News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More
News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More

Batch Payments

Modernizing Batch Payments for a Digital-First World

With seasoned expertise in money movement - Opus enables banks and FinTechs to achieve faster, integrated, and standardized batch payments. Opus helps its clients embrace a digital-first approach through a range of core offerings, such as payment strategy, platform modernization, system integrations, and process design optimization.

Key Challenges Faced by Banks, Solution Providers for Facilitating Batch Payments

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Non-standardized file formats and lack of interoperability across payment types, such as ACH, batch wires, and checks

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Slow processing due to fragmented payment database and manual file uploads

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High failure rate for bulk transactions due to incorrect payment details or ineffective routing

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Dependency on inefficient legacy infrastructure for managing large volumes of payments

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Difficulty in tracking payments and their status due to complicated reporting

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Risk of fraud and security breaches due to manual bulk payment processing

Enhancing Speed, Accuracy, and Efficacy of Batch Payments Processing

The consumer demand for a modern digital payment infrastructure is growing at a massive pace. Technology intervention is required to improve success rates, reduce fraud instances, support for both credit and debit transfers, and lower transaction fees. Opus enables a frictionless collaboration of BigTechs and FinTechs with banks by addressing long-standing pain points to tap into the immense potential of B2B batch payments. With profound experience in money movement, Opus facilitates optimization of differentiated use cases such as batch instant payments, same-day ACH, automation of account payables and receivables process, bulk file smart routing, and cross-border ACH & mass payout.

Our Batch Payments Services Include

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Streamlining end-to-end batch payments processing with API-driven digital-first strategy model

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Optimizing bulk processing and reducing operational overload by building intelligent workflows

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Enhancing scalability and configurability while allowing banks and FinTechs to offer flexible, remotely accessible, and affordable services

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Enabling file splitting based on multiple criteria such as currency, priority, location, and payment type with Bulk File Smart Routing solution

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Expediting processing and settlement times by integrating Batch RTP (bulking, de-bulking), Cross-border ACH, and Cross-border Mass pay-out

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Facilitating beneficiary management, upfront payment checks, account pre-validation, and much more for enhancing customer experience and STP rates

Opus Enables Faster, Interoperable, and Highly Secure Batch Payments Processing

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Simplifies adding new payment types with custom and consolidated payment files

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Reduces processing time with standardized and interoperable batch file systems

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Expedites settlement and processing time through Instant Batch Payment and Cross border ACH

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Automates end-to-end bulk payments processing to reduce friction and payout errors

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Provides seamless customer experience with self-service functionalities facilitating beneficiary management, account details updates

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Lowers dispute rates, and rejection incidents through automated reconciliation, upfront payment checks, and reference data validation

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Frequently asked questions

Batch processing is used for completing outgoing payments to multiple vendors from the business bank account automatically. It is an efficient way as opposed to making individual payments every cycle.

Bulk payments involve paying out in a single currency from a single debtor account to multiple recipients. These payments are made on a prescheduled date every month. On the other hand, batch payments can be made from multiple payee accounts to multiple recipients. These payments may even involve recipients with different currency preferences.

The top two benefits of batch payments are:

  • Faster payments disbursal at lower costs
  • Higher security and lower payout error rate with streamlined payout management

 

An added advantage of batch payments is the optimization of cross-border payments irrespective of the currencies involved.

The debtor uploads a list of accounts with the receivers’ account details and preferred currency into the batch processing system. The system validates the data. Finally, transactions take place through a batch-processing payments gateway into different recipient accounts at once.

Batch processing is cheaper, more streamlined, and more organized manner of payments processing. It facilitates faster payments and simplified reconciliation with the help of modern technology solutions.