04:05 GLOBAL
A number of factors can make this more likely, such as employee bonus payments that cause a sharp rise in the amount they receive that month, payments made to a different account or country, or changes to sanctions lists, watchlists, and politically exposed person (PEP) lists. While some of these factors are outside of a payroll provider’s control, having procedures in place to resolve compliance issues quickly is imperative to get payments moving. This includes procedures such as upfront screening ahead of a payroll run to spot potential compliance issues ahead of time and having service level agreements in place with a payments provider to ensure speed of service and effective
channels of communication should payment issues occur. A specialised payment compliance team will also understand any changes to regulations or the way they are being applied in certain circumstances, resulting in pre- emptive support being given to payroll providers on an ongoing basis. From a compliance perspective, pre-empting information that banks may require for additional compliance checks can go a long way in resolving issues quickly. This can avoid a lot of back and forth between the banks, payroll provider, employer, and employee to gather information needed to get the payment issue resolved. Solving payment failures with an international payments partner Having access to payment- specific technology where all payment and payee details can be viewed, and payments can be actioned in a single location dramatically improves efficiency for payroll providers. Furthermore, payment providers that offer mass payments solutions allow payroll data to be uploaded, and reviewed, and potential issues identified before the payment run is due to be made. This gives
From a compliance perspective, pre-empting information that banks may require for additional compliance checks can go a long way in resolving issues quickly.
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GLOBAL PAYROLL MAGAZINE ISSUE 08
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