Payments News

On The Web

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Domains

CFPB Clarifies Some Early Wage Access Products Aren’t Loans

“Early wage access programs that allow people to receive their earnings before payday are not loans or credit products if there are no attached fees, the CFPB said. The Consumer Financial Protection Bureau’s advisory opinion Monday enables some early wage access programs—used by companies to allow employees to get cash advances before a pay period […]
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Domains

Andreesen Horowitz-backed Deel launches crypto payroll tool

“A payroll platform which has drawn in $44 million in venture capital funding during the pandemic has unveiled a new tool to allow remote workers to be paid in cryptocurrency.Deel, which supports remote workforces with payroll and compliance, says the new tool will enable international workers to be paid in bitcoin, ether, or XRP — […]
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Domains

Private payroll growth slows in October, well below expectations

“Private job creation showed a sharp deceleration in October as the U.S. economy struggled against a resurgent coronavirus pandemic, according to a report Wednesday by ADP. Companies added 365,000 positions for the month, well below the 600,000 estimate from a Dow Jones economist survey. That was the lowest reported gain from ADP since July.”
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Domains

Pandemic creates big audience for wage access fintechs

“The pandemic has unleashed a boom in US fintech start-ups offering workers early access to their wages, even as questions mount about the impact their business models have on consumers.  So-called earned wage access programs vary in nature, but usually offer workers the option to receive some of their wages outside of the two-week pay […]

On The Wires

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Domains

PayActiv Becomes First And Only CFPB-Approved Earned Wage Access Provider

“The Consumer Financial Protection Bureau today issued a groundbreaking approval order (Approval) confirming that Payactiv’s Earned Wage Access (EWA) Program is not credit and therefore is exempt from the federal Truth in Lending Act (TILA) and Regulation Z rules governing creditors.   Specifically, the Approval notes that a Payactiv EWA user does not create a debt […]
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Domains

Deel Becomes a Market Leading International Payroll Company

“Fueled by the current environment, companies are realizing the benefits of remote work. This significant shift can not only improve employees’ quality of life, but also help companies access a larger pool of talent, while curbing operational costs. As an international payroll and compliance company, Deel is well prepared to support this trend and is […]
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Deals

Truework Secures Funding From American Express Ventures

“Truework , the consent-based identity platform that gives consumers control over their personal and professional information, today announced new funding from American Express Ventures , the strategic investment group of American Express. Amex Ventures joins Activant Capital, Sequoia Capital, Khosla Ventures and other participants in Truework’s Series B funding, announced in May 2020.”
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Deals

Say Hello to Finch — The Universal API for Payroll and HR

“Payroll and HR systems are one of the last business systems without modern API infrastructure, yet they are critical to the operations of every business. These systems serve as the source of truth for employee records, organizational structure, and crucial fund flows. Many industries depend on accurate employee and organization data — from accounting to […]
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