Payroll and human resources (HR) firm Zellis is working with Income Group, powered by its strategic partner Mastercard, to bring Faster Payroll payments to its U.K. clients and offer a more expedient option than the traditional Bankers Automated Clearing Services (BACS) payroll transfers, according to a press release.
Zellis offers payroll and HR tools for its clients across the U.K. and Ireland, which includes one-third of the Financial Times Stock Exchange (FTSE) 100 companies.
Zellis CEO John Petter said that Faster Payments brings clients “speed and efficiencies” that firms like PayPal and Revolut have demonstrated. “It’s time for employees to enjoy the same speed, flexibility and accuracy in their payroll — whether they are paid monthly, weekly, or — in the future — even daily,” he added.
Although individuals have seen the perks of near-real-time money transfers with Faster Payments, that hasn’t been the case with payroll, which still largely relies on the legacy BACS system. Using BACS, people have to wait as long as three business days to receive their money.
Zellis’ Faster Payments lets organizations handle these payments in seconds every hour of the day, seven days a week. “This gives busy payroll teams much greater flexibility in processing payrolls, in addition to freeing time for more strategic work,” according to the press release.
Income Group CEO and Founder Ian Wheeler said that by teaming up with Zellis, it can widen its “footprint of Faster Payments” and advance positive payroll disruption.
“Payroll is the most critical payment a business can make, with trust between employer and employee paramount. Zellis is a forward-looking organization leading the charge, embracing the bright future of Faster Payments and supporting the case for ‘not if, but when’ for businesses,” Wheeler said.