Deel, the global payroll and compliance solution, has announced the launch of its latest feature, Instant Card Transfer.
Through an innovative partnership with Paysend, the UK-based fintech with over seven million customers, Deel is able to offer contractors in certain countries the option to get paid instantly and directly to their bank accounts, with Instant Card Transfer.
In the past, it’s been common for contractors to have to wait up to seven working days to receive their money, get charged sky-high SWIFT fees for cross-border payments, or risk payment failures due to transfer issues between intermediary banks or other third-party solutions. This can also create headaches for employers, who have to navigate a complicated, and often fragmented, payment process that can take up unnecessary time and resources.
Instant Card Transfer removes that hassle by giving contractors an easy way to access their money when they need it, without unnecessary delays, costs or uncertainty around when their salaries will hit their bank accounts. Deel is initially rolling this feature out in Ukraine, Belarus, Georgia, Honduras, Philippines, Kazakhstan, and the Dominican Republic, where currency exchange and international payments often take longer than usual.
The simple process making life easier for contractors
To use Instant Card Transfers, contractors simply need to supply their full name and bank card number, and businesses will be able to pay them instantly, and directly to their bank accounts using Mastercard or Visa rails. This reduces uncertainty around payday, and eliminates SWIFT and/or intermediary bank fees. 90 per cent of transfers arrive in 15 seconds or less.
Dan Westgarth, COO at Deel, said: “Hiring globally shouldn’t come with limitations, and that means it shouldn’t be difficult to pay contractors in certain countries. We’re really excited to enhance Deel’s contractor experience by providing instant and reliable transfers, particularly in this new world of cross-border work. We are thrilled to be able to partner with Paysend. It’s an important milestone in helping businesses hire anyone, anywhere.”
Ashley Mallett, head of business at Paysend, said: “The dual benefit of Paysend’s proprietary technology and its connectivity to major international card networks like Visa, Mastercard as well as local payment systems means that companies like Deel can provide their customers with instant payouts to over 170 countries through the Paysend payments ecosystem. It’s a privilege for us to partner with Deel and provide a technology solution that helps to scale their global payroll product. Through this partnership we are creating frictionless and borderless payouts, meaning that businesses can disperse funds instantly, anytime and anywhere.”
Creating equal opportunity across the globe
Deel has launched Instant Card Transfers to help make paying contractors easier, and to level the playing field when it comes to hiring around the world. The company believes that geographic location shouldn’t limit where companies hire, and that top tier talent shouldn’t be limited because of complex payment processes.
It’s just one of the many ways that Deel is breaking down hiring barriers internationally. Recently, Deel’s mobility team forged a partnership with the UAE government to fast-track their tech visas to more people, and acquired Legalpad to connect employers with talent around the world.
Thanks to the partnership with Paysend, contractors in Ukraine, Belarus, Georgia, Honduras, Philippines, Kazakhstan, and the Dominican Republic now have an easier way to access their pay. Deel has plans to roll out this withdrawal method to additional markets in the coming months.
Image and article originally from thefintechtimes.com. Read the original article here.