ClearBank, the enabler of real-time clearing and embedded banking, announces its partnership with payroll software platform PayCaptain, enabling real-time salary payments for employees across its network of over 300 corporate clients.
PayCaptain will become ClearBank’s embedded banking partner in the corporate sector, marking a key milestone on the bank’s aim to offer embedded financial services at the “point of need across any industry.”
Research reveals that 23% of UK adults have £200 or less in savings, while 1 in 6, equating to around “8.4 million people, have no savings.”
Without that safety net, individuals may turn “to costly solutions such as loans, overdrafts, or credit cards for emergencies.”
To address that, PayCaptain – which delivers payroll for a number of leading retail and hospitality businesses – is launching an embedded savings service for employees at its corporate clients, enabled by ClearBank.
Via PayCaptain’s mobile app, works will be able to put a portion of their pay directly into a savings account, allowing them to “take control of their financial future.”
By leveraging ClearBank’s Embedded Banking platform, employees at PayCaptain’s clients will benefit from “competitive” interest rates and the peace of mind that comes from “building funds in FSCS-protected embedded savings accounts.”
Emma Hagan, Chief Executive Officer, ClearBank UK said:
“This partnership is a strong example of how ClearBank is unlocking our clients’ potential through secure, real-time banking infrastructure.”
Simon Bocca, Chief Executive Officer, PayCaptain:
“We’re on a mission to empower individuals to take control of their earnings by providing the tools and insights they need to manage their finances efficiently.”
This past month, ClearBank also announced the expansion of its banking and payments services to UK corporate businesses.
While retail banking has undergone digitisation spurred “by consumer demands, transaction banks serving corporates have often lagged.”
Hampered by legacy infrastructure and batch-based systems, accounts and payment services “are frequently bundled within broader offerings that focus on delivering higher-margin credit and trade finance products.”