Cashplus announces major new Payment API deals in payroll technology market
16th March 2021: Leading fintech SME bank Cashplus has added a further five leading Payroll technology platforms to the growing list of partners using its Payments API product.
The Cashplus Payment API is Banking as a Service products that uses Open Banking technology to enable Payroll Software Platforms to build Bulk Payment capability directly into their own Payroll, in turn allowing their clients to seamlessly initiate bulk payments.
Accentra and My Digital are the latest technology firms within the fast-growing umbrella payroll and temporary staffing space to to integrate with Cashplus’s Payments API, with Solutio and Brain Payroll also in the process of onboarding and Merit already integrated in 2020.
The Cashplus Bank Payments API typically offers savings of 50% over the fees charged by high street banks and meets the unique needs of Umbrella Payroll firms which include high transaction volumes across multiple clients, requiring a robust, automated process, as well as effective invoice and cash matching at agency level. My Digital currently calculates payroll for over 275,000 transactions and 40,000 payments each week, at a value of over £1 billion each year.
Nick Biggam, Commercial Director for Cashplus Bank said: “We are delighted to welcome these new partners on board and continue the growth of our Payments API product, which is fast becoming the solution of choice for the dynamic and growing Umbrella Payroll sector. At Cashplus bank we focus on providing simple, digitally-enabled solutions to the challenges facing small businesses and this space is an increasingly important part of that picture as the UK economy adapts to the challenges created by the covid-19 pandemic.”
With recent changes to IR35 legislation and UK self employment up nearly 30% since 2000, efficient, automated digital payment systems are increasingly in demand in the Payroll space.”
Phil Pluck, Chief Executive of the Freelancer & Contractor Services Association said: “The outsourced market place is becoming an ever increasingly economic contributor to UK PLC. It will only grow in coming years and so umbrella firms will have to scale up to meet this demand by ensuring both compliance and capacity while scaling down cost.
To enable them to meet the increasing demands of contractors, HMRC and also their complex network of agencies and end users the next generation of integrated, back-office technology solutions will be vital to a growing umbrella company.”
Launched in April 2019, Cashplus’s payment processing service has grown quickly and to date has processed more than £700m of transactions. In February 2021, Cashplus became an authorised UK bank and currently serves 7% of all new UK businesses.
Cashplus is a leading UK challenger bank with a 15-year track record of digital innovation, dedicated customer service and strong financial performance. A true fintech pioneer, we offer faster, smarter, simpler banking services for the entrepreneurs, independent businesses and consumers that power the UK economy, yet are too often overlooked by high street banks. Since 2005, we’ve created easier ways for more than 1.6m customers to pay, bank and borrow through our user-friendly digital platform, delivered a string of fintech firsts and built a sustainable, growing business providing more than 250 jobs in the UK with locations in London, Liverpool and Birmingham.
Cashplus is a trading name of Advanced Payment Solutions Ltd.
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