The Bank of New York, a global leader in treasury management services, has launched its MasterCard branded, stored-value payroll card.
The payroll card enables employees with direct-deposit to automatically channel all or a portion of their pay to a card, while providing employees without checking accounts access to their funds. The card is designed to allow employers to reduce processing costs and boost employee benefits by replacing paper paychecks with payroll cards.
Eric Kamback, head of global payment and trade services at The Bank of New York, said: The Bank of New York’s expertise in payment services technology supports product innovations such as our new payroll card. Our card program offers employees without checking accounts – a significant segment of the workforce – modern payment conveniences and also the unique feature of enabling those already on direct deposit to designate a portion of their pay to a card.
He added. This card helps our corporate and institutional clients to manage more effectively their payroll processes and at the same time enhance their employee benefits offerings.