XTM Announces Launch of New EWA Code of Practice to Benefit Millions of Workers in the UK

Last Updated: 19.10.2023 10:38

The Launch of XTM’s New Code of Practice Will Benefit Millions of UK Workers By Helping Them Access Their Earnings Via Earned Wage Access (EWA)

Workers from XTM’s five contracted and 15 engaged UK business clients will join the more than four million workers in the UK who benefit from Earned Wage Access (EWA), allowing them to access their earnings on their terms.

XTM Inc. (CSE: PAID) (OTCQB: XTMIF) (FSE: 7XT), a Miami, Toronto and London-based Fintech creator of payment innovation including fully certified Earned Wage Access (EWA) through its QRails AnyDay™ product announced, together with the Earned Wage Access Group and the Chartered Institute of Payroll Professionals (CIPP), the launch of a new code of practice for the benefit of millions of workers accessing their earnings through Earned Wage Access (EWA).

While XTM finalizes its financing, the company continues to grow with unprecedented opportunities in launching EWA in new markets and driving our integrated tip pay-out solution to the US through QRails, SAP certified, AnyDay.

XTM President Cary Strange commented on the announcement, stating:

“This is a significant announcement for the benefit of workers across the UK and it is of further importance to XTM for two prime reasons,” “First, it demonstrates that compliance surrounding EWA is of utmost importance to regulators and beneficiaries. Secondly, as a fully compliant EWA provider and founding member of the Earned Wage Access Group we are able to help shape policy and validate our bench strength in the UK market.”

Also Read: XTM Closes Transformational Acquisition of World-Class Earned Wage Access Company QRails

The founding seven members of the Earned Wage Access Group, which created the code of practice, are the Access Group, AnyDay, Ceridian, Hastee, Level Financial Technology, Salary Finance and Wagestream.

Access to earned pay outside of a traditional pay cycle is already a legal requirement in countries such as Spain, France, Italy, and Portugal. In the UK, more than 4 million workers are now being paid when they choose, according to the CIPP, with one in 10 companies now offering some form of earned wage access (EWA).

Jason Davenport, CEO at CIPP, was quoted in Reward-Strategy.com News, stating:

“EWA is a very hot topic in the payroll industry at the moment, so the CIPP is delighted to join forces with these organizations to ensure the Code of Practice offers our industry best practice guidance. With 80% of employees expressing a preference for having their pay automatically sent to their bank accounts as they earn it, and 90% favouring EWA over credit cards or loans, this concept is expected to gain popularity.”

In addition to progressing a Code of Practice in the UK, XTM continues to work with state regulators in the U.S. to ensure AnyDay is fully compliant. In late August, AnyDay was awarded a license as a provider of EWA for the state of Missouri. With new regulations in place in states like California and Nevada, XTM is dedicated to ensuring the AnyDay EWA solution is a globally compliant business solution.

Shares of XTM closed today’s trading session at $0.12 per share, up +4.35% on the day. YTD, PAID stock is up +9.09%.

Learn more about XTM: Website | Investor Deck | PAID Chart

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Read More:

 XTM Posts Year-End 2022 Earnings, Revenue Climbs 111%

XTM Signs Definitive Agreement to Acquire World-Class Earned Wage Access Company QRails

This 15 Cent Earned Wage Access Company is Eating the Lunch of its Much Larger Fintech Competitors

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