Deel launches Instant Card Transfer to make paying contractors quicker and easier
By Joy Dumasia
Deel, the global payroll and compliance solution, has launched its latest feature, Instant Card Transfer. Through an innovative partnership with Paysend, the UK-based FinTech with over 7m customers, Deel can offer contractors in certain countries the option to get paid instantly and directly to their bank accounts using their cards.
In the past, it’s been common for contractors to have to wait up to 7 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 needed, 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.
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. No more uncertainty around payday and no more SWIFT or intermediary bank fees. 90% 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.”
IBS Intelligence reported that Paysend, the UK-based FinTech which has over 7m customers, has partnered with Currencycloud, the experts in simplifying business in a multi-currency world, to expand the capabilities of Paysend Business.
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