{"id":12529,"date":"2017-04-05T21:33:58","date_gmt":"2017-04-05T21:33:58","guid":{"rendered":"https:\/\/projecthermes.wpengine.com\/payables-its-easy-to-be-fast-bulk-disbursement-series-2-of-3\/"},"modified":"2023-06-05T15:19:00","modified_gmt":"2023-06-05T19:19:00","slug":"payables-its-easy-to-be-fast-bulk-disbursement-series-2-of-3","status":"publish","type":"post","link":"https:\/\/innovation.interac.ca\/fr\/payables-its-easy-to-be-fast-bulk-disbursement-series-2-of-3\/","title":{"rendered":"Payables: It&rsquo;s Easy To Be Fast | Bulk Disbursement Series 3 of 3"},"content":{"rendered":"<p>While almost all organizations will acknowledge that digital processes are generally faster, cheaper, and more secure than physical, paper-based ones, actually implementing such processes in the face of complicated (and fully-amortized) legacy processes and equipment has been challenging for many businesses. The anticipated cost and effort associated with the adoption of new approaches has been no small part of this challenge.<br \/>\nThe investment is worth it, however, because payment modernization&rsquo;s potential to move money with less friction, at less cost, and with greater security than before has implications for the broader business, allowing it to be more innovative, more nimble, and more value-creating.<br \/>\nLet\u2019s consider the payables function. Historically, this has been the domain of bookkeepers, payment processing clerks, and technicians who oversee the scheduling, printing, and mailing of numerous paper cheques to employees, vendors, tax agencies, and customers \u2013 a costly and inflexible way of operating that digital processes could significantly enhance. Automated Funds Transfer (AFT) or \u201cdirect deposit\u201d was, until recently, the most-recognized option for making money transfers by digital means. But AFT is neither a fast nor simple capability to set up, nor is it a rapid means of getting money into accounts (though it&rsquo;s certainly faster than cheques). An employer, for example, will need to collect from each employee information about which account they would like their pay deposited into, and this requires the employee to provide their account number, branch number, and institution number \u2013 usually by way of submitting a voided cheque (paper again!). Once all this is finished and the employer has provided this information to its financial institution, any given AFT-based transfer will still take one or more days to complete the institution-to-institution process and show up in an employee\u2019s bank account, the money ready to spend.<br \/>\nBy contrast, <em>Interac<\/em> Bulk Disbursement is based on the same simple-to-use platform that <em>Interac<\/em> e-Transfer uses for millions of instant person-to-person money transfers a year. An employer (or any organization making payments to many recipients at once) doesn\u2019t need to collect any banking details at all; it only needs the recipient\u2019s email address to which payment notifications will be sent. The organization then sends an electronic file with transfer details \u2013 recipient email addresses, amounts of transfer, security questions and (securely hashed) responses, etc. \u2013 to its financial institution, which then debits the organization\u2019s account, formats the file with XML markup, and provides it to <em>Interac<\/em> for execution. Because money has already been debited from the sender\u2019s account \u2013 under the so-called \u201cgood funds\u201d model of bank to bank transfers \u2013 funds can be provided to recipients in 30 minutes or even instantly*.<br \/>\nWhat all this means is that digitally transforming an organization\u2019s payables is no longer a high-cost, time-consuming initiative. Bulk Disbursement is fast to set up, easy and secure to use, and gets funds to recipients much more quickly than any other alternative \u2013 and it does so using a platform that individual Canadians are already familiar with.<br \/>\nIn addition, it means that the organization can now focus its attention and resources on creating value through &#8230;Why would an organization put it off any longer?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>* Instant <em>Interac<\/em> e-Transfer allows recipients to deposit the funds in real-time. Available for select financial institutions and subject to transaction limits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While almost all organizations will acknowledge that digital processes are generally faster, cheaper, and more secure than physical, paper-based ones, actually implementing such processes in the face of complicated (and fully-amortized) legacy processes and equipment has been challenging for many businesses. The anticipated cost and effort associated with the adoption of new approaches has been no small part of this challenge.<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[163,159],"tags":[],"posts_format":[112],"class_list":["post-12529","post","type-post","status-publish","format-standard","hentry","category-paiements","category-virement-interac-pour-les-entreprises","posts_format-article-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Innovation Hub - Payables: It&rsquo;s Easy To Be Fast | Bulk Disbursement Series 3 of 3<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innovation.interac.ca\/fr\/payables-its-easy-to-be-fast-bulk-disbursement-series-2-of-3\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payables: It&#039;s Easy To Be Fast | Bulk Disbursement Series 3 of 3\" \/>\n<meta property=\"og:description\" content=\"While almost all organizations will acknowledge that digital processes are generally faster, cheaper, and more secure than physical, paper-based ones, actually implementing such processes in the face of complicated (and fully-amortized) legacy processes and equipment has been challenging for many businesses. 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