6 July, 2021 | By Magnus Frejd |
Earnd overlay solution accesses wages while they accrue.
The occasions of cash-strapped workers being forced to max their charge cards and take away pay day loans at rates of interest above 20 per cent could quickly be numbered, all because of a modest API that pits usage of pay-as-you-earn wages against rapacious lending that is unsecured.
In a move that competes straight against profitable charge card interest and interchange costs, NAB and BPAY have quietly supported a software deliberately created as a term that is short killer that harnesses use of the New Payments system via BPAY overlay solution Osko to expedite use of pay-in-arrears.
The idea is savagely easy.
In the place of waiting thirty days to gain access to cash currently acquired, people residing payday to payday вЂ“ and there are millions вЂ“ will get instant use of around half their already accrued earnings straight away, if their manager indications as much as a low-cost software dubbed вЂњEarndвЂќ.