Vendor Payment Automation Guide
Automate vendor payments end-to-end — from invoice to settled wire — without manual intervention.
Explore the international vendor payments platformManual vendor payment processes are error-prone and expensive. Finance teams copy-paste bank details, manually initiate wires one at a time, and then track down confirmations from their bank. A single transposition error in a bank account number can delay a vendor payment by weeks. Automation eliminates these failure points.
Bitwage's vendor payment automation works in three stages: vendor setup (bank details, preferred currency, payment terms), payment scheduling (recurring or batch from your AP queue), and automated settlement with ERP sync. Each stage reduces manual touchpoints and gives finance teams visibility without involvement in every transaction.
Configuring dual approval is a critical step. Set approval thresholds (e.g., any payment over $10,000 requires two signatories), assign approvers, and Bitwage enforces the workflow automatically. The rate locks when both approvers sign — not at initiation — so there is no FX slippage between when you queue a payment and when it actually executes.
What Bitwage Handles
- Contractor KYC and compliance verification
- W-8BEN and W-9 collection through self-service onboarding
- OFAC sanctions screening on every payment
- FX rate lock at payment approval
- Local rail routing and settlement tracking
Related Country Guides
Frequently Asked Questions
Add the vendor's bank account details, preferred currency, and payment frequency through the vendor management dashboard. Bitwage validates the account details and stores them for all future payment runs — no re-entry required.
Yes. Set payment frequency (weekly, biweekly, monthly), amount, and currency. Bitwage queues the payment automatically on the scheduled date and routes for dual approval workflow before execution.
Vendors with Bitwage accounts can update their own bank details through the vendor portal. For manually managed vendors, you update the account in the vendor profile — Bitwage automatically applies the new details to future payments.
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