Easier way to send multiple bank transfers at once?

roarrory33

I was wondering how businesses handle situations where they need to send multiple payments from one pot of money at the same time.

For example, if a firm needs to pay out to a large number of people from a single amount, is it usually done as lots of individual bank transfers, or is there a simpler way to handle it in one go?

It seems like doing them one by one could be time-consuming and more prone to mistakes, especially with larger batches.

Just interested to hear how this is typically handled and if there are more efficient ways to do it.

eskbanker

Businesses will use specialist payment software oriented to such activity, which in turn will be invoked from, for example, payroll and purchasing systems.

roarrory33

can you suggest a few? If you have any idea about this? Thank you.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81964143#Comment_81964143

https://www.wearepay.uk/what-we-do/third-party-assurance/bacs-approved-software-service/bacs-approved-software/

Are you enquiring on behalf of a business or just out of curiosity?

Futuristic

Most high street banks will offer something like this, or you can look into open banking and firms like truelayer

Monzo offer it on team plan for example.

neighbourhoodcat

Most businesses don’t send payments one by one because it would be too slow and risky. Instead, they use a bulk or batch payment through their bank.

They prepare a list of all the payments and submit it in one go, and the bank then processes each payment automatically in the background. It’s still multiple transfers underneath, but handled as a single action, which makes it much quicker and reduces mistakes.