First payroll system with financial wellbeing and banking capabilities launches today

A new payroll app called PayCaptain has been launched to put employees in control of their pay including tools and guidance for financial wellness.

PayCaptain, which has been piloted since the summer, also helps employers innovate with the latest technology and banking. It combines payroll, banking and wellness tools, allowing employers to support and empower their employees to take control of their finances to achieve greater financial wellbeing. It enables companies to be more strategic and creative in rewarding and paying their employees.

Yapster, the workplace messaging app, goes live this month with PayCaptain. Rob Liddiard, CEO of Yapster, said: “We’re excited by PayCaptain’s vision to turn pay from a functional, routine process into a driver of empowerment and engagement. PayCaptain will run as a “Yapplication” within our own app, so that soon all Yapster users will be able to plan income and spending, work with PayCaptain’s banking services and get financial guidance easily”.

PayCaptain supports employees in a unique way. It has a personalised education feature to build financial resilience as well as smart AI chatbots to guide employees about their payslip. Any queries that can’t be helped by AI are seamlessly transferred to a company-branded payroll team. An employees’ earnings can be split between multiple bank accounts, perhaps to cover savings, bills and day to day living. PayCaptain Personal and Savings Accounts can also be opened from the app and company-branded Visa debit cards can be issued. It has a Money Planning Tool to plan income and spending in one place, plus employees can access accrued earnings for free with a pre-planned automatic weekly advance of up to £200 a week.

For employers, PayCaptain has compliance and resilience at its core. It combines payroll, banking capabilities and wellness tools, allowing employers to support and empower their employees to take control of their finances. It embraces open banking, modern messaging and faster payments – removing the need for BACS. PayCaptain is an automated payroll process and outsourced payroll bureau service which can replace or enhance legacy payroll and payment processing systems. It allows the complete payroll process to be on brand and aligned with company values.

Simon Bocca, CEO and Founder of PayCaptain, explained:

“PayCaptain has been developed with the latest technologies to radically improve the payroll process for employers and employees. It puts employees in control of their pay which supports financial wellbeing and reduces the negative effects of financial stress in the workplace. Almost eight in ten UK employees take their money worries to work, affecting their performance, according to the Close Brothers Financial Wellbeing Index so it’s no surprise that the negative effects of financial stress can impact the employer too.

“Payroll is such an important part of peoples’ lives, yet employers and employees have been using the same payroll mechanics for years. Legacy technology isn’t good enough for today’s needs. We want to give people control over the money they earn, creating a way for payroll to be on-company brand and in line with their values, just like so many other elements of the employee experience.”

Stuart Hall, non-executive director of both PayCaptain and The Chartered Institute of Payroll Professionals, said:

“PayCaptain is breaking the payroll trend, introducing new ideas and ways forward that haven’t been seen before. It not only means employers can simply keep up with legislative changes, it will elevate the payroll process. Indeed, it means payroll people can help the financial wellbeing of employees too. Payroll professionals have been looking for new processes for years and PayCaptain is ready to challenge the market.

“PayCaptain means the experience of paying people and getting paid has dramatically improved.”

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