The payment and compliance solution company Deel has launched an Instant Card Transfer solution in partnership with the UK-based FinTech Paysend.

Deel’s new solution enables it to offer contractors in certain countries the option to get paid instantly and directly to their bank accounts by using Deel’s cards.

Deel said it was common for contractors to have to wait up to seven working days to receive their money.

The company also said that businesses are charged sky-high SWIFT fees for cross-border payments, or risk payment failures due to transfer issues between intermediary banks or other third-party solutions.

To use Instant Card Transfer, contractors need to fill out their full name and bank card number, and businesses will be able to pay them instantly and directly to their bank accounts using Mastercard or Visa rails.

Dan Westgarth, chief operating officer at Deel, said: “Hiring globally shouldn’t come with limitations, and that means it shouldn’t be difficult to pay contractors in certain countries.

“We’re really excited to enhance Deel’s contractor experience by providing instant and reliable transfers, particularly in this new world of cross-border work.”

He added: “We are thrilled to be able to partner with Paysend. It’s an important milestone in helping businesses hire anyone, anywhere.”

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