Automating Funds Transfer
We all move money from one account to another and are familiar with standing orders and the automatic payments we may make on a yearly, monthly or weekly basis.
Most people will also be familiar with some level of automation when it comes to transferring funds. This is often in the form of standing orders or the automatic payment of funds to certain accounts.
How can automation support?
Automation allows for more complex transfers to take place, where time-consuming human intervention may often be needed. Through the implementation of simple if/then logic, money can be moved into several accounts automatically.As an example, a business could establish a rule that if it makes funds of over £45k in a calendar month then £20k goes towards payroll, £20k goes towards operational costs and the remaining £5k goes into an investment savings account.
A bot could gather the information on the income that month from the accounting software and then use online banking in order to pay the different accounts the correct amounts. Where you have multiple sites, accounts and transfers this can significantly reduce processing time.