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 [

http://www.cloudpay.com/?utm_campaign=2022-Mktg-Press-Release-Jan-Dec&utm_source=Website&utm_medium=Press%20Release&utm_term=Visa

] 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