International payroll and workforce management platform KeyPay has partnered with integrated bank payments solution provider Comma to launch an Open Banking payroll system in what is being called a world first.
By embedding an Open Banking payments journey, KeyPay said it will be able to offer a full end-to-end payroll and workforce management solution to users.
Through the partnership, KeyPay’s entire user base will have access to the Comma integration and be able to pay their staff using Comma’s embedded payment journey in July.
The way it works is that once payroll has been processed by the user, Comma takes the data to automatically generate a payment journey which can be shared with clients, or paid in-house by a bank account holder.
The integration with Comma removes the requirement for manual entry from the payment cycle, by effectively connecting the payslip information and the business bank account.
Tom Beckenham, founder of London-based Comma, said with the digitalisation of payroll having come a long way, the payment is the final piece of the puzzle.
“SMEs shouldn’t need to bounce between systems just to run month-end, and they certainly shouldn’t need to be copy-pasting data from spreadsheets into their bank account each time they pay staff. Working with KeyPay allows us to create the best payment experience for SMEs and external financial teams,” he said.
In addition, payment runs will also be shared for authorisation by bank account holders, enabling accountants and bookkeepers to send secure payment links onto their clients for authentication.
Chris Deeson, UK country lead at KeyPay added: “Open Banking is the future and as soon as I saw what the team at Comma was doing I knew we needed this.
“Our partners have been looking for an embedded payment process for some time and the Comma integration is the perfect solution for them and their SME clients.”
KeyPay is a cloud-based payroll system serving more than 750 partners globally across Australia, New Zealand, the UK, Malaysia and Singapore.
According to a 2019 study by the Chartered Institute of Payroll Professionals, 39% of those surveyed had been paid late at least once, with a quarter stating their productivity was lower as a direct result.
Comma is the headline partner for the Open Banking Expo Awards 2022, which recognises and celebrates the innovators, disruptors and visionaries across the globe who have been at the forefront of the Open Banking and Open Finance revolution. Click here for more information and tickets.