Pay your entire team with a single file upload
Transferring salaries one by one is tedious and error-prone. Bank files let you pay all your employees in one go by uploading a single file to your bank's portal. The file contains payment instructions for each employee, and the bank processes them all at once.
What is a Bank File?
A bank file is a specially formatted file that contains payment instructions for multiple recipients. Instead of manually entering each employee's bank account and amount, you upload the file and your bank handles all the transfers simultaneously.
Bank files typically include:
- Recipient Name matching the bank account holder.
- Bank Account Number where funds will be sent.
- Bank Code identifying the receiving bank.
- Payment Amount for each recipient.
- Reference or remarks for the transaction.
Benefits of Using Bank Files
Bank files offer significant advantages over manual transfers:
- Time Savings by processing all payments in one action instead of individually.
- Reduced Errors since data comes directly from your payroll system.
- Consistency in payment references and timing.
- Audit Trail with a single file documenting all payments.
- Scalability to handle any team size without additional effort.
Bank File Formats
Different banks require different file formats. Each bank has specific requirements for how data should be structured, what fields are required, and what file extension to use.
Officaid generates files in the correct format based on your bank account settings, so you do not need to worry about formatting requirements.
How Bank Files Work
- Process Payroll to calculate net pay for all employees.
- Generate Bank File from your payroll system with all payment details.
- Login to your bank's business banking portal.
- Upload the bank file to the bulk payment section.
- Authorize the payment batch according to your bank's approval workflow.
- Funds Transfer to all employee accounts once approved.
What You Need
To use bank files for payroll payments, you need:
- Business Bank Account with bulk payment capabilities enabled.
- Employee Bank Details including bank name and account number in their profiles.
- Sufficient Balance in your account to cover all salary payments.
- Authorization Access to approve bulk payments in your banking portal.
Frequently Asked Questions
Officaid generates bank files for major Singapore banks and continues to expand support over time. When generating a bank file, you'll see the available banks in the download options.
No. Officaid generates the file in the correct format for your selected bank. Simply download the file and upload it directly to your bank's portal.
Officaid pulls bank details from each employee's profile. You can add or update bank information in Team → Directory under the employee's profile. See Editing Employee Information for details.
What's Next?
Learn how to generate bank files:
- Downloading Bank Files walks through generating files in Officaid.
- Managing Salary Payments covers the Payments tab and payment tracking.
- Processing Payroll explains how to process payroll before generating files.