payroll providers more time to resolve and minimise potential payment issues, gather new employee details and take a proactive approach with their clients. An international payment provider can also add significant value in the way they help your team manage and resolve payment errors should they occur. This includes payment investigations, liaising with banking partners into claims of non-receipt or returned funds, and correcting and solving issues as quickly as possible. Specialist payment providers often have an open dialogue with their banking partners, resulting in direct lines of communication to get issues resolved quickly rather than raising a generic payment query, which may be the approach a payroll provider has to take. For example, in the event of receiving a Beneficiary Claim of Non-Receipt (BCNR) from either the client or the employee themselves, an approach a specialist payments partner could take is as follows. Start recourse actions, including a payment investigation (if necessary). This includes checking for any return of funds related to the original payment
and liaising with the bank to potentially perform a Trace request to determine the location of the funds in question. You can also be provided with a copy remittance and/or an accompanying MT103 SWIFT message, which acts as a proof of successful payment to the receiving party. This can act as a useful tool for payroll providers to demonstrate to their clients that action is being taken to resolve the payment issue and the payment was processed from their side. It isn’t always clear why or at what point in the payment flow an error could occur, however, having the technology, processes, and support in place to manage payment failures quickly is crucial for payroll providers and the service they provide their clients. Systems for mass payments - such as Currencies Direct’s Batchpay - offer payroll providers an efficient, accurate, and cost- effective solution for managing large volumes of transactions across different currencies and countries. They can also provide access to a wider payments team that includes experts who can help expedite queries or escalations regarding any payment issues or concerns.
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ISSUE 8 GLOBAL PAYROLL MAGAZINE
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