Why do I need to update the employees bank information?

When employees enrol onto Wagestream, you will be asked to update their high street bank information with a unique Wagestream generated bank account. Why? Well, this is where Wagestream is unique in the market!

Wagestream does not impact your current payroll process meaning your teams do not need to worry about additional deductions to employees Gross Salary or complex minimum wage calculations.

How does Wagestream ensure the employee is paid the correct amount?

Wagestream will intercept the employees Net salary when it is paid to them via the normal process (BACS or faster payments). It will then perform a reconciliation against any streamed wages and pass on the remainder to the employees high street bank account. This all happens in a fraction of a second!

The payment will still appear from you, the employer, in the employees bank statement. We will work with you to ensure all of the legal entities you pay from are correctly captured during the implementation phase.

How does Wagestream intercept the employees salary?

As part of the enrolment process you, the employer, will be asked to update the employees banking information with a unique Wagestream bank account. You will also tell us what the employees high street bank account is. This means on payday you will first pay the employees salary into their Wagestream bank account, Wagestream then transfers the employees salary into the employees high street bank account.

What are Wagestream bank accounts?

The accounts are electronic money accounts and are provided by regulated Electronic Money Institutions (EMIs). The EMI holds an e-money license from the UK's Financial Conduct Authority and must comply with the rules on capital and safeguarding as set out in the Payment Services Regulations 2017 and Electronic Money Regulations 2011.

All accounts are registered with the Bank of England and are owned by you, the employer. Each Wagestream user will have their own unique Wagestream bank account number.

Wagestream accounts cannot be used like normal bank accounts. This means no internet banking, direct debits or online banking. These accounts do not hold funds except for when the employees net salary is deposited into them whilst any Earned Wage withdrawals are being automatically reconciled.