Open Banking batch payments
Batch payments, powered by Crezco, enable you to make multiple payments to different beneficiaries in one streamlined authentication journey. Batch payments utilise Open Banking technology to significantly save time for businesses that frequently process payments to multiple beneficiaries, eliminating the need to authenticate each payment individually.
How do I initiate a batch payment?
Creating a new batch payment is easy. Simply head to your outstanding supplier invoices and select the unpaid invoices you’d like to include in the payment run. You can then select the option “Initiate payment run”.
Connecting to Crezco
Crezco is an Open Banking payment service provider that enables you to connect with your bank directly from QuickFile to initiate payments. Upon accessing the batch payment screen for the first time, you will be prompted to link your QuickFile account to Crezco. The following information will be shared with Crezco:
- Your business name and account user details (name and email).
- After creating a Crezco account and linking your bank account, QuickFile will retrieve a list of your connected accounts along with basic details, such as the account name, sort code, account number, and latest balance.
- When a payment run is submitted we will share the amount, reference and payee bank details for each beneficiary with Crezco, so that they can process the payments.
After agreeing to the terms, you will be redirected to Crezco to link the bank account you will use for payments. Once you return to QuickFile, you can select any linked accounts for your new payment run.
Preparing your batch payment run
Before submitting a payment run, ensure that all required information is complete. This includes the payee’s bank details (sort code and account number), the payment amount, and a reference for each transaction.
You must also select a bank account from which the payments should be made and an optional “Tag payments to” account defined in QuickFile where any purchase invoice payments will be paid to. You can leave this blank if you prefer that no payment records are created, i.e. if they will come in from a linked bank feed later.
Submitting your batch payment run
Once all the required information is present you can proceed to submit your batch payment run. You will then be redirected to your bank to authorise the payments using your current bank security protocols such as biometric or passcode approval. Once you have done this you will redirected back to QuickFile where you can monitor the status of the individual transactions.
How long do the payments take to be processed?
Processing times will depend on the bank, however for UK banks the payments will utilise the Faster Payments System (FPS) and therefore are usually completed within minutes, but may take up to two hours.
How much do batch payments cost?
There is a flat fee of £0.25 + vat per individual payment made, this is payable to Crezco and will be appended to your batch payment.
Limitations
At the time of writing we wish to make you aware of the following limitations:
- Batch payments are supported for all administrative users with a Power User Subscription.
- Up to 50 payments can be made in a single run (if you require a higher limit please contact us).
- Payments can only be made from and to UK (GBP) bank accounts at this time, and your bank must support open banking. A full list of UK banks supporting open banking can be found here.
- Additional limitations may be in place based on your bank’s own open banking infrastructure; further bank specific information can be found at Crezco’s help centre under Banking Compatibility.
How secure are Open Banking batch payments?
QuickFile and Crezco are able to prepare batch payments, it is only the bank account holder that must agree to those payments from within their online or mobile banking application. We ask that you carefully review your batch payments within your banking application before authorisation. You will then be required to complete your bank’s authoirsation process, which will happen automatically in the authorisation flow.