Visa, ADP Partner To Unveil New Direct Deposit Option Via Debit Card

On Thursday, Visa Inc (NYSE: V) and Automatic Data Processing Inc (NASDAQ: ADP) announced a partnership to provide flexible payment options to ADP’s clients.

What Happened: ADP is a provider of human capital management solutions with more than 860,000 clients. Visa Direct, the company's real-time push payments platform, allows ADP, "to deliver digital payments directly to their employees via an eligible debit card," said the press release.

"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."

Why It Matters: The pandemic shifted how people work and many companies may choose to keep staff working remotely post-COVID-19 pandemic.

For ADP’s clients, having a simple and quick way to pay employees working from home has become necessary. The payment solutions tool will allow ADP’s clients to digitally pay and reimburse their employees while reducing paperwork and making the process more convenient for employees and human resources departments.

“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,” Bill Sheley, global head of Visa Direct, said in the press release.

ADP plans to make the payment integration available to its clients over the coming months.

(Photo by John Tuesday on Unsplash)