ClearBank has partnered with PayCaptain to drive real-time salary payments for over 50,000 employees across its network of corporate clients.
PayCaptain is a UK-based cloud-native software solution that focuses on financial wellness, banking, and payroll. With features such as Open Banking, AI chat, pension balance visibility, payroll savings, and more, the company aims to replace legacy payroll and payment processing systems and improve the payroll function and the employee experience.
Real-time payroll payments and embedded savings accounts
Under the alliance, PayCaptain becomes ClearBank’s embedded banking partner in the corporate sector, reflecting the bank’s commitment to offering financial services where they are needed across the industry. As 23% of UK adults have GBP 200 or less in savings, according to Finder, and one in six have no savings at all, individuals may turn to costly solutions such as loans, overdrafts, and credit cards for emergencies.
PayCaptain aims to tackle this issue by launching an embedded savings service for employees at its corporate clients, powered by ClearBank. Through PayCaptain’s mobile app, employees can save a portion of their pay directly into a separate savings account, supporting them in taking control over their financial future.
Using ClearBank’s secure Embedded Banking platform, employees at PayCaptain’s clients can take advantage of competitive interest rates, building funds in FSCS-protected embedded savings accounts. The platform’s mission is to support individuals in taking control of their earnings by offering them the tools necessary to manage their salaries efficiently.
ClearBank’s first embedded banking partnership with a corporate customer highlights its goal to bring its platform to new customer segments and offer different services at scale. PayCaptain allowed the bank to develop a new system that can modernise salary payment options, offering its clients a secure, real-time banking infrastructure.
