0

NAB, BPAY quietly straight back pay day loan killing API

NAB, BPAY quietly straight back pay day loan killing API

Earnd overlay solution accesses wages because they accrue.

The times of cash-strapped workers being forced to max their charge cards and take away payday advances 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 unsecured financing rorts.

In a move that competes straight against profitable charge card interest and interchange charges, NAB and BPAY have quietly supported an application deliberately created as a short-term loan killer that harnesses use of the New Payments system via BPAY overlay solution Osko to expedite usage of pay-in-arrears.

Read More