridors and will protect your financial data with encryption.
Conclusion
All in all, mass payments solutions are changing the way many companies send payments today. Whether they pay their suppliers, do payroll, or automate other functions of their businesses. Mass payments are an easy-to-use and easy-to-set-up solution that will benefit any business significantly.