Hastee claims that it is disrupting a rigid monthly pay cycle that’s no longer “fit for purpose” by giving employees early access to part of their earned pay.
This ensures employees can cove themselves “for financial emergencies without the risk of borrowing funds they may not be able to pay back.” Now, collaborating with Modulr, employees “receive payments just seconds after they request an advance, while hours of reconciliation work is being spared for Hastee’s team each week.”
UK & EEA payments at lightning speed
By bringing payments in house with Modulr, Hastee can now “pay out advances in under 10 seconds 24/7/365.”
This is down to Modulr’s direct access “to the UK’s Faster Payments scheme, and API-first access to SEPA Instant in the EEA.”
As noted in the update:
“Right now, an employee can finish their day at work, fill their car up with petrol, realise they don’t have enough money, request an earned wage advance and have it hit their account before they’ve even stepped inside the petrol station. Bringing an end to these stressful ‘strapped for cash’ moments is what Hastee was set up to do, and our collaboration with Modulr makes it a reality.”
No more painstaking reconciliation
Before Modulr, reconciling wage advances “at the end of the month was a manual and time intensive process for the Hastee team.”
As mentioned in the announcement:
“When we had different payment providers, we had to download all the data, which was a complicated process. Hours were spent, every month, just consolidating all the payments. And now it’s way easier and faster with just one payment provider.”
Having a single payment provider has “reduced the time spent on reconciliation by 15% which, over the course of a month, really adds up.”
The increased reliability has “decreased tickets raised by employers and employees chasing late or missing payments, saving the Hastee team a further two hours every week.”
As explained in a blog post:
“Overall, with Modulr we’ve saved more than a day each month in administration time, which is huge. As well as improved SLAs and uptime, we’ve also seen a much more consistent policy when it comes to AML with Modulr, as opposed to the more random checks of other payments services providers.”
And, with a single provider for embedded payments in “both the UK and Europe, there are fewer stakeholders to manage and fewer possible points of failure.”
The company’s plans include “taking the Modulr-Hastee partnership to another level, enabling them to set up multiple EMI accounts under employer customer IDs. On payday, employers will transfer the full monthly salary payments for employees with advances from their external account to their employer EMI account.”
Hastee will then “deduct advances and transfer the net salary on to the employee’s external account, with API calls triggering all fund movements through the Modulr portal.”