How can I conduct a batch payment?

Businesses can streamline their global transactions with Freemarket's batch payments feature, enabling them to submit a single file and process multiple payments across various currencies and payment types - at no additional cost.

By using our batch payments feature, clients can make multiple payments:

• Quickly - eliminating the time and cost of manually entering or copying payment details
• Efficiently - using a flexible format compatible with their ERP or treasury platform
• Accurately - reducing costly errors associated with manual data entry

Batch Payment Template Files

• Please click here for the CSV template: Batch_Withdrawal_Template
• Please click here for the CSV example: Batch_Withdrawal_Example

Useful Files

Please see below some infromation that may be helpful in populating your Batch Payment CSV:

• Batch_Withdrawals_Format_Guide
• Batch Withdrawals_Payment Purpose Codes
• Batch Withdrawals_Industry_List

The Batch Payment Payment Process

1. Log into your Freemarket account and click on the “Batch” tab.
2. Upload your populated and correctly formatted CSV (see “Formatting Guide PDF” for advice). Validation checks will be applied to ensure the payment is processed successfully.

If it fails any validation checks, the Portal will indicate the reason(s) and you can either:

• Correct the offending data and re-upload the CSV or
• Continue with the batch upload and the payment(s) with incorrect data will not be processed.

3. You will receive an email or text message containing a OTP authorisation code. The message will include the batch identifier ID and the total number of transactions that will be processed.
4. You will be asked to approve or reject all the payments that have been uploaded. There is no ability to accept/reject individual payments.
5. Once approved and all payments have been processed successfully, the batch withdrawal status will change to “Completed” and can be viewed within the “Transactions” tab in the Customer Portal.
6. You will also receive an email confirming the batch has been processed successfully.

Note: Every 30 days, users must confirm beneficiaries through 2FA. New beneficiaries are marked "unauthorised" until approved for future payments. If there's an approval workflow, designated users are notified to review and authorise beneficiaries and users.

Important information on batch transactions

• This feature is enabled by request – please contact your Relationship Manager for more details.
• You can include multiple currencies in the same batch.
• A maximum of 1,000 payments can be submitted in a single batch CSV file.
• Each payment is processed and debited individually by currency. For example, if you submitted a file which had 15 USD and 12 CAD payments, you would see 15 debits on your USD account and 12 debits on your CAD account.
• Payments are processed continuously throughout the day without predefined processing times. However, some currencies may be subject to specific cut-off times.
• Beneficiaries which have not been authorised for single payments may be included in the file.
• New beneficiaries are added with an unauthorised status. Any future payments to them will require authorisation.
• All payment batches will be subjected to two-factor approval before processing.
• Freemarket and its banking partners will review uploaded payments for compliance, fraud, and scheme rules. Any flagged payments are paused, while the rest continue to be process.