[UK] ClearBank and PayCaptain partner for real-time payroll payments

In the UK, the real-time clearing and embedded banking provider ClearBank has announced its partnership with payroll software platform PayCaptain, enabling real-time salary payments for employees across its network of over 300 corporate clients, Crowdfund Insider reports.

PayCaptain will become ClearBank’s embedded banking partner in the corporate sector, the latest step toward the bank’s aim to offer embedded financial services at the “point of need across any industry.”

Research shows that 23 per cent of UK adults have £200 or less in savings, while 1 in 6, around 8.4 million people, have no savings. That lack of a safety net may lead individuals to turn to costly solutions such as loans, overdrafts, or credit cards for emergencies.

To address such challenges, PayCaptain - which delivers payroll for leading retail and hospitality businesses - is reportedly launching an embedded savings service for employees at its corporate clients, enabled by ClearBank.

It will allow workers to put a portion of their pay directly into a savings account, via PayCaptain’s mobile app, empowering them to “take control of their financial future.”

By leveraging ClearBank’s Embedded Banking platform, employees at PayCaptain’s clients will gain “competitive” interest rates and the peace of mind that comes from “building funds in FSCS-protected embedded savings accounts.”

Emma Hagan - CEO of ClearBank UK - said, “This partnership is a strong example of how ClearBank is unlocking our clients’ potential through secure, real-time banking infrastructure.”

Simon Bocca - Chief Executive Officer, PayCaptain - said, “We’re on a mission to empower individuals to take control of their earnings by providing the tools and insights they need to manage their finances efficiently.”

Source: Crowdfund Insider

(Quotes via original reporting)

In the UK, the real-time clearing and embedded banking provider ClearBank has announced its partnership with payroll software platform PayCaptain, enabling real-time salary payments for employees across its network of over 300 corporate clients, Crowdfund Insider reports.

PayCaptain will become ClearBank’s embedded banking partner in the corporate sector, the latest step toward the bank’s aim to offer embedded financial services at the “point of need across any industry.”

Research shows that 23 per cent of UK adults have £200 or less in savings, while 1 in 6, around 8.4 million people, have no savings. That lack of a safety net may lead individuals to turn to costly solutions such as loans, overdrafts, or credit cards for emergencies.

To address such challenges, PayCaptain - which delivers payroll for leading retail and hospitality businesses - is reportedly launching an embedded savings service for employees at its corporate clients, enabled by ClearBank.

It will allow workers to put a portion of their pay directly into a savings account, via PayCaptain’s mobile app, empowering them to “take control of their financial future.”

By leveraging ClearBank’s Embedded Banking platform, employees at PayCaptain’s clients will gain “competitive” interest rates and the peace of mind that comes from “building funds in FSCS-protected embedded savings accounts.”

Emma Hagan - CEO of ClearBank UK - said, “This partnership is a strong example of how ClearBank is unlocking our clients’ potential through secure, real-time banking infrastructure.”

Simon Bocca - Chief Executive Officer, PayCaptain - said, “We’re on a mission to empower individuals to take control of their earnings by providing the tools and insights they need to manage their finances efficiently.”

Source: Crowdfund Insider

(Quotes via original reporting)