Global pay provider CloudPay partnered with Visa to reduce payroll payment cycles from two to three days to a few seconds, according to a joint press release on Tuesday (March 15).
The digital payment approach makes salary payments to employees’ debit or credit cards through Visa’s real-time push payment platform, Visa Direct. The transactions are made through Visa Direct to any 16-digit debit or credit card number, for employees who choose that option rather than having the money sent to their bank accounts.
“Enabling solutions that help workers access their paychecks faster through EWA and payroll solutions is more vital than ever,” said Nicky Alexander, head of Visa Direct, Europe, in the company press release. “This is why our partnership with CloudPay is so important.”
CloudPay also offers a global FinTech mobile app that’s connected to Visa Direct. Employees can use the CloudPay NOW app worldwide to make pay-to-card payments from their earned wages before payday.
“I think global organizations 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,” said CloudPay CEO Paul Bartlett in the company press release.
“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,” he said.
Related: CloudPay Sees Hike In Demand For Treasury Services, Nets $58M In Funding
In August, CloudPay raised $58 million in a fundraising round that it slated for building up its employee pay solutions.
Last year, CloudPay saw a spike in demand for its treasury services and a desire among its customers to consolidate more of their pay operations onto CloudPay’s platform.
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