Introducing Batch Payouts in the Nium Portal

5 Minute read
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2 weeks ago

 

 

The Nium Portal facilitates a straightforward no-code integration, ensuring a seamless integration with the Nium platform. Our goal with the Nium Portal is to create a best-in-class back-office operations experience, enabling ease of use for various personnel that interact with Nium.

Today, we announce a new era of efficiency with Nium’s Batch Payouts. Using the Nium Portal, you can now effortlessly process multiple transactions in one go while ensuring all your payouts are handled seamlessly. Focus on streamlining your transaction processes and elevating your payout experience with the latest enhancements to our platform – designed to make your financial operations easier and more efficient.

Automated Processing, No Coding Needed: Experience the convenience of automated batch processing without the need for any coding or complex development. Our platform makes it easy for you to initiate and manage batch payouts with a simple, user-friendly interface.

Multi-Currency Batch Payouts: Easily manage batch payouts to multiple currencies using the Nium portal. You will have the ability to monitor balances and transfer funds across currencies for large-scale conversions. The bulk conversion feature ensures meeting necessary balances for all transactions in a batch. Additionally, we facilitate instant conversion for individual transactions to different destination currencies, streamlining cross-border payouts.

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Data Validation for Batch Transactions: Batch Payouts feature includes automatic data validation, ensuring accuracy across all transactions within the batch. When there are errors in the uploaded batch, the system gives a clear error message with specific call to action on the row and column containing the invalid data. Additionally, we support proceeding to submit partial payouts in a batch for only the valid transactions.

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Seamless Beneficiary Management: Managing beneficiaries becomes a breeze with our Batch Payouts feature. Effortlessly create and manage multiple beneficiaries within a batch, streamlining the process for efficient payouts. You can easily identify when a new beneficiary is added vs. an existing beneficiary already registered in the platform.

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Maker and Checker Roles for Batch Transactions: Enhance accountability with maker and checker roles tailored for batch transactions. Define roles within your organization to ensure a robust approval process for every batch payout. We maintain the audit trail information on the creator, submitter and approver with time stamps of their operation. The files uploaded are available to download unaltered to maintain accurate source of truth.

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Scalable Batch Processing: Whether you're handling a handful or a large volume of transactions, our platform scales with your needs. Enjoy the flexibility to process batch payouts of any size with ease.

Insightful Batch Reports: Gain valuable insights into your batch payouts with detailed reports. Track the progress of each transaction within the batch and access comprehensive reports for better financial management.

Security and Compliance in Batch Transactions: Rest assured that your batch payouts are secure and compliant. Our platform incorporates strong customer authentication measures for each transaction within the batch, ensuring the highest level of security.

Real-Time Monitoring: Keep a close eye on the status of your batch payouts in real time. Using the Nium Portal, you can see instant updates on the status of each transaction within the batch, ensuring you're always in the loop.

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Intuitive Batch Reports and Filters: Navigate through your batch payout data effortlessly with our intuitive reports and filters. Access the information you need, when you need it, making batch transaction management a smooth process.
 
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Tech highlights

We have successfully developed a robust BatchPayout system designed with scalability and flexibility in mind. The architecture is built to scale horizontally, enabling the asynchronous processing of batches through Message Queues (MQs). One of its key features is the ease of extending to support new file formats without major modifications—changes are required only in the top layer, ensuring adaptability to evolving requirements. In the event of system downtime, our system is equipped with an automated recovery mechanism, seamlessly picking up processing from where it left off once the system is back online. To enhance reliability, the system is designed to prevent double processing of payouts, ensuring accuracy in financial transactions. An extensive audit trail is maintained, offering a comprehensive record of transactions, actions, and any modifications made. Additionally, our system boasts robust monitoring capabilities, including heartbeats, metrics dashboards, and on-call alerts for critical metrics. The notification system keeps stakeholders informed about the status of batch payouts, providing transparency and accountability throughout the process. With these features, our BatchPayout system offers a cutting-edge solution for efficient, secure, and scalable batch processing.

Efficient Batch Payouts, Simplified Processes – Experience the Difference with Nium.

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