CloudPay Partners with Visa to Deliver Faster, Digital Pay Options
PR94974
NEW YORK and LONDON, March 15, 2022 /PRNewswire=KYODO JBN/--
CloudPay and Visa Direct enable fast, secure salary payments, taking days off
the traditional payroll payments process and introducing new pay flexibility.
Leading global employee pay provider CloudPay [
] today announced a new partnership with Visa to reduce payroll payment cycles
that typically take 2-3 days through banking systems, down to seconds. The new
digital payment method makes salary payments direct to employees’ debit or
credit cards using Visa Direct, Visa’s real-time[1] push payment platform. Visa
Direct leverages the payment provider's powerful, global network to facilitate
fast digital payments worldwide, with state-of-the-art security and compliance
controls.
After completing a customer’s payroll cycle, CloudPay can now make salary
payments in seconds rather than days. Pay-to-card transactions are made via
Visa Direct to any 16-digit debit or credit card number (PAN). Employees can
still receive salary payments as usual in their bank accounts, but the payments
arrive faster and more flexibly via Visa Direct’s single point of connection
rather than going through disparate systems.
CloudPay also offers a global FinTech mobile app connected to Visa Direct.
Employees use the CloudPay NOW app to make fast pay-to-card payments from their
earned wages, before payday, anytime, anywhere. Earned Wage Access (EWA) is a
low-cost, high-value benefit that enables employers to address new employee
expectations, specifically on-demand access to wages earned.
Launched in June 2021, CloudPay NOW is the only EWA solution that operates
globally. The first CloudPay NOW customer, a global luxury retail brand,
reported a 30% uptake by their employees after two months. The brand offers
CloudPay NOW as an employee benefit, to give on-demand access to wages that
have already been earned - in effect, choosing your own payday. Using the
mobile app, employees make instant salary payments to debit or credit cards,
24/7, without the limitations of banking hours.
CloudPay CEO, Paul Bartlett, said, “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. 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.”
Nicky Alexander, Head of Visa Direct, Europe, 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."
Checkout.com is the payment service provider that provides the secure
transaction processing of salary payments between CloudPay and the Visa
network.
“At Checkout.com [http://checkout.com/], we partner with innovators who wish to
embrace emerging technologies and develop new business models. Our close
integration with Visa Direct simplifies the complexities previously associated
with paying out to consumers and enables our merchants to make real-time
payouts globally through a single API. We’re proud to support CloudPay to
launch this new service and continue providing its customers with real-time,
innovative payroll solutions designed for the digital economy” said, Moshe
Winegarten, Head of Commercial UK and Ireland at Checkout.com.
Bartlett added, "By combining the end-to-end service of global payroll,
payments and earned-wage access, CloudPay continues to innovate the modern pay
experience for employers and employees. We are delighted to break new ground
with Visa Direct and look forward to continuing to do so."
For additional details regarding CloudPay NOW, please visit:
https://www.cloudpay.com/earned-wage-access
About CloudPay
Employee pay processes have broad business consequences, requiring modern
solutions and trusted experts. CloudPay is the only provider that guides global
companies with vision and care toward the comprehensive pay experience
employees deserve. CloudPay connects all employee pay processes – including
payroll, payments, and on-demand pay – through a unified platform, available
across 130+ countries. CloudPay's experts help companies implement best
practices, navigate change, optimize operations, and improve employee
experiences. To learn more about why over 1500 multinational companies trust
CloudPay with their global pay initiatives, visit www.cloudpay.com.
Note to editors: Trademarks and registered trademarks referenced herein remain
the property of their respective owners.
[1] Actual fund availability varies by receiving financial institution,
receiving account type, region, and whether the transaction is domestic or
cross-border.
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Media Contact:
Vickie Collinge
vickie@bluesky-pr.com
01582 790 705
Source: CloudPay
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