BrightPay Brings Fast, Secure Payments to Payroll, Powered by Modulr
Powered by Modulr’s direct access to critical payments infrastructure, the integration will enable BrightPay to enhance their current software with a seamless and secure way for users to make payments at the same time as running payroll.
Modulr replaces the need for accountants, payroll bureaus, and employers to upload payment files to their bank by automatically creating payroll entries in sync with payment entries. All the payroll manager needs to do is approve the payment entries and ensure their Modulr account is topped up.
Modulr’s platform allows BrightPay to sync payroll calculations to payment entries, removing the need for manual processes through automation technology. This, in turn, saves payroll managers precious time by eliminating altogether costly human errors when processing payroll payments, which becomes particularly critical when dealing with large numbers of employees’ salaries and high transaction values.
Through the partnership, BrightPay will provide superior efficiency for payroll managers with a seamless payroll workflow, while retaining the process security and approvals control to which they are accustomed. Leveraging Modulr’s direct access to the UK’s real-time payments network, Faster Payments, BrightPay can help payroll managers deliver payroll on time, every time, with the flexibility of instant emergency payments.
The integration comes at a time when businesses have struggled to manage their cash flow and payroll throughout the pandemic. The situation is exacerbated by traditional payroll processes that cannot integrate directly with payment schemes, making the process inefficient, prone to human errors, and unnecessarily at risk of online cyber-attacks and file manipulation.
Paul Byrne, MD at BrightPay comments, “The traditional payroll process, while an essential part of business operations, is a hindrance to payroll managers. It’s simply inefficient, prone to mistakes, and vulnerable to online attackers. And takes up too much of a payroll manager’s already stretched time. We’re proud to be working with Modulr to finally bring payments into the payroll process, and drive the efficiencies-all businesses to need.”
Tom Kelly, accountancy and employment services lead at Modulr comments, “With the rate of technological innovation in payments, it makes little sense for traditional payroll systems to be disconnected from the payment mechanism. Powered by Modulr, BrightPay’s new service ensures flexibility by bringing a host of benefits to customers who can now send ultra-fast, secure payments that save them time and headaches.”
Modulr is authorised and regulated by the FCA as an Electronic Money Institution, and so can issue GBP accounts with dedicated account numbers and sort codes. As a direct participant of the Faster Payments and Bacs schemes, they hold and settle funds at the Bank of England, providing reliability and security for users.