Payments News

On The Web

nbsp;

Domains

Robinhood Plans Early-Deposit Feature That Rivals PayPal

“Robinhood Markets Inc. is working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings Inc. and Wealthfront Corp.  Work on the new service was discovered inside of a beta version of an upcoming update to the company’s iPhone […]
nbsp;

Domains

Revolut Launches Earned Wage Access Feature Payday in UK

“Revolut has announced the launched of a new ‘earned wage access’ product called Payday . Payday will allow employees at participating companies, for a “small, flat fee”, to access some of their wages as they earn them, rather than waiting for a fixed day to be paid on. People will only be able to withdraw […]
nbsp;

Domains

PayPal and Fiserv Partner to Allow Paycheck Deposits Into Venmo Accounts

“Getting gig economy workers to send their paychecks directly to a PayPal or Venmo wallet is one of the goals of a new partnership between PayPal and Fiserv announced Wednesday. As digital wallets become more popular, the deal between the two fintech companies is focused on giving consumers faster access to payouts and businesses new […]
nbsp;

Domains

‘It Lessens My Bills’: $500 Payments Tested in Upstate NY

“Annette Steele isn’t destitute or unemployed. But for a year she’ll be receiving $500 per month in no-strings-attached payments as part of an experimental universal basic income program in upstate New York…During the pilot program, funded by private donations, 100 county residents making less than $46,900 annually will get $500 a month for a year. […]
nbsp;

Domains

Taking Cue From Fintechs, Banks Warm to Early Direct Deposit

“A small number of banks have begun offering early direct deposit — a move that will cost them revenue in the short run but could help them preserve market share and strengthen their public image over the long term. This service, which is sometimes called early pay, lets customers access their paycheck a day or […]

On The Wires

nbsp;

Deals

InComm Payments Invests in Instant Financial, Establishes Strategic Partnership Supporting Earned Wage Access | InComm

“InComm Payments , a leading payments technology company, today announced that it has made an undisclosed investment in Instant Financial , a leading provider of fee-free earned wage access (EWA) solutions. Established in 2015, Instant is a financial wellness company that helps employees bridge the gap between workday and payday by allowing them to access […]
nbsp;

Domains

New payment tool for flexible workers in the gig economy

“ABN AMRO is introducing a new instant payment service that makes it easier for flexible workers to decide themselves when their invoice is paid once the work is done. This shortens the time between when the work is delivered and payment for their services from a number of weeks to one second. Freelancers have complete […]
nbsp;

Deals

Clair Closes $15M Series A Led by Thrive Capital

“Clair, a social impact, embedded fintech startup transforming how America’s hourly workers get paid, today announced the close of a $15 million Series A funding round led by Thrive Capital , a firm that has been a part of building and investing in many of the top technology companies of the last decade. This brings […]
nbsp; nbsp;

Domains

Fiserv Enables Employers to Make Every Day Payday Via Money Network Payroll Cards

“Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, announced today that businesses leveraging Money Network ® electronic payroll delivery services from Fiserv can provide employees early access to their wages. This increasingly in-demand benefit, known as earned wage access (EWA), is being made available through Money Network prepaid payroll […]