Faster payments survey report 2022

Faster payments survey report 2022

Jointly created by Income group, Moorepay and the Chartered Institute of Payroll Professionals Faster Payments Report 2022

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FASTER PAYMENTS SURVEY REPORT 2022

Contents

Foreword

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Problem/ purpose

Key findings

Conclusion of results

Processing payments

What type of payments are made by the payroll team?

Payment errors

Payments made outside of payroll

How many payments are made outside of the regular pay run each month?

Recovering overpayments

What proportion of overpayments to leavers are eventually recovered?

BACS deadlines

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Correcting payment errors

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How do you make payments to employees outside of usual pay days?

How are errors corrected? Who pays for these errors?

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Would employees be better motivated to working additional shifts/overtime if they were paid more quickly?

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Faster payments in payroll

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Conclusion

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FASTER PAYMENTS SURVEY REPORT 2022

Foreword

Problem/ purpose In September 2021 we looked to payroll and HR professionals to gain a better understanding of Faster Payment usage, how payment errors are corrected, and the cost attached to amending payment errors. Key findings To no surprise, there’s growing knowledge of Faster Payments in the industry. While most payroll departments use real-time payments in some areas of their payroll process, typically they don’t use these payments for their bulk payroll payments. That means the majority of the market is missing out on the key benefits of Faster Payments including: greater flexibility, cost reduction and time savings.

Our survey revealed almost a quarter of respondents identified between 1% and 10% of payments had errors.

However, the way in which they’re correcting these errors is still via one of the slowest payment methods, with 41% of respondents using BACs.

A whopping 73% of respondents confirmed employees had been overpaid as a result of late >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10

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