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Paysend and Transformify Launch On-Demand Payroll Services

British fintech Paysend and payroll platform Transformify have teamed up to provide seamless payroll on-demand payments for contractors and vendors

Paysend and Transformify Launch On-Demand Payroll Services

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Paysend, a British fintech with over 7 million customers, announced a partnership with global payroll on-demand & vendor management platform Transformify, to help businesses better manage their payroll on-demand services.

The partnership will enable new payout-to-cards capabilities for Transformify’s business clients. From now on, they can pay their remote employees through the Transformify platform at a low cost. The payroll will arrive directly at employees’ Visa or Mastercard cards. The function is powered by the Paysend platform.

To avail of the new functionality, contractors need to supply their full name and bank card number, and businesses will be able to pay them instantly. This payroll on-demand process avoids incurring SWIFT and intermediary bank fees. Besides, 90% of transfers arrive in 15 seconds or less.

The new service will be particularly useful for international contractors, setting aside the complexities of using SWIFT, IBAN & routing numbers. It will be available to vendors and employees in over 184 countries.

Besides, the solution can help end consumers avoid more costly financial solutions, such as payday loans. Studies have found that nearly two-thirds of Americans live paycheck to paycheck, while freelance workers also face the most acute payment delays (up to two months). In situations like that, payroll on-demand is a lifesaver.

Paysend has also recently partnered with Purpl to extend money transfers to Lebanon, expanding its global payments ecosystem with convenient local remittance and cash out solutions.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.