Why Payments System For Payroll Is Needed?
If you’ve ever been looking to have a payment system for payroll operations, then please keep reading on.
Any mid-size or big business will tell that payroll is taking quite some time to be completed. Making sure that employees are taken care-off and well managed in respective country is important for overall business success, big or small.
There are several ways to improve payroll operations and it is important to work with a team of experts that have combined experience in public and private sectors. They should understand key requirements and functions of cost-effective payroll management and international payments too.
It is also important that the system provider would have banking partners not only in a local market but also internationally as well. Multiple payment channels are too important – in order not to depend on one single correspondent bank.
Security Of Automated Payroll Operations
Equally important to look into the security of such system. It should have a built-in authorisation levels to ensure audit trails for the preparation and implementation of payroll payments. In addition, clear and automated reporting is key, which would enable you to make payments in a secure and traceable manner.
The payroll operations system should help to reduce the amount of time spent in preparing sensitive payroll runs by leveraging technology and worldwide payments reach. In terms of technology, one of the best tools to help save man hours and reduce reporting burden is the mass-payments functionality.
Mass-Payments For Payroll
Mass payments functionality allows you to execute payments in over 80 different currencies and to 120 countries, including low value channels, without having to maintain local currency accounts. It all happens from only one platform in the same way you would be making a single payment.
A good example is a fashion house that needs to make a thousand payments for payroll every month to a particular country and currency. Rather than going in and making one thousand individual payments, there is an API connectivity or excel documents that can be exported from the accounting system with all relevant payments details (like IBAN, amounts, currency, etc.).
So the company can drag and drop that excel document into the payments platform by doing so they are automatically uploading a thousand payments into the platform which then are being performed in bulk.
If company has only say GBP in their payments platform and payments are needed to be done in GBP, USD and EUR, the platform automatically exchanges currencies for these payments and executes as platform recognises which payments needs to go via SEPA, SWIFT or Faster Payments. This can be also done via API connection which is very easy and straight forward way.
What Is The Best Payments Platform For Payroll Operations?
A partner you can trust on with mass payments is IFX Payments – a specialist in payments and foreign exchange. IFX Payments specialise in mass payments and route them through the most robust payment corridors and protects your financial data with encryption.
IFX Payments is also bank agnostic and have access to multiple wholesale liquidity providers delivering the best rates possible. IFX will make sure your payments will be delivered on time by automating country rules and knowing all the payment information.
You can also consult how your payroll operations could be improved with IFX Payments executive by following this link.
All in all, payroll operations system is here to help reduce the amount of time spent in preparing sensitive payroll runs by leveraging technology of mass payments.