Global Open Banking Hub

Comma, an open banking bulk payment system built for SMEs and accountants is now live on the Xero app store. The platform allows for internal and external finance teams to upload payroll files or create custom payment runs that are pushed via API open banking connections, in bulk, to the business bank account for payment. API driven payments mean that SMEs and business owners no longer have to key in supplier payments or payroll runs saving hours of time every month.

Open banking bulk payments are a game-changer allowing businesses to be more agile and external accountants to easily offer services which in the past were considered too risky and time-consuming to set up. Currently, users can sign up and make payments for free through the Xero app store.

The news comes less than a week after Comma become live to the public for the first time on the Sage accounting marketplace.

Link to Xero app store: https://apps.xero.com/uk/app/comma

Open banking bulk payment system Comma is now listed on the Sage marketplace. Within the platform accountants, bookkeepers or internal finance teams can select bills, upload payroll files or create custom payments that can be pushed, in bulk, through open banking API's to initiate payment from existing 'regular' bank accounts such as Barclays bank.

This allows for quicker, more secure payments from every business as data is being used to process payments rather than manual entry. The fact users are connecting to their existing bank account also means there are no strenuous KYC procedures and accounts can be opened instantaneously (as they already exist) meaning you could sign up and bulk pay all your outstanding bills before the next meeting in your diary.

Link to Sage Marketplace: https://uk-marketplace.sage.com/en-GB/apps/87038/comma

What is a bulk payment and when is my payment a bulk payment?
The difference between bulk payments and multiple payments to a single supplier.

We often get asked "what is the difference between a single payment and a bulk payment" and "when I use Comma, when do my payments become bulk payments"?