Sage, Modulr offer real-time payroll, business payments in U.K.
Business management software provider Sage will partner with U.K. fintech Modulr to deliver real-time salary and supplier payments to small and medium-size businesses in the country.
The cloud-based service seeks to address the numerous U.K. businesses that still manually process accounts, invoices and payroll. Sage's new solution, powered through Modulr technology, would enable real-time transactions all day, every day of the year.
The service operates within the Sage accounts and payroll products, and the companies are positioning it as an alternative to traditional bank services for business payments and payroll.
“Being able to pay employees and suppliers on time is an essential part of modern business," Seamus Smith, executive vice president of global payments and banking at Sage, said in a Monday press release. "This will help our customers save time on administrative processes, take control of the flow of money through the software, improve data security and reduce costs."
The salary and supplier payments solution allows customers to eliminate manual payment processes, preventing costly errors and risk of sensitive payment data being compromised while benefiting from the time saved by automated reconciliation of payment data, Smith added.
In addition, Sage’s accountant and payroll bureau partners will benefit from delegated service access, allowing the accounting practice to control and manage payments processing on behalf of their whole client base and reducing practice overheads.
“Our payments as a service API platform enables our partners to quickly and easily integrate new payment services into their core products," Myles Stephenson, CEO of Modulr, said in the release.
"Our innovative partnership with Sage will enable SMEs to address the significant burden created by existing inefficient payment processes," Stephenson added. "Our fully integrated service provides a fast, easy and reliable alternative to processing payments via traditional business and corporate banking.”