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Mass Payments

Mass payments refers to multiple payments to various recipients batched together into one bulk transaction feature offered by a third party. It can be advanced technological software that enables you to complete this function in-house or be outsourced.

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Innovation
Advanced technological applications now allow you to create batch payments in multiple currencies to various countries. Some platforms will automatically review each payment in the batch and send it using the most cost-effective route.
Efficiency
You can set up recurring batch payments in advance. It saves time by allowing a once-off setup that’s automated for the recurring months. It alleviates stress on your tax department as multiple payees are batched together in single payments.
Saving Money
You’ll pay once-off transfer fees on the batch amount vs. multiple smaller payments. You only make one payment to a single payment provider. If your tax is outsourced to a third party, you save billed time as most consolidations are already grouped and reported.
Benefits
It secures on-time payments to providers, which increases trusted supplier relationships. You can easily track multiple payments in one application and batch, as it is processed as a single payment. You can save on human resources, expenses, and time.
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Companies offering mass payments

XE

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With a straightforward file upload, XE can help your business save time and money with its mass payments solution in 139 currencies available in 220 countries. XE helps minimize manual processes and resources, and offer on-time automated payment verification and validation. You can consolidate multiple currency payments into one file and set up specific release dates for each batch.

Currencies Direct

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With Currencies Direct, you can send multiple payments of up to 40 various currencies to 120 countries in one batch. You can integrate your existing accounting platform to Currencies Direct for automated validations of all transactions. The platform automatically reviews each payment and uses the unique ‘least cost’ routings to send your payments to the various locations.

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ofx

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On the OFX platform, you can pay up to 500 recipients with one easy file instruction. The fully automated system will save you time and money. You can upload a CSV file as a simple comma-delimited excel sheet, and OFX will convert and pay each payee using its excellent exchange rates. Their support team is available 24/7 to help you with the first upload and send.

Worldfirst

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Worldfirst’s focus is on offering companies a mass payment solution that’s adaptable to various applications. It provides a secure platform for payroll providers, marketplaces, and invoice managers to globally send bulk payments. They offer a hands-on approach and a user-friendly interface for straightforward management of forex fund disbursements.

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bill

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You can run your AP and AR remotely through the Bill.com platform 24/7. It offers integration with most accounting platforms for automated consolidations and verifications. It provides a smart solution driven by AI and machine learning to provide you with an intuitive and seamless global payment solution in multiple currencies.

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Mass Payments & Beyond

With a wide variety of trusted providers, it is easier than ever to optimize your resources, input, and risk when making global forex payments. Useful features make it a quick and simple process to upload and set up recurring bulk payments in multiple currencies. The software is licensed and secure, enabling you to spend more time running your business and less time worrying about the best exchange rates for each currency. Go To Full Comparison