Paychex Wins 2021 BIG Innovation Award for Real-Time Payments

Paychex, Inc., the HR technology company providing the power of simplicity to businesses managing increasingly complex workplaces, has been recognized by the Business Intelligence Group as a leader in real-time payments (RTP), earning a 2021 BIG Innovation Award.

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Last May, Paychex became the first HR solutions provider to offer RTP, allowing businesses to immediately deliver pay to their employees. Leveraging The Clearing House RTP® network, available 24/7/365, RTP gives businesses using Paychex a new level of freedom and flexibility with bank operating hours no longer constraining when employees are paid.

“An update to the traditional bi-weekly pay cycle has been long overdue to meet the evolving needs of today’s workforce. Through RTP, employers can now run payroll when it is convenient for them, and employees don’t have to wait to be paid for time worked,” said Tom Hammond, vice president of Corporate Strategy and Product Management at Paychex. “Through RTP, Paychex is providing our clients with the ultimate level of payroll flexibility at a time when cash management is one of the most critical issues facing many businesses and their employees. We’re proud to be recognized by Business Intelligence Group for this advancement in technology that’s helping to quickly and effectively move funds in a time of financial hardship for so many.”

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The increased level of flexibility offered by real-time payments becomes essential when employers need to make payroll adjustments due to time-sensitive or emergency situations, such as those introduced as a result of the COVID-19 pandemic. In the months since launch, $125 million in payments and more than 85,000 transactions have been sent in real-time payments, helping ensure instant access to payroll funds at a time when they are critically needed.

Organizations from across the globe submitted their recent innovations for consideration in the BIG Innovation Awards. Nominations were judged by a select group of business leaders and executives who volunteered their time and expertise to score submissions.

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