NAB, BPAY quietly loan that is back payday API

Earnd overlay solution accesses wages while they accrue.

The occasions of cash-strapped workers being forced to max their charge cards and take away pay day loans at interest levels above 20 % could quickly be numbered, all because of a modest API that pits usage of pay-as-you-earn wages against rapacious lending that is unsecured.

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