New data standard set to unite payroll and credit unions
04 November 2015
The new data standard was announced today by the CIPP at the CIPD's Annual Conference and Exhibition.
The innovative scheme will allow an individual’s core credit union data to be processed via their payroll department so that credit union deductions can be made from their payroll. This will allow individuals to save or borrow through their payroll and see the deductions in their payslip.
Lindsay Melvin, CEO of the CIPP, said: “After speaking to credit unions, we noticed the key problem was the handover of data which led to payroll departments highlighting the amount of complex work required to set up employees with a credit union at work.
“This new data standard radically reduces the work involved and makes the whole process more streamlined and efficient. Our new data standard will also bring employers and credit unions closer and helps support and verify credit unions as viable saving and borrowing alternatives.”
The format for the standard will be a .CSV file (Comma Separated Values). This format has been chosen to enable ease of transition from payroll systems to credit unions via an Excel spreadsheet – ensuring formatting is kept the same whilst reducing errors.