HR and payroll services provider, SD Worx, is committed to making additional investments in people-based Fintech services for its clients by working with Modulr, the embedded payments platform that supports quicker payroll payments.
Traditional Bacs payments for payroll usually take around three business days to make it to workers’ accounts – significantly minimizing payment flexibility for employers.
But Modulr is a direct participant in the Faster Payments network, which means that payments are able to clear almost instantly (or within only 90 seconds).
With Modulr supporting payments, SD Worx will be able to give workers greater flexibility to react to challenges or issues around incorrect or missing employee data, data collection issues, unexpected events, or those that need to pay recent starters to the business without the latency typically associated with Bacs transfer times.
Stephen Ousley, Head of Portfolio at SD Worx, stated:
“Faster Payments are clearly better for many employers, but vitally it benefits the financial wellbeing of employees too by providing quicker access to funds owed. This is especially important for businesses across retail, hospitality, manufacturing and FM sectors where there’s often more variations in staff and pay cycles, or last-minute changes that need to be made,”
Stephen continued:
“Modulr is the industry leading embedded payments provider. Their innovative tech and services will integrate seamlessly with our continually expanding payroll offering, and support SD Worx customers that are looking to unlock the benefits of Faster Payments.”
Kevin Burke, Strategic Partnerships Director at Modulr, remarked:
“Business needs are ever-evolving, and more employees are expecting greater flexibility with the way they are paid. It’s great to be partnering with SD Worx to offer instant, automated and reliable payroll payments and we look forward to supporting them and their customers.”
As covered, The Digital Pound Foundation is pleased to announce the addition of Modulr to the Digital Pound Foundation’s membership community.
Since its inception in 2016, Modulr has “grown to become the leading provider of embedded payments to businesses across the UK and Europe.”
Authorized by the UK’s FCA, the Central Bank of Ireland and de Nederlandsche Bank as an Electronic Money Institution, Modulr “enables 200+ clients to automate, control and embed payments and is now processing an annualized transaction value of more than £100bn.”