- BrightPay will take advantage of Modulr’s direct access to key payments infrastructure to bring payment efficiencies to payroll teams
- The integration embeds payments directly into the payroll process and software
- The partnership will make the payroll execution seamless and time efficient
London, UK, 7 April 2021: BrightPay, the leading payroll software provider, has today announced it has partnered with the FinTech Modulr to offer a fast, secure and easy way to make payments part of payroll.
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 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 saves 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.
ENDS
About Modulr
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.
For further information - please visit www.modulrfinance.com
About BrightPay
Established in 1991, BrightPay offers payroll and HR software products to UK and Irish businesses and accountants. We provide powerful software that is both cost-effective and easy-to-use. Our award-winning payroll software can save businesses a considerable amount of time by introducing automation and integration capabilities. Currently, our products are used to process the payroll for over 320,000 businesses (and counting) across the UK and Ireland.
For further information, please visit https://www.brightpay.co.uk/