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NAB, BPAY quietly right back pay day loan killing API

NAB, BPAY quietly right back pay day loan killing API

Earnd overlay solution accesses wages because they accrue.

The times of cash-strapped workers being obligated to max their charge cards and take away pay day loans at interest levels 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 bank card interest and interchange costs, NAB and BPAY have quietly supported an application deliberately created as a term that is short killer that harnesses usage of the New Payments system via BPAY overlay service Osko to expedite usage of pay-in-arrears.

The style is savagely easy.

In place of waiting thirty days to get into cash currently attained, people residing payday to payday – and there are millions – will get instant use of around half their currently accrued profits instantly, if their manager indications as much as a low-cost software dubbed “Earnd”. (more…)