CFSI Releases Compass Guide to Payroll Cards (Jan. 27, 2015)
The Center for Financial Services Innovation (CFSI) has expanded its Compass Guide series with today’s release of its Compass Guide to Payroll Cards, which it says defines best practices and product features for high-quality payroll cards. The Compass Guide is based on CFSI’s four Compass Principles: embrace inclusion, build trust, promote success and create opportunity.
“Employees are increasingly turning to payroll cards to receive, spend and manage their money,” Thea Garon, senior analyst for CFSI and co-author of the guide, tells Paybefore. “The Compass Guide to Payroll Cards is a tool program managers, issuing banks, employers and other industry stakeholders can use to ensure that their cards contribute to employees’ financial health.” The guide, which was developed in consultation with a wide range of industry advisers, outlines practices across a spectrum of categories, including Choice, Safety, Affordability, Access, Transparency and Convenience.
CFSI also announced commitments by MasterCard and Visa to implement recommended practices from the guide. MasterCard will incorporate the recommendations into the company’s existing Payroll Card Standards, while Visa plans to develop an educational program for employers based on the guide. Payroll cards have come under scrutiny from lawmakers, following a high-profile lawsuit and subsequent media coverage alleging that employers weren’t giving employees options for receiving their pay. .
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