The new solution will enable XTM’s clients with employees in Canada and the US to deliver a unified earned wage access (EWA) solution.

The announcement comes after, in May 2023, the fintech announced its intent to acquire Qrails Inc, a prepaid payments issuer-processor, for $3.5m in cash and stock transaction.

By leveraging XTM’s current banking partners in Canada and migrating to QRails’ issuing and direct Mastercard processing platform, XTM will become the only EWA North American solution to which organisations will have access.

“It is gratifying to see our roadmap coming to realisation,” said Marilyn Schaffer, CEO at XTM. “As in any business, you are required to pivot at times. However, the goal remains to inspire today’s workers on their terms. Early Pay is a significant incentive to motivate, encourage and support employees.”

EWA allows employees to access their wages as soon as they earn them by typically paying a fee for early withdrawal.

XTM decided to launch its EWA solution in Canada two years after the fintech rolled out its instant employee payout solution in the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Cary Strange, president at QRails, commented: “With XTM, QRails is about to see a return for its investment in engineering one of the most robust and scalable issuer processors in the world.

“Rolling out with XTM’s solid traction in Canada’s service industry creates credibility for QRails, transitioning it from world-class software to a viable business”, Strange added.