CreDec’s Faster Payments service delivers near real time payments for its customers with the average batch file taking less than 10 seconds to process.
The speed of CreDec’s Faster Payments platform ensures that customer’s credit balances are processed in very near real time. Payroll payments and supplier payments are settled immediately on employees and payees.
Payment speeds matter, especially for payroll payments, because salary credits fund employees’ personal payment commitments and represent the enabling credit on which the employee’s personal current account relies on for funding.
Payroll payment processing requires employees’ payments credit their personal current accounts at the start of the required pay date, meaning just after midnight on the day before pay date, so that payment required for a Friday will credit shortly after midnight on Thursday.
High speed payroll processing ensures that the full cleared balance of the salary credit value is immediately available to the employee at the start of pay day.
CreDec is authorised as Payments Institution which means it does not hold customer funds. Where for any reason CreDec is unable to execute a payment for an employer customer, the funding balance is credited back to its customer’s linked bank account.
CreDec payment services do not require the funding of any second payment account in parallel to its customer’s principal business bank current account – but work from whichever linked bank accounts customers want to use.