How to do mass payments

If you have a big amount of payments need to be processed - instead of creating payments one by one, there is an option to create them all together via our Hedgewiz system.

Follow the below steps in order to create mass payments yourself: 

1. Go to Payments > Mass payments and download the template by clicking "This template" on the top 

2. Then an Excel spreadsheet template will appear - Open the template and fill in the blanks. The following fields are mandatory:

A. Beneficiary name- please write the correct name that matches beneficiary name from the list in your account.

B. Amount- Select the amount you wish to transfer and write it down in the following format: 1,555.21

C. Value date - Always write FAD (first available date) or alternatively the date you wish the funds to be transferred 

D. Currency- choose the currency for each transfer (i.e EUR, GBP...)

E. Reason- Fill in the reason for the transfer (for example- Government related payment, Salary etc.

F. Account- please write your account number. If you're not sure, you can find the account number under Account > Statement under the provider name:

3. Fields that are not stated in the list above are non-mandatory fields and if you wish you can leave them blank.

A. Internal ID- An ID within your organisation that helps you identify the payment 

B. Comments- Internal comments which can only be viewed in your account and within your organisation 

C. Remittance comment - If you want the beneficiary to see some kind of reference on the payment (for example invoice number, Salary payment etc. fill in the remittance comment field.

D. Payment ID- Also internal for your organisation 

4.  After saving the filled in spreadsheet, go back to Payments > Mass payments and fill in the job name for the payments you wish to create. Then press choose file and upload related file from your computer:

5. Once the excel spreadsheet has uploaded, each payment will be created seperetly as a different pending payment which will allow you to review all payments and see if they are correct and ready to send.  You can see the payments under Payments > Pending

6. Then, as usual a third party with signatory rights should sign all payments one by one by clicking "Approve" for each payment. A pop up window will appear for an authorisation code which will be sent to the signer's phone. Fill in the code and click approve.

7. All payments will appear as processing until being released. Once they are released you will see them marked as "Paid"

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