oboloo Glossary

Internal Payment

oboloo Glossary

Internal Payment

Internal Payment is the transfer of funds between two separate divisions within an organisation, typically from the accounting department to another department such as payroll. This type of transaction allows for fast and efficient processing which can ultimately save time and money for the company. In order to ensure accuracy and transparency, organisations should always use an authorised internal payment system that meets industry best practices. Such systems allow users to securely manage and track payments to internal stakeholders, ensuring that all payments are compliant with relevant regulations.