One of the reasons on-demand services like Uber are so popular with consumers is that customers barely notice they’re paying for them. A huge amount of effort goes into making what is actually an extremely complicated payment process on the back end as seamless as possible for the customer and that’s true for many of the players across the fast-moving collaborative and on-demand economy.
Yet the same emphasis on making sure freelancers, contractors and workers can easily get paid hasn’t happened yet. San Francisco-based Hyperwallet aims to make that a thing of the past with its payout solutions for workers and businesses. Operating in more than 170 countries around the world, however, means the firm has to stay on top of every nuance in regulation in each of those regions.
Speaking during an interview in the Finetics™ Studio at Money20/20, the firm’s CEO Brent Warrington shared his insight on worker payments, regulation and what he’d like to see from the industry.
“Regulation is what it is,” says Warrington. “We’ve found a way to navigate our way through successfully with our partners. “Part of the commitment and invest you make in a company like ours is that you just have to understand what is happening around the globe at any one point in time and react to it. Regulation that exists today, whether US, domestic or global is there to protect. We’re not here to re- invent compliance and regulation. We’ve found a frictionless way for any business to operate within a highly-regulated environment.”
For more insight balancing compliance and regulation with innovation, check out the Finetics blog for interviews with The Bancorp head of AML and sanctions risk Pawneet Abramowski, EPA director general Tony Craddock, The Bancorp COO & EVP Gail Ball & Manatt Phelps & Phillips Partner Barrie VanBrackle.
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In this guest post, Lee Britton, commercial director of Prepaid Financial Services, contrasts the fortunes of fintech startups that choose to scale with the backing of major banks with those that opt to go it alone.