Frequently Asked Questions – Multiple Payments Facility
The Monika platform enables users to ‘store up’ payments throughout the day and then securely send them at regular intervals via the Faster Payments network. Users can simply add payments that need to be made to the queuing system for them to be disbursed in bulk at the convenience of the team or organisation.
A payment or creditor library is available in Monika and users will simply choose which organisation or individual needs to be paid and for what amount from within a number of payment points in the platform. This easy yet highly secure and auditable facility drives efficiencies for users and makes what has often been a time consuming and overly complicated process simple.
Each partner will be given their own secure bulk payments login with Cashplus Bank and is integrated into Monika as part of our service.
Our banking platform is integrated into the Cashplus Bank multiple (bulk) payment portal. Each Monika partner is provided with their own portal access where multiple, secure payments can be disbursed in payments runs at the convenience of the partner organisation.
The payments are made via the Faster Payments network and funds are typically credited within minutes into the destination bank accounts. This facility saves partners a significant amount of time as payments are simply requested easily within Monika throughout the day and then queued for bulk release whenever the organisation wishes to release them. Some organisations may opt to have one payment run per day whilst others may choose to have several payment runs per day depending on the amount of urgency of the payment disbursements.
The release of the payments is convenient yet highly secure with multiple stages of authority options built in to cater for each partner’s preferences when it comes to internal compliance around the release of client funds.