Why Is a Payroll Payments System Required?
If you’ve ever been looking to have a payment system for payroll operations, then please keep reading on.
Any mid-size or large business will tell you that payroll is taking quite some time to be completed. Making sure that employees are taken care of and well managed in their respective countries 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 the public and private sectors. They should understand the key requirements and functions of cost-effective payroll management and international payments too.
It is also important that the system provider have banking partners not only in the local market but also internationally. Multiple payment channels are too important to depend on one single correspondent bank.
Security of Automated Payroll Operations
It is also critical to investigate the security of such a system.It should have 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 reduce the amount of time spent preparing sensitive payroll runs by leveraging technology and its worldwide payment reach. In terms of technology, one of the best tools to help save man hours and reduce the reporting burden is the mass-payments functionality.
Mass-Payments for Payroll
The mass payments functionality allows you to execute payments in over 50 different currencies and to 170 countries, including low-value channels, without having to maintain local currency accounts. It all happens from a single platform, just like 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 in a particular 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 payment details (like IBAN, amounts, currency, etc.).
So the company can drag and drop that excel document into the payments platform, and by doing so, they are automatically uploading a thousand payments into the platform, which are then performed in bulk.
If a company has only GBP in their payments platform and payments are needed in GBP, USD, and EUR, the platform automatically exchanges currencies for these payments and executes them as it recognises which payments need to go via SEPA, SWIFT, or Faster Payments. This can also be done via an API connection, which is a very easy and straight-forward way to do payroll payments.
What Is the Best Payments Platform for Payroll Operations?
If you would like to find a banking platform for your payroll payments that specialises in mass payments and routes them through the most robust payment corridors, reach out to us, and we will share a list of banking providers that fit your company's needs.
Epico Finance is bank-agnostic and has access to a wide network of payment providers, delivering the best possible service to clients. We will make sure your banking experience is taken care of by introducing you to the most prominent fintechs and banks across the globe.
Conclusion
All in all, the payroll operations system is here to help reduce the amount of time spent preparing sensitive payroll runs by leveraging the technology of mass payments.
