Why do I need to update the employees bank information?

When employees enrol onto Stream, you will be asked to update their high street bank information with a unique Stream generated bank account.

Stream does not impact your current payroll process; - your Payroll and Reward teams do not need to spend time processing additional deductions to employees Gross Salaries or complex minimum wage calculations.

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

Stream intercepts the employee's Net salary when it is paid to them via the normal process (BACS or faster payments). Stream will then perform a reconciliation against any streamed wages or savings and pass on the remainder to the employee's high street bank account.

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 Stream 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 Stream 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 Stream bank account, Stream then transfers the employees salary into the employees high street bank account.

What are Stream 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 Stream user will have their own unique Stream bank account number.

Stream 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.