UK challenger bank Starling Bank has released a new Bulk Payments feature for business banking customers.
The new subscription service can be used to help support payroll, reimburse staff expenses or pay suppliers at the same time.
This new Bulk Payments service is available to limited companies with a Starling business account and can be accessed through their Online Banking web browser.
For a limited time only, new subscribers can use Bulk Payments for free during their first month. After this, the service costs £7 per month, per business account.
Speaking about the new feature, Starling Bank chief banking officer Helen Bierton said, “Four years ago, we welcomed our first business customers to Starling. Since then, many will have hired their first employee or freelancer, some will have grown into fully-fledged teams, and others will have become more established companies with hundreds of employees.
“Our Bulk Payments feature supports all these customers’ needs for making regular payments to multiple recipients, freeing up their time so they can focus less on banking and more on building their business.”
This new tool allows users to enter different amounts for each recipient and doesn’t require the company setting them up as a payee before including them in a Bulk Payment. There is a maximum of £250,000 that can be paid to payees.
The service allows 250 payments each month. For example, it stated the company could organise monthly payroll for 200 employees and make weekly payments to ten suppliers. The remaining payments can be seen on the online banking dashboard.
Earlier in the year, Starling and Monzo were ranked as the top personal and business current account providers in the UK, according to Finextra. Royal Bank of Scotland was ranked as the worst personal account provider, with Virgin Money and TSB also performing poorly amongst respondents. For business accounts, the co-operative came bottom, followed by Virgin Money and HSBC.
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