Payments platform Banked is teaming up with freelance career service UnderPinned to launch a new automated payment service supporting businesses to eliminate the time they spend paying contractors.

The commission-free service is aiming to reduce the average time that it takes to pay a freelancer from 3.5 minutes to 30 seconds, marking an 86 per cent increase in efficiency of payments.

The system is also designed to remove the possibility of incorrectly entering payment details, and can be used by any business which employs freelance workers or contractors, using UnderPinned’s Virtual Office platform.

Underpinned, founded in 2019, is marketed as a one-stop solution for the freelance economy from proposals to payments. The company aims to tackle the lack of infrastructure and support that exists for the UK’s two million freelance workers and it recently launched a full paid-for service.

Albert Azis-Clauson, chief executive and founder of UnderPinned, said: “The number of people choosing freelance work has grown rapidly in recent years, but the infrastructure that supports this type of employment has failed to keep pace with the trend.

“One area where this is most evident is in payments – the traditional process of paying an invoice for a freelancer is extremely clunky and time-consuming and that’s we’ve decided to launch this new service.”

Brad Goodall, chief executive and co-founder of Banked, said: “Our new partnership with UnderPinned helps freelancers and businesses save a huge amount of time and, ultimately, money – it provides a new way of paying invoices that will transform the freelancer experience.”

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