Business enterprise software solutions provider Sage has moved to optimise its accounts payable and payroll management functions with fintech incumbent Modulr.
Launching two new components within Sage Accounts named ‘Sage Salary’ and ‘Supplier Payments’, the partnership will enable businesses to better manage workforce payroll processes and supplier payment functions.
Sage Salary and Supplier Payments will enable business owners, payroll managers, accounts payable administrators, payroll bureau and accountants to securely process payments directly from Sage Business Cloud Accounting and Sage Payroll products.
Presenting the partnership, Sage and Modulr highlight new dynamics and opportunities being developed by businesses taking up open banking frameworks.
Executive Vice President Global Payments & Banking at Sage, Seamus Smith said that using the automated solution will rid of any human error – such as risks to sensitive payment data.
Smith commented: “Being able to pay employees and suppliers on time is an essential part of modern business.
“By enabling our SME customers and accountant partners to automate vital financial processes directly from our products, we can exceed their expectations.
“Modulr brings significant industry expertise that offers us the opportunity to expand the capabilities of our solution with new functionality and geographies, together with specific support for the development of our partner channels.”
Sage’s accountant and payroll bureau partners will be able to benefit from delegated service access – allowing the accounting practice to control and manage payments processing on behalf of their clients.
Smith explained: “Customers and accountants will further benefit from real-time visibility of payments, seamless reconciliation of payment data into Sage’s Accounting and Payroll products and role-based access controls, meaning that they can track and manage a full audit trail of activity pertaining to outgoing payments, which will give them full control of a crucial part of their business.”
The partnership aims to improve the payments offerings available to small and medium-sized enterprises (SMEs); whilst helping businesses to save time on administrative processes, improve data security and reduce costs.
Both companies hope the launch of this solution will help bring more innovation and competition to the UK SME banking and payments market.
Myles Stephenson, Chief Executive of Modulr, added: “Our Payments as a Service API platform enables our partners to quickly and easily integrate new payment services into their core products.
Our innovative partnership with Sage will enable SMEs to address the significant burden created by existing inefficient payment processes. Our fully integrated service provides a fast, easy and reliable alternative to processing payments via traditional business and corporate banking.”
Sage Salary and Supplier Payments are now available to existing Sage Payments customers.