NAB, BPAY quietly straight back pay day loan killing API

Earnd overlay service accesses wages because they accrue.

The occasions of cash-strapped workers being obligated to max their charge cards and take out pay day loans at interest levels above 20 % could quickly be numbered, all compliment 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 charge card interest and interchange charges, NAB and BPAY have quietly backed a software deliberately designed as being a temporary loan killer that harnesses use of the New Payments system via BPAY overlay solution Osko to expedite use of pay-in-arrears. Continue reading →