Today in B2B payments, LogicSource explores the strategic role of procurement, and Virgin Money teams up on business lending. Plus, Lano discusses cross-border payroll, Fiserv launches earned wage access tool for employers and Pacific Western Bank creates a virtual commercial card.
Global payroll is a compliance and logistical headache, leading payroll innovators to focus on tackling back-office friction. But in an evolving workforce, Lano CEO and Co-Founder Aurel Albrecht says technology must be able to offer a better experience for employer and talent alike.
Fiserv announced that companies using its Money Network electronic payroll delivery services can offer staffers early access to their wages. The earned wage access (EWA) benefit is being made accessible through Money Network prepaid payroll cards via connected functionalities from Instant Financial, according to a Thursday (April 29) press release. Dom Morea, senior vice president and head of Prepaid at Fiserv, said in the release that the capacity to provide quicker access to wages and tips can very much set firms, governments, franchises and different kinds of employers apart from others, noting that these employers are challenged with attracting and keeping workers in the digital-first world of the present day.
Pacific Western Bank (PWB) has announced a new partnership with Extend, which will help launch a virtual Mastercard commercial credit card solution, a press release said on Thursday (April 29). PWB will now be the first bank to roll out such a simplified solution for payments processing in a white-labeled app available through both the Apple App Store and Google Play. “Launching a virtual card solution is a critical step in our ongoing effort” to provide a premier digital banking experience, said Mark Yung, chief operating officer at PWB. “Pairing enhanced security and a handy mobile app to manage and track payments, we are delivering our clients greater control over their payment processing needs.”