ClearBank has teamed up with PayCaptain to enhance real-time salary payments for over 50,000 employees spread across ClearBank’s network of corporate clients.

PayCaptain is a UK-based cloud-native software focused on financial wellness and payroll services. The company offers solutions such as Open Banking, AI chat, pension balance visibility, and payroll savings to replace traditional payroll and payment processing systems and to enhance the overall payroll function and employee experience.

Real-time payroll payments and embedded savings accounts

As part of their partnership, PayCaptain acts as ClearBank’s embedded banking partner in the corporate sector. This collaboration underscores ClearBank’s commitment to providing financial services where they are needed most within various industries.

In light of the fact that 23% of UK adults have savings less than GBP 200, according to Finder, and one-sixth have no savings at all, individuals often turn to expensive options such as loans, overdrafts, and credit cards for financial emergencies.

To address this challenge, PayCaptain is introducing an embedded savings service within its corporate client base. This service utilizes ClearBank’s technology to allow employees to save a portion of their salaries directly into protected savings accounts through the PayCaptain mobile app.

ClearBank’s secure Embedded Banking platform ensures that these savings earn competitive interest rates while being FSCS-protected. The objective is to empower individuals to manage their earnings more effectively and take control of their financial futures.

This embedded banking partnership marks ClearBank’s first move into a new customer segment, highlighting its ambition to offer diverse services at scale. By working with PayCaptain, the bank has developed an innovative system that modernizes salary payment options for corporate clients, providing them with secure, real-time banking infrastructure.