XTM Launches PayNow: All-in-One Payout and Benefits Solution for U.S. Temp and Migrant Workers

A fintech innovator with offices in Miami, Toronto, Denver, and London, has unveiled its new Global Workers Payout Program, PayNow. This initiative aims to provide innovative payment solutions, including certified Earned Wage Access (EWA) through its QRails AnyDay™ product and integrated processing capabilities.

“This program empowers temporary workers to send money back to Mexico affordably and securely while providing essential employee benefits for their peace of mind,” said Marilyn Schaffer, CEO of XTM.

The PayNow program allows temporary workers to open a secure digital bank account with a simple mobile app download and a know-your-client application. Participants can receive earnings, conveniently load cash at over 50,000 locations across the U.S., conduct point-of-sale transactions using a paired debit card, and access various employee benefits, including repatriation and sick day pay.

According to the Bureau of Labor Statistics, migrant workers constituted 17.4 percent of the U.S. labor force as of 2019, with 2.8 million temporary workers currently in the U.S., including those in agricultural roles.

“This program represents an important launch for us for two reasons,” Schaffer explained. “First, we are committed to creating financial inclusion for those underserved in the payment, remittance, and insurance ecosystem. Second, this initiative has the potential to be an economic game-changer for XTM.”

Jorge Luevanos, founder of JLS Services, one of Mexico’s largest maintenance companies employing 5,000 workers in the U.S., emphasized the program’s significance: “It empowers temporary workers to send money back to Mexico affordably and securely while offering essential employee benefits for their peace of mind.”

Workers will learn about the program through their employers, work assignments at the Mexican Foreign Ministry, and various outreach efforts, including social media campaigns aimed at minimizing engagement costs and maximizing conversions. In early September 2024, XTM launched a “coming soon” landing page with pre-sign-up options, which has already generated significant interest from both employees and employers, indicating a substantial market opportunity for the PayNow product.

Following its U.S. launch, XTM plans to expand PayNow to the United Kingdom and Canada, which, alongside the U.S., are among the top five countries employing the largest numbers of temporary and migrant workers.

Employers can easily deposit wages into their migrant and temporary workers’ digital accounts via ACH direct deposit, cash deposits, or traditional paychecks. Workers can make instant remittance transfers to Mexico and, soon, other countries at competitive rates. Transfers from the U.S. to Mexico are among the lowest priced in the industry, and the app allows workers to opt in for sick benefits and repatriation coverage for less than a dollar a day.

About XTM INC.

XTM, with offices in Miami, Toronto, Denver, and London, is a fintech company specializing in payment innovations, including fully certified Earned Wage Access through its AnyDay™ product. Founded to support businesses in the hospitality, personal care, and services staffing sectors, XTM offers on-demand pay solutions to notable brands such as Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels, and Live Nation. QRails, a wholly-owned subsidiary of XTM, is a cloud-based, API-driven issuer-processor that provides payroll providers, financial institutions, and global fintech companies with innovative digital payment solutions to meet the demands of the on-demand economy. QRails helps businesses modernize payroll processes, attracting and retaining talent at little to no cost for employees and employers. QRails’ flagship solution, AnyDay™, is the first provider to own its full tech stack supporting Earned Wage Access. Founded in 2016, QRails, along with its U.K. subsidiary, is SAP-certified and has earned multiple industry certifications, including PCI DSS and SOC. For more information, please visit www.QRails.com.

The CSE has neither approved nor disapproved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this release.

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