PayPal and UKG Partner to Streamline Payroll Access for U.S. Employees
Hey FinTech Fanatic!
PayPal and UKG, a prominent provider of HR and payroll solutions, have announced a strategic collaboration aimed at simplifying payroll access for U.S. employees.
Through this partnership, employees whose pay is processed via UKG Pro can now effortlessly set up a PayPal Balance account and opt for PayPal Direct Deposit directly through their employer's payroll portal.
This integration eliminates the need for manual entry of routing or account numbers, allowing employees to seamlessly direct some or all of their paycheck into their PayPal account. Additionally, employees may benefit from early access to their payroll funds—potentially up to two days in advance.
Beyond direct deposit, employees can take advantage of PayPal’s extensive suite of financial services, including the PayPal Debit Mastercard, which offers cashback on eligible purchases. Other features include the ability to send money to friends and family, earn rewards, and access high-yield savings accounts.
This collaboration marks a significant step in the digital wallet space, aligning with the growing consumer preference for quick, secure payment options. With over 200 million active PayPal accounts in the U.S., this partnership is poised to enhance financial management for a large segment of the workforce.
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#FINTECHREPORT
📱 Stripe’s payments APIs: The first 10 years
Michelle Bu breaks it down for us:
🔸 Supporting card payments in the US (2011-2015)
🔸 Adding ACH and Bitcoin (2015)
🔸 Seeking a simpler payments API (2015 - 2017)
🔸 Designing a unified payments API (late 2017 - early 2018)
🔸 Introducing PaymentIntents and PaymentMethods (2018)
🔸 Launching PaymentIntents and PaymentMethods (2018 - 2020)
Explore the complete story here
INSIGHTS
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The states where they're at may surprise you:
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OPEN BANKING NEWS
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REGTECH NEWS
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DIGITAL BANKING NEWS
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BLOCKCHAIN/CRYPTO NEWS
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DONEDEAL FUNDING NEWS
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Other Key European FinTech Investment Stats:
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M&A
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MOVERS & SHAKERS
🇪🇸 Mangopay announced its new VP for Global Sales: Tristan Torres. Torres will assume the new position from the FinTech's offices in Madrid and his main mission will be to identify and leverage new business growth opportunities, while building and strengthening customer relationships, ensuring their permanence over time.
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🇺🇸 Mastercard plans to cut 3% of staff worldwide amid overhaul. That would work out to about 1,000 people, based on its reported employee count at the end of last year. Read the full article for further information
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