Conclusion
While there is a wide adoption of Faster Payments in the market, our survey highlights the lack of real-time payment usage across bulk payroll payments. Results reflect there are continued errors across payroll payments, ones that comes at a cost. With a huge volume of payrollers still using BACS and CHAPS payments to recall mis-payments, or some not recalling these payments at all, it’s obvious businesses are missing out due to costly mistakes. Flexibility and responsiveness are two key tools that could help payroll teams reduce the costs and admin that come with payroll processing. Payrollers should take a deeper look into payment processing, to gain a better understanding of how real-time payments could alleviate the end of month strain they feel.
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FASTER PAYMENTS SURVEY REPORT 2022
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