Automate Vendor Payments Seamlessly with Payout Automation & Reconciliation
Streamline bulk payments directly from your accounting app with automated approvals and secure integrations with leading banks.
Direct integrations with leading banks in the region
Wio Bank
HSBC
Al Rajhi
SAB
Features
Powerful Features to
Automate Your Payouts
Bulk Payment Processing
Automate multiple payments in one go.
Role-based Approval Flow
Ensure secure transactions with approval workflows.
Set payment limits for users based on their role.
Automatic Reconciliation
Let Wafeq automatically match your bank transactions to ledger entries.
How It Works
How Payout Automation Works
It starts by connecting your business bank account to Wafeq. Then it's as simple as: Create Payment Request, Approve, Release.
Payment Request Generation
Create multiple payment requests from bills to pay
You can either forward the invoice to your Wafeq inbox or upload the invoice to Wafeq. Wafeq will automatically scan the invoice to minimize data entry.
Approval Flow
Review payment requests, approve, reject, or submit them for approval
The process is structured in way that helps you control and ensure accountability, compliance, and accuracy at each stage of the approval cycle.
Seamless Payment Release
Release payments from your linked bank account directly on Wafeq
Securely release approved payment requests in bulk directly within Wafeq, and receive real-time status updates - all with just a few clicks.
Automation
Automatic Reconciliation
Let Wafeq automatically match your bank transactions to ledger entries. Wafeq will record it on the bill and reconcile it with your bank statement. All you have to do is fetch the statement.
Benefits
Why Choose Wafeq Payout Automation?
Efficient, Secure, and Scalable Payment Solution
Reduced Payment Processing Time
Accelerate processing time by streamlining the payment flow. Generate multiple payment requests at once to reduce manual effort.
Improved Financial Control
Use Wafeq to centralise all your finances. Link your bank account, setup payout automation, and guarantee a full control over your finances.
Enhanced Security
Our top-notch technology is designed with robust security measures to ensure the highest level of protection to your data.
Scalability for Large Organizations
Our solution is custom made for you. As your organization grows, so does our offerings ensuring a premium performance and smooth operation to your business.
Customer Story
Wafeq’s Payout Automation Features have transformed the way we manage payments. The time we save and the level of control we gain is unparalleled. It’s the smart solution every business needs.
Abdulaziz Saja, KSA General Manager at Tabby
Ready to Automate your Payouts?
Streamline your bill payments effortlessly with Wafeq, using our intuitive in-app tools or API integration, all powered by secure bank integrations for a seamless experience.
FAQs
Frequently Asked Questions
Wafeq employs advanced security measures to protect your financial data and transactions. One key feature is OTP-based payment approval, where only authorized personnel can approve payments after entering a secure, time-sensitive one-time password sent to their registered device. Additionally, the customizable authorization matrix ensures that payment approval workflows are tailored to your organization’s structure, adding another layer of control and security.
Yes, Wafeq streamlines bulk payment processes, allowing you to settle multiple invoices simultaneously. This feature reduces manual effort and minimizes the risk of errors in processing large volumes of payments. With just a few clicks, you can automate payouts, ensuring timely and accurate payment execution while freeing up valuable time for strategic tasks.
Wafeq offers seamless integration with leading banks, including HSBC/SAAB, Al Rajhi, and WIO. This direct integration allows you to initiate and execute payments directly from the platform, eliminating the need to switch between applications. This smooth connectivity ensures real-time updates, efficient payment workflows, and reduced administrative burden.
Wafeq’s approval process is powered by a structured and customizable authorization matrix. The process involves three main roles: Maker: Creates and submits payment requests but cannot approve or release payments. Checker: Reviews and approves payments but does not release them. Authorizer: Releases the payment after verifying and entering the OTP. This clear workflow ensures accountability, reduces errors, and enhances compliance with organizational policies.
Wafeq automates bank reconciliation by matching payment reference numbers with transactions listed in your bank statements. Each payment is assigned a unique reference number, enabling precise identification and automatic matching. This eliminates manual reconciliation tasks, saves time, and ensures accuracy in your financial records.
Absolutely! Wafeq’s customizable authorization matrix lets you design workflows that align with your organizational hierarchy and approval thresholds. You can assign roles and set specific limits for payment approval and release, ensuring that all transactions are authorized according to your company’s policies and compliance requirements.
Yes, Wafeq is built to scale, making it ideal for businesses of all sizes, from startups to large enterprises. It supports high-volume transactions, multi-currency payments, and customizable workflows, ensuring that as your business grows, Wafeq can adapt to your evolving needs.
Yes, we offer a detailed demo to showcase how Wafeq can automate your payout processes. Our team will walk you through the features, answer any specific questions, and demonstrate how the platform can be tailored to your business needs. Contact our sales team to schedule your personalized demo today.
Support & Product Help
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Help Center
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