Visa pilots a gig-worker payments app for large companies
As the faster-payments movement gradually increases the speed of transfers, the use cases for immediate debit push payments are becoming more specialized.
Visa is piloting a new service for larger companies with ERP systems to rapidly deliver payments to gig workers, according to a Tuesday press release. The new offering builds on the Visa Direct push payment service.
Visa's new Card Payouts app enables mid- to large businesses to deliver wage and reimbursement payments to temporary or contract workers through fintechs, treasury banks and other financial institutions, the release said.
The service works through treasury banks that use Oracle’s NetSuite Banking as a Service program, with Visa guaranteeing payment to gig workers’ eligible debit cards within 30 minutes, Visa said in the release.
The cloud-based service builds in risk authentication and fraud mitigation through VisaNet, according to the release.
“With Visa Direct and the new Card Payouts app, we are supporting a solution to mobilize treasury bank activities for card payouts and meet the ‘need it now’ expectations of our industry,” said Scott Derksen, senior director of business development for NetSuite, in the release.
Visa plans to roll the service out more widely in the fall of 2019, according to the release.