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Processing payments
Payroll departments across the UK deal with billions of pounds every month, we found a staggering 85% of these payments are done via a single payment method - BACS.
Our survey revealed that 3 out of 5 professionals use Faster Payments in some capacity, however it is evident this is limited in scope. Of those that don’t use Faster Payments, 57% attribute it to the lack of visibility in the market. We know that payroll is responsible for a wide range of payments. Beyond ensuring employees are paid accurately and on time, they pay third parties, handle expenses, process pay as you earn (PAYE) to HMRC and manage employee loans and advances.
What type of payments are made by the payroll team?
Headlines: ● 85% of payroll payments are done via a single payment method - BACS.
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FASTER PAYMENTS SURVEY REPORT 2022
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