Writing for the Global Payroll Association (GPA), our CEO, Myles Stephenson tells GPA Live about the electronic payment system options in the UK.
In his guest column, Myles sets out the choice payroll professionals are faced with when it comes to the most important aspect of their job – making payments. He weighs up the merits of using Bacs, Faster Payments and CHAPS.
In a recent survey of 90+ UK payroll professionals conducted alongside payroll publication, Reward Strategy, we found that a huge 44% consider manual payments to be their largest single payroll overhead.
So, what’s to be done? Myles offers a nod towards the winds of change sweeping across the financial services industry. The EU’s Revised Payment Services Directive (PSD2) and the UK’s Open Banking scheme have paved the way for independent payment service providers, like Modulr, to offer instant, automated alternatives to the incumbent banks.