Canadian fintech Nuvei and CloudPay have announced a partnership that enables the latter’s customers to access more flexible payroll solutions.
Through its global reach, Nuvei will integrate its unified solutions to provide CloudPay customers the ability to make the payroll process faster through its salary payment solutions. Customers will also be able to push salary payment capabilities further through Visa Direct, reducing payroll times from days to 30 minutes or less.
CloudPay Strategic Initiatives Director, Nick Newman, said: “This partnership enables us to meet the growing global demand for innovative payment solutions that are transforming the end-to-end employee pay process and providing new ways of attracting and retaining talent.”
The rollout for customers of CloudPay has begun in the US and expansion into new regions, including Europe and APAC, is expected to launch “before the end of the year”.
Nuvei CEO, Philip Fayer, added: “We’re excited to be demonstrating yet another fantastic use case for our cutting-edge payments technology. Our mission is to enable our partners to offer a market-leading payments experience for pay ins and payouts, bringing businesses closer to their customers, or in this case employees.
“Enabling CloudPay to offer a transformative payroll solution is just the latest example of how our agile, customizable platform is revolutionising online payments globally.”
CloudPay data found that 95% of employees who use the CloudPay NOW app choose to use their debit card to receive salary payments because the transaction is instant and available 24/7.
Working alongside its partners, CloudPay is “elevating pay from an operational function to a business driver”, handing employers the opportunity to look for ways to elevate the employee experience.
Anastasia Serikova, Head of Visa Direct, Europe, concluded: “The next generation of global money movement is one where companies may soon say goodbye to the traditional, biweekly pay cycle.
“CloudPay and Nuvei are at the forefront of providing solutions that help workers access their pay faster. With Visa Direct, CloudPay’s clients can eliminate inefficiencies associated with traditional ways that employees are paid, and provide quick access to the money they’ve already earned.”