Employee pay provider CloudPay has collaborated with payment giant Visa to improve the speed of payroll payment cycles.
The two companies launched a new payment method that enables salary payments direct to employees’ debit or credit cards, tapping Visa’s real-time push payment platform Visa Direct.
Visa Direct utilises the payment provider’s global network to facilitate fast digital payments globally. It also offers security and compliance controls.
Pay-to-card transactions are carried out through Visa Direct to any 16-digit debit or credit card number (PAN).
Visa Direct’s single point of connection is claimed to help employers send out payments faster to employees.
Moreover, employees can use CloudPay NOW, an app connected to Visa Direct, to make pay-to-card payments from their earned wages, before their salary is credited.
CloudPay CEO Paul Bartlett said: “I think global organisations will jump at the chance to transform treasury processes with new digital payments, because the time and efficiency savings for treasury and payroll are nothing short of dramatic.
“And progressive employers looking for ways to improve employee experience, are becoming interested in earned wage access, and the opportunity to offer this benefit globally with CloudPay NOW.”
Visa Direct Europe head Nicky Alexander said: “Enabling solutions that help workers access their paychecks faster through EWA and payroll solutions is more vital than ever. This is why our partnership with CloudPay is so important.
“We are delighted Visa Direct is now supporting businesses in their efforts to enhance their payroll systems and enable on-demand payouts for their workers.”
Last month, UK-based fintech Sokin partnered with Visa to launch its global currency account and debit cards in Asia Pacific markets.