Starling Bank has developed a ‘two birds one stone’ feature that will allow small businesses to make bulk payments to multiple recipients at once.
The Bulk Payments feature has been launched by the bank to process payments at scale for businesses and facilitate multi-volume transactions.
The subscription service, which will be offered to the bank’s UK online business banking customers for £7 a month, can be applied to payroll, staff reimbursements, expenses and supplier payments.
For a limited time, new subscribers can also use Bulk Payments for free during their first month.
With small businesses in the UK accounting for 48 per cent of employment and 36 per cent of turnover in 2021, the official announcement made this week explained how the feature aims to ‘save business owners time and effort’ when making frequent payments to multiple recipients while ‘helping businesses to grow’.
Starling established its business banking services four years ago, four years that have been of great change for what is now an ecosystem of businesses currently working with the bank, as Helen Bierton, its chief banking officer, explains: “Since [2018], 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.”