Payments Hub
Employee, third party and contractor payments made simple.
What is the Payments Hub?
The Payments Hub helps you manage and execute payments across the world from one place. It brings employee, contractor, third-party and statutory payments into one workflow, with file generation, approvals, payment execution and consolidated reporting all in one location.
Paying your workforce in every country becomes simpler with support for multiple banks, payment organisations and 140+ currencies managed in one location. The Payments Hub is configured per payroll for each payment organisation, currency and payment type, enabling your business to optimise each payments channel.
How IPPEX Solves Global Payroll
The Payments Hub removes common global payment pain points by simplifying processing through a single hub. With tailored routing and multi-channel support, transaction costs can be reduced and global payments become easier to manage.
Multiple local payroll providers produce multiple file formats that are difficult to manage. With the Payments Hub, all data is aggregated to reduce the need for multiple file formats, enhancing the simplicity of management.
For global payments to be made and files to be generated, bank details and data are often distributed across local payroll systems. Payments Hub reduces this security exposure through controlled access and secure data transfer.
Statutory payments have been difficult to track in the past. With one platform, payments with different due dates can be managed in one schedule, supporting accurate on-time payments.
Manual intervention can cause unforeseen payment errors. With important payments being processed across the globe, accuracy is vital. Using one platform reduces the risk of inconsistencies or errors, improving efficiency and accuracy.
What is the Payments Hub?
Import – Payment values from local payroll teams are imported into the platform, collating data from across the world for centralised management.
Validation – The platform validates country and bank requirements, meeting regulations and receiving data to fulfil all appropriate fields for countries and payment types.
Generation – Bank and payroll files can be generated with ISO 20022 XML file standard data formats for payments.
Approval – Roles, permissions and visibility are assigned to users in the platform, allowing for strong audit trails to be created for accountable management.
Tracking – Reporting is available for all regions across defined pay periods, providing full visibility of historical payment data.
Unmissable Benefits
Lower transaction costs – Payment routing is now tailored through preferred banks, and configured by the relevant payroll, currency and payment type. One platform for global payments means lower costs on global transactions.
Control and auditability – Reporting is detailed with the information that you want and need to see. Payment history provides a full audit trail on approvals and payments over your chosen pay period.
Security – Sharing of protected or sensitive data is reduced, creating a more secure approach to global payment management.
Global readiness – The Payments Hub is compatible with all 140+ currencies, spanning across 200+ countries and territories.
File standards – Payments Hub provides ISO 20022 XML support to guarantee standardised data for financial transactions which ensures we can work with any banking organisation.
The Payments Hub Does the Hard Work
Payments Hub provides the ability to carry out every global payment task with precision and accuracy, removing manual work that can introduce avoidable errors.
Payment Types
Global payments for payroll needs are covered regardless of the scenario. Extending beyond standard salary payments, bonuses, allowances and expenses are taken care of.
Third-party and statutory payments are integrated into the technology, so you’ll be able to make country-specific tax, social insurance and pension payments globally regardless of their due dates.
Multi-Channel Payments
More than one payment route or provider can be supported at the same time. This allows you to use existing in-country banks, chosen providers and alternate by payroll and currency. This matters because it can result in lower fees, avoid provider lock-in and offer more control by payment type or country.
Data & Integrations
The Payments Hub imports payroll and payment data so it knows who to pay, and how much. By receiving payroll output data from each country, this eliminates the need to replace local payroll engines, as teams can continue to use local systems with payments being managed centrally in one hub.
Payroll calculation journeys are made simpler, with datasets enabling payment values to be derived to present better validation and improved flexibility in reporting where it varies by country or provider.
Governance & Controls
Workflow, approvals and segregation of duties can be monitored and managed through the Payments Hub, improving efficiency. User groups can be permitted to view and action certain tasks, so the right users can conduct vital payroll and payment tasks. With a strong audit trail and history by pay period, teams can take accountability for tasks and performance.
Staying Secure and Compliant
By using the Payments Hub, you’ll benefit from data minimisation. Not needing to share banking data between teams, more secure processes reduce the risk of fraud, keeping everyone safe.
With advanced controls in the Payments Hub, you’re able to gather detailed audit trails, history of approvals and grant role-based access, so every part of your team can safely carry out their designated roles.
We commit to deliver on ISAE 3402 requirements, remaining transparent on how our services are run, how our security is organised and how we work to provide strong internal controls to manage risks.
The IPPEX team provide SOX support for your controls, prioritise GDPR compliance and are ISO 27001 certified to protect data confidentiality.
Who Can Use the Payments Hub
Global Payroll/HR Operations – With fewer handoffs throughout payroll processes, efficiency is improved and the number of possible errors are reduced.
Treasury – Visibility for funding is improved, with optimisation for FX to reduce risks, costs and inefficiencies with global payments and conversions.
Finance Controllers – All payments can be more carefully monitored and tracked, with detailed audit trails and support with reconciliation.
Provider Teams – Standardised processes are applied across countries, centralising information for simple management.
How Reporting and Reconciliation Works
Reporting and reconciliation are simplified with the Payments Hub. Funding reports can be generated and sorted by currency or date for easier viewing and understanding of data.
Pay-period summaries can be generated with global data in an aggregated format for simple viewing, understanding and analysis. You can more easily understand company-wide payments using pay-period summaries, taking variations of data formatting into a singular report to save time.
Third-party schedules can be adhered to. This allows for completion of country-specific, non-employee payroll payments that all have different due dates. The third-party schedules can breakdown what payments are due, to whom, in which country, when and their status.
Exception reporting shows what items need urgent attention, and what has moved outside of expected flow. Failed payments, changed records and missing approvals can all be highlighted to ensure nothing has been missed. This removes delayed payments, possible fraud and clearly states what needs to be reviewed before deadlines.
Payments Hub - FAQs
Can we keep our existing banks/FX providers?
Yes. The Payments Hub is a multi-channel platform that is configured to use the most optimal routing for efficient process and low transaction costs.
How do you handle split payments, fixed exchange rates and agreed rates?
The core benefit of the Payments Hub is that all complexity is automatically managed without the need for manual intervention. This means that split payments, fixed exchange rates and employee pre-agreed payments are all supported.
How do you manage bank detail changes and history?
The Payments Hub holds all current and historic employee bank and address details with dates, so you can always view when and where payments were made. There’s also an integration capability that can capture any changes to bank information automatically.
What data do we need to integrate from payroll or HCMs?
At a minimum, employee payment values per pay period will need to be imported, including third-party values such as tax and pensions. The Payments Hub can calculate gross-to-net values from payroll data, also using HCM integrations to capture employee reference and banking information.
How do approvals and segregation of duties work?
Assigned users and user groups are attributed privileges to perform tasks such as payment approval and funding processes. By determining who can perform which tasks for which payrolls, this supports a clear segregation of duties based on roles and access.
Ready to get started?
Ready to transform your global payments and payroll processes? Contact the IPPEX team to have your questions about Payments Hub answered, or to book a demo.