Hi55 Ventures, NTT DATA, Railsbank and Mastercard team up to reinvent payroll
Hi55 Ventures, a new company in the fintech and paytech space, has partnered with Mastercard to launch Hi – a mobile app with “a market-first salary access card”.
Similar to a debit card, the card will give employees direct access to money they’ve earned in real-time and free of charge, with a limit in line with their earnings.
“By changing how people are paid, Hi puts them directly in charge, and in control, of their pay for better budgeting,” Hi55 Ventures states.
The card is issued by Railsbank and the technology is provided by NTT DATA. The latter is currently in the process of piloting Hi-Anytime, which includes the use of the card.
“Hi is revolutionising our payroll and enabling us to offer our employees the benefit of getting paid more frequently with none of that price tag that comes from wage advance services,” says David Costa, CEO at an NTT DATA company, everis.
“This means our staff are in control and earning in a more flexible way.”
David Brown, founder and CEO of Hi55 Ventures, states his company is on “a mission to reinvent pay and make the world financially stronger”.
“Hi also helps companies unlock affordable working capital by letting them defer payroll by 8-12 weeks days through a new asset class, pioneered by Hi, called Pay Asset Finance. This releases a new source of working capital for businesses, which can be used to optimise cashflow without adding debt to the balance sheet.”
The ambition is to scale the Hi offering globally and unlock the pay asset finance market worth £20.3 trillion.