CloudPay, global employee pay provider, has partnered with Visa to reduce payroll payment cycles.
The new digital payment method makes salary payments direct to employees’ debit or credit cards using Visa Direct, Visa’s real-time push payment platform. Visa Direct leverages the payment provider’s global network to facilitate fast digital payments worldwide, with security and compliance controls.
CloudPay said this means after completing a customer’s payroll cycle, it can now make salary payments in seconds rather than days. 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.
Paul Bartlett, CloudPay CEO, 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.”
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