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Zellis recently hosted an exclusive webinar on the power of real-time payroll payments and the valuable opportunities Faster Payments presents for UK businesses.
If you missed it, don’t worry – you can catch the 20-minute recording here.
Gregor Dobbie, CEO of Vocalink (a Mastercard company), Ian Wheeler, CEO and Founder of Income Group, and Zellis’ very own Angela Clow came together to share some trends and applications of Faster Payments – especially how it can be incorporated seamlessly into a larger organisation’s payroll processes.
The session was a great success, revealed in part by the questions we received. They couldn’t all be answered during one short session.
So, we’ve put together this quick blog pairing some of the most valuable questions Zellis customers asked about how Faster Payments could work with their existing payroll – with answers as provided by Gregor, Ian, and Angela.
Do you envisage Faster Payments being used for a whole, large payroll eventually?
“We expect to see a growing trend towards Faster Payments. At Zellis we are already enjoying the benefits of it today for our own, entire UK payroll. We feel you’ve got to practice what you preach!
Some customers are also considering using it for certain sections of their businesses; in particular, where they have complex payroll needs or need to make weekly payments”.
What confirmation do you get when a Faster Payment file is paid and credited to an employee account? Can you set the time it credits? (Bacs credits at midnight on the payment date)
“Once the payment has been released, an email will be received stating it has been released successfully. Shortly after, you will receive a second email stating the payment has been processed. Payments can be scheduled as per the Bacs processing date in ResourceLink, unless the user decides to release for immediate payment”.
Do we need to transfer the total amount of the payroll to Income Group before individual payments to staff can be made?
“Yes. Funding transfers are made to a customer’s Starling Bank account. The full value of the submission is required before the transactions can be completed”.
When we say Faster Payments is available 24/7, is it possible to process Faster Payment after banking hours?
“Yes! One of the advantages of Faster Payments is that it’s available at all hours (including after banking hours, on bank holidays, and even on Christmas Day)”.
We are a business that’s only just about to implement ResourceLink. Will we be able to go to Faster Payments rather than Bacs?
“Yes, Faster Payments can be implemented once you are on the latest version of ResourceLink and can be used instead of Bacs”.
Can you recall a Faster Payment in the same way you can with Bacs?
“A Faster Payment can be recalled up until the point of processing, so it’s only possible on payments scheduled for the future and before processing begins”.
Are there any financial limits on Faster Payments transactions?
“Yes. Currently there is a limit of £250,000 per transaction for Faster Payments (i.e., £250,000 paid to an individual in a single transaction)”.
Will Faster Payments functionality require a separate Licence Key as part of our Zellis contract?
“Yes, a separate Licence Key is required to take advantage of Faster Payments”.
We hope these answers may help if you are considering how Faster Payments could work for you. However, if you have any questions not addressed in the video or the Q&A above, don’t hesitate to get in touch with us today.
