Deel, a global payroll and compliance solution provider, has launched Instant Card Transfer to make contractor payments faster and simpler.
The company collaborated with UK-based fintech Paysend for its latest feature.
Instant Card Transfer will allow contractors in certain countries to get paid immediately and directly to their bank accounts using their Mastercard or Visa cards.
For this, the contractors need to provide their complete name and bank card number to the businesses.
Deel noted that 90% of the transfers will arrive within 15 seconds.
Initially, contractors in Georgia, Ukraine, Belarus, the Philippines, the Dominican Republic, Honduras, and Kazakhstan, where the currency exchange and international payments are often said to take longer than usual, will be able to access the new feature.
Deel also plans to extend the new payment method to more contractors across the world.
Deel COO Dan Westgarth said: “Hiring globally shouldn’t come with limitations, and that means it shouldn’t be difficult to pay contractors in certain countries.
“We’re really excited to enhance Deel’s contractor experience by providing instant and reliable transfers, particularly in this new world of cross-border work.
“We are thrilled to be able to partner with Paysend. It’s an important milestone in helping businesses hire anyone, anywhere.”
The quick payment solution aims to “level the playing field” when it comes to hiring and paying across the globe, noted Deel.
This has been developed targeting the contractors working with international companies, who often struggle with slow and legacy cross-border payment solutions.
Using the instant card transfer, companies can now make payments right to the contractors’ bank account.