Ceridian National Trust Bank Authorized to Open by the Office of Comptroller of the Currency
Ceridian (CDAY) announced the official launch of the Ceridian National Trust Bank on January 3, 2023, following authorization from the Office of Comptroller of the Currency (OCC). This move simplifies regulatory oversight for client money movement, previously subject to state and federal regulations. The new bank will enhance service for Ceridian customers by providing bankruptcy-remoteness protection for client funds, ensuring secure remittance to employees and tax authorities.
- Establishment of the Ceridian National Trust Bank streamlines regulatory oversight under a single federal agency.
- Provides bankruptcy-remoteness protection for client funds, enhancing security during payroll processes.
- None.
TORONTO and MINNEAPOLIS, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced that the Office of Comptroller of the Currency (“OCC”) has authorized the Ceridian National Trust Bank to open on January 3, 2023. Effective on this day, the Ceridian National Trust Bank commenced banking operations, acting as trustee for Ceridian’s U.S. payroll trust.
Historically, certain aspects of Ceridian’s U.S. client money movement activity have been subject to regulation at both the federal and individual state levels with resulting inherent complexity across multiple jurisdictions. With the establishment of the Ceridian National Trust Bank, regulatory oversight will now be under the OCC, a single federal government agency.
Ceridian’s payroll trust structure will continue to benefit Ceridian customers by providing bankruptcy-remoteness protection for client funds pending remittance to employees of our clients, tax authorities, and other payees.
About Ceridian
Ceridian. Makes Work Life Better™.
Ceridian HCM Holding Inc. is a global human capital management software company. Dayforce, its flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. The Dayforce platform is used to optimise management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organisations of all sizes. Visit Ceridian.com or follow us @Ceridian.
Media Contact:
Leslie Whitelaw
437.224.6993
Leslie.whitelaw@ceridian.com
