Visa and ADP Unveil Flexible Digital Payment Options to Serve U.S. Workforce

Rhea-AI Summary

Visa (NYSE:V) and ADP (NASDAQ:ADP) have partnered to provide a digital payment solution for off-cycle employee payments. This integration allows employers to bypass traditional check printing, enabling faster payments directly to employees’ debit cards. Bill Sheley of Visa emphasized the importance of quick access to wages, especially during COVID-19. The partnership aims to offer a cost-effective and convenient solution for both businesses and their employees, addressing the need for rapid payment options. This integration will be implemented over the coming months.

Positive

• Partnership enhances digital payment solutions for off-cycle employee payments.
• Employers can deliver payments directly to employees' debit cards, improving convenience.
• Solution addresses cost concerns for businesses while enhancing employee payment experience.

Negative

• None.

As COVID-19 continues to accelerate the shift to digital, more businesses and individuals are now operating in an on-demand world, driven by flexibility, convenience and speed. Digital payments play a critical role in this movement, particularly with regards to work, as employers look for optimized ways to conduct their business and employees look to get paid quickly, conveniently and securely.

Visa (NYSE:V), the world’s leader in digital payments, and ADP (NASDAQ: ADP), a leading global provider of Human Capital Management (HCM) solutions, today announced a partnership that will offer ADP’s clients, large and small, with a digitally-enabled, convenient and cost-effective solution for off-cycle payments to employees. By offering this capability, it reduces the need for employers to worry about printing and sending checks to pay workers and employees can forgo the extra step of depositing funds into their accounts.

“Now more than ever, it is critical for workers to have quick and convenient access to their wages and to get money into their hands when they need it,” said Bill Sheley, Global Head of Visa Direct, Visa. “Our partnership with ADP is another important milestone in Visa’s efforts to help reimagine the way workers get paid, both today and in the future.”

ADP’s integration of Visa Direct¹, Visa’s real-time² push payments platform, gives employers the ability to deliver digital payments directly to their employees via an eligible debit card. By enrolling in ADP’s Wisely^® Now Debit program, employers are providing the ability for employees to receive payments like off-cycle bonuses and reimbursements that occur between payday in a faster, and more convenient way.

“We are proud to expand our relationship with Visa,” said Mark Putman, general manager, payments, ADP. “By broadening the push to debit option, we will be able to offer an efficient, cost-effective solution for both employers and their employees.”

With ADP helping to power the ongoing payment of millions of workers across the country, this partnership creates significant impact. A majority of surveyed human resource executives report cost as the most important factor when considering new benefits for their organizations’ workers, particularly amidst COVID-19³. This new solution helps meet the needs of businesses in being a low-cost and easy-to-implement benefit, while also giving employees a faster and more intuitive way to be paid.

The integration will be rolled out across various use cases over the coming months.

Visit Visa Direct to learn more about how Visa helps move money faster.

About Visa

Visa (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

About ADP (NASDAQ – ADP)

Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com

¹ Visa Direct capability enabled through ADP financial institution partners.
² Actual fund availability depends on receiving financial institution and region.
³ Visa Hourly Talent Study (June - July 2020). Commissioned by Visa and conducted by HR Dive among 300 HR executives across various industries in the United States.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005186/en/

FAQ

What companies partnered for digital payments in 2023?

Visa and ADP announced a partnership to offer digital payment solutions for off-cycle employee payments.

How does the Visa and ADP partnership benefit employees?

The partnership allows employees to receive off-cycle payments directly to their debit cards, ensuring faster access to wages.

What is Visa Direct's role in the ADP partnership?

Visa Direct facilitates real-time push payments to employees, streamlining the payment process for employers.

When will the Visa and ADP payment integration be available?

The integration will be rolled out across various use cases over the coming months.