When reimbursements are verified and ready to be paid out, you can process bulk payments through NEFT/RTGS using the bank payment file. The payment file is normally an excel file with an accepted header format provided by the bank.
With Fyle you can generate a bank payment file that can be uploaded in your corporate net banking software to process bulk payments with just a click.
Fyle already has integrated payment file templates of the following banks:
- HDFC Bank
- KOTAK Mahindra Bank
- ICICI Bank
- Axis Bank
- Standard Chartered Bank
Hence if your company uses one of the above banks, you can directly generate the payment file by following the below steps
- Toggle to the Company view
- Click on your name on the top right corner and click on Settings
- Enable 'Bank Payment File' under General settings
- Under ORG DETAILS, enter the bank account number and IFSC Code of your company
- Enter the bank details of all your employees users. For more details on how to do this, click here
- From the payment processing page select the list of employees to whom payment needs to be made
- Select Export and click on Bank Payment File
- Excel file, ready to be uploaded in the corporate banking software is generated
- If additional fields are required, please share the sample file you use and we can customise the payment file as required.
If your company's bank account is not held with the above banks,
- Simply share the bank payment file template with us at [email protected] to integrate it with your Fyle account. This can be customised to any bank if the bank’s payment header file is shared with Fyle.
- Ensure that the Bank details of your company is present in the ORG DETAILS section.
- Ensure that user's bank details (Account number and IFSC code) are present on Fyle. Admins can add this on the Employees page.
- Once integrated, you can generate the bank payment file from the payment processing page.
Once the payment file has been uploaded in your bank's corporate banking website, you can mark the payment as PAID in your Fyle account.