“Batch payment processing”
Batch payment processing refers to a procedure that involves bundling payables to process them in group payments. This method boosts efficiency by reducing the time required to execute them manually.
Businesses with an international presence that rely on a global supply chain often need to process many or recurrent international payments. Managing these payments manually requires the treasury department to devote time and effort to low-value, repetitive tasks and presents a high risk of manual errors.
Nowadays, payment processing software solutions developed by Fintech technology offer the possibility of bundling outgoing payments to be processed in one transaction. Each payment is automatically dispatched to its beneficiary, saving time and increasing the team’s productivity.