Business fintech firm Tide has announced that is it to release its first payroll service via its banking app in early 2021.
Tide Payroll will be HMRC compliant and will allow SMEs to conduct their payroll from within their Tide account with an all-in-one payroll service that will allow users to run payroll and pay employees through Tide. Members will also be able to process salary payments directly from their Tide account.
The company hope that small businesses will opt to pay its fees rather that having to pay for accountants or expensive payroll software.
The move by Tide comes on the back of proliferating competition in the digital payments market, in which companies such as Revolut and Monzo also recently announced new paid features for their payment apps in order to keep up with rivals.
Revolut announced its new service Revolut Plus on Wednesday, whilst Monzo launched is premium service Monzo Premium back in October.
Tide will team-up with specialist pay-roll platform KeyPay to provide its new service.
Oliver Prill, Tide CEO said: “Tide’s mission is to save small businesses time (and money) on their banking and admin. Tide Payroll is the ultimate manifestation of that mission. By adding a payroll service to the Tide platform we will streamline a time consuming task for our members, freeing them up to focus on growing their businesses.”
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