Caxton Welcomes a New Era, Empowering Payroll Teams with Faster, More Flexible Payments

  • Payments
  • 24.03.2023 09:45 am

Caxton, the leading payments company, today announced Payroll Payments, offering fast, frictionless payments for businesses of all size.

As technology transformation begins to gather significant pace within the finance function, replacing legacy systems and creating more efficient processes are a priority, and payroll teams are demanding faster and more flexible solutions.

With many frustrated by the extra time and money they’re forced to spend managing traditional BACS payments, payroll professionals are looking for ways to enhance productivity and offer greater pay support for employees, at a time of growing financial strain.

The new functionality in CXTN integrates seamlessly into payroll software via a simple API, or clients of non-integrated payroll software use their software’s existing BACS file to access the Faster Payments network, meaning zero disruption and minimal change management.

The new offering will appeal to:

·         Modern practices and bureaus wanting a resilient payment solution that most closely mirrors personal payments for their clients (including sole traders, LLPs and charities)

·         Larger accounting firms and bureaus currently using BACS and who want a secure, flexible risk mitigating solution or a cost-effective alternative for payment adjustments

·         In-house payroll teams who want to reduce errors and make Faster payments more securely and efficiently with better visibility

Benefits include:

Cashflow management – no more having to close the payroll run weeks in advance.

Flexibility - to make last-minute payroll changes and support employees’ financial wellbeing.

Vendor agnostic – integrates with any cloud payroll provider or use your current BACs file

Frictionless payments- which are available 24/7/365.

Support for global payments - from the same centralised solution.

Automation - of notifications, future-dated payments and more enhanced payroll productivity such as open banking

Expense management, AP & AR, FOREX and Plug & Pay (Embedded Finance) – are other Caxton services available to help provide further value.

“There are an increasing number of challenges facing payroll teams at a time when organisations are increasingly trying to help their employees through a cost-of-living crisis and many are trying to be as flexible as possible with salary payments,” said Caxton founder and CEO, Rupert Lee-Browne.

“Our new functionality minimises chances of payroll errors impacting staff, ensures payments go out whatever day of the week they fall on, and offers exciting new opportunities to expand the value payroll can add to any business.”

Customer Case Study

Wagemate has already been using the Caxton Payroll Payments product and Daniel Hull, Director of Wagemate, said “As a Bureau we need every one of our processes to be efficient, secure and as risk-free as possible.  To achieve this, we are constantly looking for the latest innovations in technology to enhance our client experience, adding value and creating time savings for our team.

We have successfully processed FASTER payroll payments with ease using the Standard BACS 18 file available in our current software, with minimal change to the existing process. Making this change has saved us valuable time and taken the pressure off our team. We have mitigated several risks and have a back-up option for late submissions, we are equally delighted with Caxton’s forward-thinking compliance approach.

Our values for making the complex simple has perfectly aligned with Caxton's approach. We strongly applaud Caxton’s focus on processing payroll payments and look forward to developing our relationship”.

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