IRIS, Modulr partner for instant payroll payments

Friday 29 October 2021 08:46 CET | News

UK-based payroll software provider IRIS Software Group (IRIS) has teamed up with Payments-as-a-Service platform Modulr to embed payments directly into its payroll solutions.

Managing cash flow has always been a struggle for SMEs, but the last 18 months have proved just how critical it is to have a strong grasp over monies going in and out of a business. According to research, more than a third of small business owners have cashflow issues, with 17% forced to pay employees late and 33% of owners paying themselves late or not at all. 

Harnessing Modulr’s payments infrastructure, IRIS now enables SME owners and their accountants to pay salaries immediately they run payroll each month. This removes the need to have much-needed cash tied up for three days before every payday, as is currently the case when using BACs payments to pay salaries. With Modulr’s direct access to Faster Payments rails, salaries can be paid in seconds, which gives SMEs three extra days to manage their cash flow, and ensures funds are available for use across the business when required.

Relieving this cash flow pressure means SME owners and accountants can focus on growing businesses; with time saved, manual processes removed, and human errors reduced. Embedding payments within the payroll process also ensures employees are paid the right amount on time, every time, instantly. 

The partnership with Modulr is part of IRIS’ long-term ‘build, buy, partner’ strategy and aligns with their mission to take the pain out of processes and enable companies to script their next critical moves. The first IRIS payroll system to make use of the Modulr integration is IRIS Earnie, with further integrations to other IRIS offerings to follow in the coming months. The IRIS-Modulr API integration between Modulr’s payments and accounts infrastructure, syncs payroll calculations to payment entries from IRIS’ payroll software, enabling finance teams to view pending and paid payments, and approve outstanding payments from one single, secure online portal.

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Keywords: partnership, PaaS, cash flow, SMEs
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce