Smarter alternative to Enet HDFC & other corporate banking solutions (2018)

Running a business requires making outbound bulk remittances such as vendor payment, partner commissions, employee wages etc. Often money transfers have to be made in bulk & regularly which is done typically via corporate internet banking systems like enet hdfc. 

Enet HDFC & similar corporate banking solutions

Enet HDFC or HDFC wholesale, ICICI CIB, Axis Paypro, & SBI Vistaar are some of the commonly used corporate banking platforms used by businesses for bulk payments. These offerings involve manually uploading Excel file in a pre-defined format (for eg Enet HDFC or HDFC wholesale banking supports only text files). The process can be tedious & prone to errors.

There is a need for a better way to process bulk transfers with ease, especially for many new-age businesses with novel business models that revolve around moving money quickly & in an automated manner. Online marketplaces paying their vendors is one such example; online gaming companies disbursing winnings to players is another.

At Cashfree, we’ve built Payouts-a smart modern alternative to Enet HDFC netbanking & other corporate banking solutions. It makes bulk payments simple, fast & automatic for businesses, with excellent customer support all along the way.

In this post we will evaluate Enet HDFC & similar corporate banking solutions & compare them with Cashfree Payouts, as an alternative that is easier to get started, easier to operate & is built to help businesses scale & innovate.

Difference between traditional corporate banking platforms like Enet HDFC wholesale banking & Cashfree Payouts.

hdfc netbanking login

A. Mode of payment & international payments

Corporate banking platforms Cashfree Payouts
Modes
Bulk transfers can be made only to a beneficiary bank account. It includes fund transfers ( i.e within Bank’s Branch Network), RTGS, NEFT, DD/ Cheque outsourcing. There are no instant modes. Send money to any active savings or current bank account in India or send money instantly to any UPI-BHIM ID, PayTM wallet or debit card.
International payments
Corporate banking platforms support only domestic transactions for bulk transfers. Supports mass transfers from India to another country. The purpose of the transaction must be known while setting up the account.

 

B. Availability & speed of transfer

Corporate banking platforms Cashfree Payouts

Availability

Only NEFT, RTGS & bank to bank transfers. When its NEFT, transaction can be processed only in batches during bank defined hours. Even if its RTGS, it can’t be processed on bank holidays. Work 24×7 & independent of banking hours.
Speed of transfer
No instant mode available( unless its RTGS, which also does not process transactions on bank holidays) Transactions happen instantly.

C. Onboarding & system requirement

ENET HDFC APPLICATION FORM
Screenshot of enet HDFC application form to be submitted in the physical form.

 

Corporate banking platforms Cashfree Payouts
Onboarding
Detailed application form to be filled & submitted with all other documents in physical form. Often bank representative needs to visit your office & help you with system configurations & train you on operating the file upload process. 100% online process with paperless KYC.  It allows you to make your first transaction almost immediately.

You can chat with our experts or reach your dedicated Account Manager for real-time assistance during sign up & once your account goes live.

Setup & system requirement
Most platforms like Enet HDFC corporate net banking do not support Google Chrome & often requires specific browser settings like JavaScript enabled.

They also do not support the latest versions of MacOS. Also some platforms may need digital signature for identity verification every time a transaction is to be done. 

Note: A digital signature once installed on a PC, net banking can then be done only on that PC.

Supports all browsers & Operating Systems with no specific browser setting requirement.

 

D. Ease of adding beneficiaries & bank account verification

Corporate banking platforms Cashfree Payouts
The beneficiary addition is always a manual process. For bulk transfers, in most of the cases, all the beneficiaries first need to be added & approved in a multi-step process.

For eg. Enet HDFC wholesale banking needs you to fill in a 17 column file providing details of every beneficiary, validation may take up to 24 hours, in certain cases for adding beneficiaries on Enet HDFC corporate banking account, a letter signed by authorized signatories may be needed.

There is no way of verifying if a bank account being added is correct & will go through.

New beneficiary addition & activation is instant. The user-defined cooling period can also be set.

For bulk transfers, no need to add beneficiaries. When you upload the excel file or use the API, new beneficiaries are added automatically.

Verification facility to check if a bank account being registered exists & also the name of the account holder at the bank. Using the bank account validation API, this process can be automated for adding any beneficiary.

 

Below: 17 columns detailed Enet HDFC corporate net banking file format for adding beneficiaries.

HDFC ENET

Source: Enet HDFC login netbanking FAQs 

E. Processing bulk transfers by file upload

Corporate banking platforms Cashfree Payouts
Banks need files to be in a certain format. For eg. Enet HDFC netbanking supports only text files (ASCII). If your payment file is in Excel or has a csv extension, you need to convert it to the specified format & upload on Enet HDFC for processing.

The upload process is error-prone since the file name, file format, transfer date, & beneficiary code need to be correct & adhere to a strict format.

Dashboard supports both single & bulk transfers.

You need to upload a simple 4 column excel sheet containing just the account details & the amount. A 2 step maker-checker authorization to disburse can also be opted.

F.Handling transaction failures & reversals

Corporate banking platforms Cashfree Payouts
If there is even a single error in the payment file, the entire bulk transfer will be blocked.

Checking status of the rejected file is difficult for eg, Enet HDFC provides rejected file as a notepad file. You have to manually look for reason of rejection-do the correction & upload it. For transactions that are rejected by the payee bank & reversed into your account, the account statement needs to be checked manually & it is very difficult to reconcile.

During the bulk transfer, even if there are invalid records in a file, valid transfers go through. In the end, you get a statement which shows you list of failed transactions along with the reason for failure.

Rejected as well as reversed transactions are reconciliation by intelligent algorithms, so you can always know which transfer got reversed out of hundreds of transactions, & why.

Below: Enet HDFC netbanking rejected file.

HDFC_ENET

G. Scope for automation

Corporate banking platforms Cashfree Payouts
APIs for adding beneficiaries, initiating transfer & reconciliation are not supported on Enet HDFC netbanking & similar corporate banking systems. Thus transfers cannot be initiated on-demand & require manual intervention Provides simple, developer-friendly REST APIs which are easy to integrate with your system. APIs allow payouts to be initiated on-demand & processed instantly. Our infrastructure supports lakhs of transactions daily & is battle tested

Cashfree Payouts, is a unique API banking platform that automates bulk transfers & supports manual ways as well. It is used by businesses for first-of-its-kind use cases like instant refunds, on-demand wage disbursement, automated crowdfunding vendor settlements.

It seamlessly integrates with our other payment collection products to offer a unified way for businesses to collect & disburse money.

Want to upgrade from Enet HDFC netbanking or the corporate banking solution you are using? Talk to our experts.  

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