PayCaptain and ClearBank team up on instant payroll and embedded savings

Source: Headland Consultancy

ClearBank, the enabler of real-time clearing and embedded banking, has announced a partnership with innovative payroll software platform PayCaptain, powering real-time salary payments for more than 50,000 employees across its network of over 300 corporate clients.

PayCaptain will become ClearBank’s first embedded banking partner in the corporate sector, marking a significant milestone on the bank’s journey to deliver embedded financial services at the point of need across any industry.

Research shows that 23% of UK adults have £200 or less in savings, while one in six, equating to around 8.4 million people, have no savings. Without that safety net, individuals may turn to costly solutions such as loans, overdrafts, or credit cards for emergencies.

To change that, PayCaptain – which delivers payroll for a number of leading retail and hospitality businesses – is launching an innovative embedded savings service for employees at its corporate clients, powered by ClearBank. Through PayCaptain’s award-winning mobile app, employees will be able to put a portion of their pay directly into a savings account, empowering them to take control of their financial future.

By leveraging ClearBank’s modern, resilient, and secure embedded banking platform, employees at PayCaptain’s clients will benefit from competitive interest rates and the additional peace of mind that comes from building funds in FSCS-protected embedded savings accounts.

Emma Hagan, chief executive officer, ClearBank UK

Emma Hagan, chief executive officer of ClearBank UK said: “Delivering our first embedded banking partnership with a corporate customer reflects our ambition to bring our platform to new customer segments, enabling the delivery of differentiated services at scale. PayCaptain’s shared belief in the power of technology to improve financial outcomes has allowed us to develop an innovative system that can modernise salary payment options.

“This partnership is a strong example of how ClearBank is unlocking our clients’ potential through secure, real-time banking infrastructure, and we are excited about what this relationship will bring in the future.”

Simon Bocca, chief executive officer of 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. ClearBank was the natural choice to power our embedded savings service with their combination of resilience, scale and technology innovation.

“This is just the first step in our partnership. We’re excited to have our customers using ClearBank’s services and look forward to collaborating on more innovative financial solutions together.”

Further reading: ClearBank unveils embedded banking service for SME credit card provider