Have you ever had to pay back hundreds of people at the same time, without an error? It is a daunting job, yet in order to conduct efficiently, companies/governments must make such payments time and again. Whether it is payroll, contractors, or commissions, when it comes to people’s money, such payments cannot be delayed or have errors.

Despite the advancements in the fintech industry, paper checks are still a preference for not only the payment of personal debts but also for businesses in their payments to employees, vendors, and customers. Making payments through paper checks or even cash is an expensive and a slow process, especially when there are better ways of payments available in the market today. With increased demand for bulk payment system, the stakeholders of businesses relentlessly seek out real-time payments.