In today’s fast-paced and globalized world, none of us seemed to have escaped from the blatant payment administration with a number of invoices waiting for us or our accountants to pay. Or you caught your accountant spending the whole day making payment orders to pay your employees’ wages. However, the payment administration can be much more effective today.
Most companies today use their bank’s standard internet banking for their payment administration. They create all payment orders there to pay due invoices, pay their employees’ wages and so on. It is a standard procedure with nothing special. However, with a growing business, such agenda can make accountants’ life more complicated and take a disproportionate amount of his/her time. In a technological world today, individual payments within internet banking are at least extremely inefficient.
However, thanks to SEPA payment space in the European Union, there is a technological standard that can significantly simplify payment administration. It is a standard that is used throughout the European Union within SEPA payments and is implemented by all commercial banks. The ISO 20022 determines way and form, in which we can communicate with our banks at a technological level.
There is a file format that, when uploaded to your bank’s internet banking, generates your intended transactions without the need for individual entries.
It is an XML file format that is used to generate debit payment orders in the form of pain.001. The pain.008 format is used to generate direct debit orders. However, this is not important for you at all. What is important for you, is to know, how to create such files that could make your payment administration much easier.
How to create such file?
Only specialized applications can generate transaction files, that you could import into your bank to submit hundreds of transactions at a time. One such application is the SEPA Generator of payment and direct debit orders I have created.
It is an easy-to-use application that creates a bulk payment order ready for import into your bank and your signature from the payment data you have stored in Excel.
Platobné údaje v Exceli
Imagine a situation where you or your accountant need to pay wages to dozens of employees. If you make these payments manually one by one, the SEPA Generator is the tool that will save you hours of unpleasant administration. All you have to do is import your wage payment data from Excel into your application with one click (the account number, amount, variable symbol, etc. of particular payment is listed in each row) and the application will generate a bulk payment order in .xml format. This file is ready to be imported to your bank’s internet banking and all wages will be paid with one signature!
With the SEPA Payment Generator, you can pay hundreds of invoices at a time, send payouts to all employees in seconds or issue a direct debit order for your customers in no time!
The SEPA Generator is currently used by clients within internet banking of Tatra banka, Slovenská sporiteľňa, UniCredit Bank, ČSOB Bank and VUB Bank. The advantage, however, is that the European standard has been implemented by all commercial banks, which provide their clients with the possibility of bulk, respectively batch payments.
In addition to generating payment orders, the SEPA Generator can also create direct debit orders. This means that if you are a company that has signed direct debit mandates with your customers and regularly send direct debit orders to your bank, the SEPA Generator will also make your work easier.
Do not hesitate to try the application for generating bulk payment orders and find out how it can save you the unpleasant administration associated with individual payments.