What are bulk payments and what can you use them for?
Although making a single payment seems like an easy thing to do, it gets more complicated and time consuming when you need to do hundreds of them at the same time.
Making error-free payments to a large number of different receivers takes up a lot of time and resources. That’s why we’re happy to introduce bulk payments to our open banking platform.
Read everything you need to know about bulk payments below and see how it can benefit your business.
Bulk payments with open banking
Put simply, bulk payments are a one-to-many payment method that can be used to make several payments at once. With our solution, we’re making it easier to do bulk payments while maximising the flexibility and transparency of the payment. In this way, it’s easy for everyone to enable bulk payments directly in any service.
With open banking bulk payments, we’ve created all the bank integrations so every business can easily make a large number of payments to any receiver no matter which bank they have. And because everyone has a bank account, it’s a safe and convenient choice for businesses to go with account-to-account payments.
Convenience, speed and pricing are some of the biggest advantages of doing bulk payments. It simply saves hours of manual work and reduces the risk of human error.
But doing payments in bulk also allows for more simplified accounting, cleaner books and streamlines finances, depending on the use case.
A world of unexplored use cases
Now that we know what bulk payments are and what they can do, it’s time to talk about the potential use cases – and there are many. Recently, the digital expense management platform Acubiz teamed up with our open banking platform to enable all businesses to reimburse employees for expenses instantly by using bulk payments.
But bulk payments are also incredibly useful for financial processes like:
- Expense management
- Salary payments
- Insurance and pension companies
- Contractors and freelancers
- Debt collection companies
- Scholarship programmes
- Investment platforms
- Real-estate administrations
- Gaming sites
Of course the above use cases are only a small selection of what bulk payments can be used for.
If you want to know more about how you can use bulk payments to save time, money and resources, please feel free to reach out to our team with your use case or get more inspiration from our open banking blog.