A bulk payment is a payment created from a bulk list – so it’s a payment to multiple beneficiaries from a single debit account. It will show as one debit on your bank statement.
Electronic Funds Transfer – EFT
EFT is suitable for businesses who need to make high volume domestic payments to suppliers and /or staff.
Main features include:
Convenient, cost effective and secure way to make regular payments such as wages or supplier payments
Time efficient means of processing payments as it allows you to store beneficiary bank account details so you do not have to re-enter these each time a payment is made
Credits and debits are made a the same time so there is no loss of float
Payments are automated which ensures a full audit trail helping businesses stay in control of their payments.
Bulk Payment Files
The Payment Files service on iBusiness Banking allows you to upload payments within a single file. There are 2 types of payment file that can be submitted:
SEPA Credit Transfer (SCT) payment files contain euro payments debiting an AIB branch account and paying a beneficiary account within the SEPA zone (including Ireland).
More straightforward and convenient than administering payments on an individual basis/cheque issuance
Files are created from your Accounts Payable system and uploaded directly to iBB, which reduces the risk of costly errors associated with manual data entry
A single file for multi-currency payments to beneficiaries in different countries
Files can be warehoused for up to 30 days
Security features include Digipass technology, multiple authorisation options and full audit logs per user
Payments may be automatically transmitted using Direct File Submission (Host to Host).
Bulk Payments Through AcquaintCRM
AcquaintCRM has the ability to create bulk payment files in both the AIB and BOI formats at the click of a button. You just need to click what landlords or contractors you wish to pay and then upload this file to your internet banking. No need to make individual payments ever again!
See how Acquaint will revolutionise your property management business by requesting a demo today!