What is Bulk Money Transfer?

TÖS
02-06-2023
5 min Read
What is Bulk Money Transfer?

Money transfer processes have an important place in the finance, banking and accounting transactions of businesses. It can be quite troublesome to ensure that payments made to stakeholders such as personnel, dealers, and suppliers are made accurately and on time and are tracked. Bulk money transfer software developed by banks and organizations that develop financial technologies are solutions that enable SMEs and large businesses to simplify and automatically arrange payment transactions.

What Transactions Can Be Performed with Bulk Money Transfers?

Platforms that provide bulk money transfer enable businesses to manage their instant or future planned payments on a single screen, regardless of the bank. We can list the payment types that can be planned instantly or in the future via banks, thanks to bulk money transfer software, as follows:

  • Money order, EFT and SWIFT transactions

  • Money transfer transactions requiring ID number and name and surname check foreign exchange transfers

  • Credit card payments

  • Payment transactions with branches, SMS and mobile signature approval

How to Make a Bulk Money Transfer?

In order to send bulk money, you must first become a member of a platform where you can receive this service or purchase money transfer products from banks. After purchasing one of the packages offered by the platform where the service will be received, you authorize the sharing of data with the platform you have chosen by signing a Bulk Payment System product contract with the bank to which the money will be transferred. Afterwards, the necessary definitions must be made on the platform where bulk money transfer will be made. The next steps are to enter the accounts to which you will transfer money and the information about these accounts into the system, and determine the amounts and dates to be paid. According to the criteria specified in the definitions, money transfers are made to more than one bank instantly or in predetermined amounts on the dates you plan. Bulk Payment System (TOS), developed by Finrota, has a user-friendly interface that helps you give bulk money sending orders by easily and quickly entering data.

  • Advantages of Bulk Payment System Solutions

  • Bulk money transfer systems allow money to be sent to multiple accounts simultaneously, regardless of wire transfer, EFT or SWIFT. Thus, you save time and effort by making hundreds of money transfer transactions with a single instruction.

  • Future dates for payments can be determined and payment lists can be made.

  • By scheduling your periodic payments, you can avoid the process of initiating and tracking payments each time.

  • In your money transfers, you can enter instructions to report and analyze realized and unrealized transactions and easily repeat the transactions when necessary. You can easily access records regarding your past payments and prepare reports.

  • Bulk Payment System (TOS) offered by Finrota works directly integrated with banks. In this way, your payment requests are transmitted directly to the banks and your transactions are initiated within minutes.

  • TÖS provides the opportunity to upload account information to the system manually or via Excel files.

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