International HR and Payroll services provider, SD Worx, is further investing in people-based fintech solutions for its customers by partnering with Modulr, the embedded payments platform that facilitates faster payroll payments.
Traditional Bacs payments for payroll takes three days to land in employees’ accounts – minimising payment flexibility for employers. However, Modulr is a direct participant in the Faster Payments network, so payments clear almost instantly (or within 90 seconds).
With Modulr powering payments, SD Worx can give employers far greater flexibility to react to challenges around incorrect or missing employee data, data collection issues, unforeseen events, or those that simply need to pay recent starters to the business without the latency often associated with Bacs transfer time.
“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,” commented Stephen Ousley, Head of Portfolio at SD Worx.
“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,” Stephen added.
Kevin Burke, Strategic Partnerships Director at Modulr, added: “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.”
To find out more about the SD Worx offering, visit: www.sdworx.co.uk