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Guide to Using Banxe's Mass Payment

Mass Payment is a financial solution designed to simplify the process of making multiple payment transactions at once in both fiat and cryptocurrency. This tool particularly benefits businesses when making bulk payments to employees, vendors, government agencies, and other financial institutions. It is most commonly used for payroll, affiliate marketing programs, referral bonuses, supplier payments, and other corporate expenses.

Features and Benefits of Mass Payment

  • CSV File Upload Capability: You can prepare and upload a CSV file detailing payments, including recipient, amount, and currency. This simplifies the mass payout process, especially when handling numerous transactions at once.
  • Payment with Money and Cryptocurrency: This tool enables payments in both traditional fiat currencies and cryptocurrencies, providing flexibility in payment methods based on your needs.
  • Payment Process Automation: Mass Payment automates the payout process, reducing the time and effort needed to process individual payments and minimising the risk of errors.
  • Security and Reliability: Banxe incorporates security measures to protect financial transactions and recipients' personal data. Each upload undergoes validation, ensuring the accuracy and correctness of all details entered.
  • Scalability: Suitable for both small and large organisations, this tool allows for efficient scaling of the payout process to meet growing business needs.

Step-by-Step Guide

Log into your Banxe account and navigate to the Mass Payment section.

 

1. Prepare Your CSV File: Depending on whether you are sending money or crypto, choose to download a premade CSV template to enter the details of each payment you wish to make. This file will include information such as the recipient's name, payment amount, currency, etc. Save the file on your computer.

2. Upload Completed CSV File: Either ‘Add document” or drag and drop your completed file in the designated window. Ensure your file matches the required format for smooth processing. Please note the maximum number of transactions per file is limited to 50 for money transfers and 100 for cryptocurrency. 

3. Verify Payment Details: Once uploaded, the system will validate your CSV file to check for errors or discrepancies. You'll be able to review and confirm the payment details before proceeding. If an error occurs, you can edit and upload the file again.

4. Execute Mass Payment: Once the file is verified, you can proceed to the ‘Summary” screen to execute the bulk payments. There, you can search and filter the payments, unselect specific recipients (in case you change your mind), and see the total amount of the transaction. Once you choose ‘Pay,’ the system will automatically process each transaction according to the details provided in your CSV file. 

In case there are insufficient funds in the account, you will be prompted to top up before completing the mass payment transaction.

5. Monitoring and Reporting: Real-time monitoring and reporting tools will allow you to track the status of each payment. You'll also receive notifications upon successful transactions or in case of any issues.

Banxe's Mass Payment feature is a powerful tool for managing financial flows, optimising operational activities, and enhancing the efficiency of bulk payments in both traditional and crypto currencies. Its user-friendly interface and robust security features make it an ideal solution for businesses looking to streamline their payment processes.

 

Description of fields in the template

 

Fiat Payment Template:

 

Currency: 

The currency of the payment can be:


EUR

GBP

USD
Company Name:

The name of the company receiving the payment. If sending to an individual, leave this field blank. 


Example: Test Company
Recipient’s First Name:

The first name of the payment recipient (individual). This field should be blank if the payment is to a company and Company Name is specified. 


Example: John
Recipient’s Last Name:

The last name of the payment recipient (individual). This field should be blank if the payment is to a company and Company Name is specified. 


Example: Snow
Bank Bic Or Swift:

The BIC (Bank Identifier Code) or SWIFT code of the recipient's bank. No spaces.


Example: CAIXESBBXXX
Account Number:

The recipient's account number when currency is GBP. Not required for other currencies. 


Example: 0112345678
Address:

The recipient's address.


Example: 9301 West Street, OXFORD, OX98 6AQ
Bank Sort Code:

Sort code for GBP transfers. Not required for other currencies. 


Example: 12-34-56
IBAN:

The recipient's IBAN (International Bank Account Number). This is a mandatory field. 


Example: ES9121000418450200051332
Recipient Email, Or Phone, Or WalletID:

The recipient's email, phone, or wallet ID is required if type is set to INNER. 


Example: j.snow@banxe.com
Amount:

The payment amount. 


Example: 1000
Payment type: The type of payment, DOMESTIC (SEPA, FP, CHAPS) or INTERNATIONAL (SWIFT), possible values:
  • INNER: Internal payment to another BANXE user.
  • DOMESTIC: Local payment in Europe and UK regions, SEPA, FASTER PAYMENTS.
  • SWIFT: International transfer.
Category: The payment category, possible values from the list:
  • TRANSFER: Sending funds.
  • EXCHANGE: Currency exchange.
  • RECURRENT: Recurring automatic payment for goods/services that are provided continuously.
  • SCHEDULED: Scheduled payment.
  • FUND_RAISING: Fundraising.
  • MASS_PAYMENT: Bulk / Batch / Mass payment to multiple recipients.
Note: Payment description or note, up to 35 characters for SEPA/SWIFT and 18 characters for Faster Payments.
Reason: The main reason for the payment:
  • OWN_FUNDS_TRANSFER: Transfer money between your accounts within the same or different banks.
  • PRIVATE_TRANSFER: Money transfer between individuals, such as friends or acquaintances.
  • PAYMENT_FOR_SERVICES_UNDER_CONTRACT: Payment for services as described in a contract between two parties.
  • PAYMENT_FOR_SERVICES_UNDER_INVOICE: Payment for services after receiving an invoice from the service provider.
  • PAYMENT_FOR_SERVICES_UNDER_AGREEMENT: Payment for services defined in a legal agreement between two or more parties.
  • PURCHASE_OF_GOODS_UNDER_CONTRACT: Purchasing goods based on a contract's terms.
  • PURCHASE_OF_GOODS_UNDER_INVOICE: Purchasing goods followed by an invoice from the seller.
  • PURCHASE_OF_GOODS_UNDER_AGREEMENT: Purchasing goods based on a purchase agreement's terms.
  • RENTAL_PAYMENT_UNDER_CONTRACT: Regular payments for renting property or equipment as per a contract.
  • RENTAL_PAYMENT_UNDER_INVOICE: Payment for rent after receiving an invoice from the landlord.
  • RENTAL_PAYMENT_UNDER_AGREEMENT: Payments made according to a rental agreement's terms.
  • LOAN_AGREEMENT: An agreement between a borrower and a lender for lending money under specific return conditions.
  • RETURN_FUNDS_UNDER_LOAN_AGREEMENT: Repaying the debt to the lender according to the loan agreement.
  • FAMILY_TRANSFER: Transfers between family members, e.g., from parents to children or between spouses.
  • TAX_PAYMENT: Payments made to the state or municipal entities as taxes.
  • REIMBURSEMENT_OF_EXPENSES: Returning money an employee or individual spends for work-related tasks or other reasons. Reimbursement of expenses.
  • OTHER_REASONS: For cases that do not fit in other described categories. Specify the exact reason in ‘Other Reason”.
Other Reason: Additional payment reason, mandatory if specified  OTHER_REASONS in ‘Reason’ 
Document No.: Document number related to the payment. Required if the reason involves contracts, invoices, or agreements.
Document No. or Date: Document number or date if needed for clarification. Required for specific reasons like Loan Agreement.
  • Loan Agreement
  • Return funds under Loan Agreement
Reference No.: Reference number for payment identification or tracking.




Crypto Payment Template:



Recipient's Name: The payment recipient's full name.
Wallet Address: The recipient's cryptocurrency wallet address.
Crypto Currency:

The type of cryptocurrency used to complete the payment.


Example: BTC
Payment Amount:  The payment amount in cryptocurrency.
Network:

The cryptocurrency network used for the transaction.


Example: ETH
MEMO/Tag:  MEMO or Tag used in some cryptocurrency networks to identify payment recipients.
Recipient email or phone or wallet ID: Recipient's email, phone number, or wallet ID used for making a payment to another Banxe user.



File Validator: Reasons for Error

 

Understanding the reasons behind the errors generated by the file validator is crucial for ensuring accurate and efficient processing of financial transactions. Below is a detailed explanation of various error messages and their meanings.

 

Error Message Explanation
Currency should be a correct value (e.g. EUR, GBP, USD) The currency code provided is invalid. Ensure it matches standard ISO 4217 codes.
Amount should not be empty The transaction amount field is blank. Please provide a valid numerical value.
Amount should be the correct value The amount entered is not in a proper format or contains invalid characters.
Incorrect data format The data entered does not match the expected format for this field.
Reference Number must be shorter than or equal to 20 characters The reference number exceeds the maximum allowed length of 20 characters.
Bank Sort Code must be shorter than or equal to 6 characters The bank sort code is too long; it should be 6 characters or less.
Bank BIC or SWIFT must be shorter than or equal to 11 characters The Bank Identifier Code (BIC) or SWIFT code exceeds the allowed length of 11 characters.
Note must be shorter than or equal to 95/18/120 characters The note field has a character limit depending on the specific context (95, 18, or 120 characters).
Other Reason must be shorter than or equal to 35 characters The 'Other Reason' field must not exceed 35 characters in length.
Combination of First Name and Surname must be shorter than or equal to 35 characters The combined length of the first and last name should not exceed 35 characters.
Company Name must be shorter than or equal to 35 characters The company name must be 35 characters or fewer.
This field is not used for INTERNAL/DOMESTIC/SWIFT payment The field in question is not applicable for the specified type of payment.
Amount should be more than 100 USD for SWIFT payment SWIFT payments require a minimum amount of 100 USD.
IBAN or Account Number should not be empty for GBP SWIFT payment For GBP SWIFT payments, either the IBAN or account number must be provided.
For SWIFT payment, only one of the following fields should not be empty: ['IBAN', 'Account Number'] For SWIFT payments, only one field (either IBAN or account number) should be filled.
IBAN should not be empty for GBP SWIFT payment The IBAN field cannot be left blank for GBP SWIFT payments.
Account Number should be empty for GBP SWIFT payment The account number field should be empty when providing an IBAN for GBP SWIFT payments.
Address should not be empty for payment with SWIFT A valid address is required for SWIFT payments.
Bank BIC or SWIFT should not be empty for SWIFT payment The BIC or SWIFT code is mandatory for SWIFT payments.
IBAN should be a valid value The IBAN provided is invalid or incorrectly formatted.
IBAN should not be empty for EUR DOMESTIC payment An IBAN is required for domestic EUR payments.
Bank BIC or Swift should be a valid value The BIC or SWIFT code must be correctly formatted and valid.
Bank BIC or SWIFT should not be empty for domestic EUR payment The BIC or SWIFT code is required for domestic EUR payments.
Account Number should not be empty for domestic EUR payment The account number is necessary for domestic EUR payments.
Account Number should be a valid value The account number provided is invalid or incorrectly formatted.
Bank Sort Code should be a valid value The bank sort code must be valid and correctly formatted.
Bank Sort Code should not be empty for domestic GBP payment A bank sort code is required for domestic GBP payments.
For domestic SWIFT payments, only EUR and GBP currencies are available Only EUR and GBP are accepted for domestic SWIFT transactions.
Recipient Identifier: Phone /Email / Wallet ID should not be empty A recipient identifier (phone, email, or wallet ID) is required.
Recipient Identifier: Phone / Email / Wallet ID should be a valid value The recipient identifier provided is invalid or incorrectly formatted.
Cannot send to yourself Transactions to oneself are not permitted.
Account not found for this field The account associated with this field could not be located.
Reason should be empty for domestic payments less than 250000 GBP The reason field should be left blank for domestic payments under 250,000 GBP.
Other Reason should be empty The 'Other Reason' field should be left blank.
Document Number or Date should be empty The document number or date fields should not be filled.
Document Number should be empty The document number field should be left blank.
Reason should not be empty A reason is required for this transaction.
Incorrect reason type The reason provided is invalid or not applicable.
Reason should not be 'PRIVATE_TRANSFER' or 'FAMILY_TRANSFER' for payment with Company Name These reason types are not allowed when a company name is involved.
Document Number or Date should not be empty The document number or date fields must be filled.
Document Number should not be empty The document number is required.
Field should not be empty if the reason is 'OTHER_REASONS' This field must be filled if the reason is 'OTHER_REASONS'.
Field should be empty if the reason is not 'OTHER_REASONS' This field must be left blank if the reason is not 'OTHER_REASONS'.
Credit should have companyName OR combination of firstName and lastName for DOMESTIC/SWIFT payment Either a company name or a combination of first and last name is required for domestic or SWIFT payments.
Company name should be a valid value The company name provided is invalid or incorrectly formatted.
Reference Number should be empty for non-EUR payments The reference number field should be left blank for payments in currencies other than EUR.
EUR payments to countries of the EU are domestic payments, not SWIFT transfers Payments in EUR to EU countries should be processed as domestic transactions.
Only IBANs from the EU are supported Only IBANs issued by EU countries are accepted.
Bank data was not found by IBAN The bank information could not be retrieved using the provided IBAN.
Bank BIC or SWIFT is incorrect for IBAN The BIC or SWIFT code does not match the provided IBAN.

 

Fiat Currency Errors

 

Company and Personal Information

 

Error Code Explanation
CREDIT_COMPANY_NAME_ERROR Only Latin letters and digits are allowed in the company name.
CREDIT_FIRST_NAME_ERROR Only Latin letters and digits are allowed in the first name.
CREDIT_LAST_NAME_ERROR Only Latin letters and digits are allowed in the last name

 

Financial Details

 

Error Code Explanation
AMOUNT_ERROR The amount is incorrectly formatted.
CURRENCY_TICKER_ERROR The currency ticker is incorrectly formatted.
CREDIT_ADDRESS_ERROR The address format is incorrect.
CREDIT_BANK_BIC_OR_SWIFT_ERROR The BIC or SWIFT code format is incorrect.
CREDIT_BANK_SORT_CODE_ERROR The bank sort code format is incorrect.
CREDIT_ACCOUNT_NUMBER_ERROR The account number format is incorrect.
DEBIT_ACCOUNT_ID_ERROR The debit account ID format is incorrect.
DEBIT_USER_ID_ERROR The debit user ID format is incorrect.
CREDIT_RECIPIENT_IDENTIFIER_ERROR The recipient identifier format is incorrect.

 

Payment Information

 

Error Code Explanation
DOCUMENT_NO_ERROR The document number format is incorrect.
DOCUMENT_NO_OR_DATE_ERROR The document number or date format is incorrect.
CREDIT_IBAN The IBAN is incorrectly formatted.
NOTE_ERROR The note format is incorrect.
PAYMENT_TYPE_ERROR The payment type specified is incorrect.
REASON_ERROR The reason type provided is invalid.
OTHER_REASON_ERROR The 'Other Reason' type provided is incorrect.
CATEGORY_ERROR The payment category specified is incorrect.

 

Additional Information

 

Error Code Explanation
ATTACHMENT_ERROR The attachment format is incorrect.
REFERENCE_NO_ERROR The reference number format is incorrect.

 

General Errors

 

Error Code Explanation
EMPTY_FIELD_ERROR A required field is empty.
INCONSISTENT_DATA_ERROR The data provided is inconsistent or conflicting.

 

Cryptocurrency Errors

 

Errors in the Address Column

 

Error Code Explanation
ADDRESS_ERROR The address format is incorrect.
ADDRESS_NOT_MATCH_NETWORK_ERROR The address does not match the specified network.
ADDRESS_NOT_FOUND_ERROR The address provided could not be found.
ADDRESS_YOURSELF_ERROR Transactions to oneself are not allowed.

 

Errors in the Currency Column

 

Error Code Explanation
CURRENCY_ERROR The currency format is incorrect.
CURRENCY_NOT_FOUND_ERROR The specified currency could not be found.

 

Errors in the Amount Column

 

Error Code Explanation
AMOUNT_ERROR The amount format is incorrect.
AMOUNT_LESS_THAN_ZERO_ERROR The amount must be greater than zero.
AMOUNT_LESS_THAN_MIN_ERROR The amount must be greater than the minimum required.
AMOUNT_WRONG_PRECISION_ERROR The amount has incorrect precision.

 

Errors in the Network Column

 

Error Code Explanation
NETWORK_ERROR The network format is incorrect.
NETWORK_NOT_FOUND_ERROR The specified network could not be found.

 

Errors in the Memo Column

 

Error Code Explanation
MEMO_ERROR The memo format is incorrect.
MEMO_NOT_REQUIRED_ERROR A memo is not required for this transaction.
MEMO_NOT_MATCH_NETWORK_ERROR The memo does not match the specified network.

 

Errors in the Recipient Column

 

Error Code Explanation
RECIPIENT_QUALIFIER_ERROR The recipient qualifier format is incorrect.
RECIPIENT_QUALIFIER_NOT_FOUND_ERROR The specified recipient could not be found.
RECIPIENT_QUALIFIER_BLOCKED_ERROR The recipient's account is blocked or not found.

 

General Errors

 

Error Code Explanation
IS_EMPTY_ERROR A required field is empty.
IS_NOT_EMPTY_ERROR A field that should be empty contains data.
INCONSISTENT_DATA_ERROR The data provided is inconsistent or conflicting.

 

This comprehensive table should help you understand the various error messages you may encounter when using the file validator, along with their explanations. Properly addressing these errors will ensure smoother and more accurate processing of financial transactions. If you need any assistance, please contact our Customer Support Team