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 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. It represents the enabling credit on which the employee’s personal current account relies for funding.
Payroll payment processing requires the employees’ personal current account to be credited at the start of the required payment date. This means just after midnight on the day before the pay date. For example, payment required for a Friday will credit shortly after midnight on Thursday.
High-speed payroll processing ensures the full cleared balance of the salary credit is immediately available to the employee at the start of payday.
CreDec is authorised as a Payments Institution which means it does not hold customer funds. If for any reason CreDec is unable to execute 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. Other payment services occasionally require a current account in parallel to its customer’s principal bank account. CreDec work from whichever linked bank accounts customers want to use.