Mastercard to power OneSource Virtual’s myFlexPay Payroll Card

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astercard has agreed to act as the exclusive network to power OneSource Virtual’s myFlexPay Payroll Card and Invoice Pay.

Part of OneSource Virtual finance and accounting services, myFlexPay Payroll Card allows payments at all Mastercard-accepting merchants. The card is intended to replace paper paychecks, which are costly, contain sensitive information and may be lost, damaged or delayed.

myFlexPay Payroll Card helps companies to cut payroll costs per employee. It also provides companies with a digital payment solution that can be used by even unbanked or underbanked employees. In addition to contactless payments, the card features Mastercard’s ID Theft Protection, credit monitoring and transaction alerts.

Users can also combine myFlexPay Payroll Card with OneSource Virtual’s myFlexPay Earned Wage Access solution. This combination allows instant access to employees’ earned wages on their card at a discount.

OneSource Virtual CFO John Bax said: “OSV and Mastercard share a similar commitment to helping customers do more and do it more efficiently and cost-effectively. We’re proud to be working with them to bring Workday customers new HCM and finance solutions that will make their day more doable.”

The company’s Invoice Pay allows it to pay supplier invoices for finance and accounting customers. This capability brings processing and paying of invoices onto a single platform. Invoice Pay’s features also include wire, check, virtual cards, fraud protection and invoice reconciliation. With each supplier payment, OneSource Virtual customers can also earn card rebates through the issuer.

The partnership comes after Mastercard launched a badge to identify cards made from sustainable materials.

OneSource Virtual is a Workday partner that has helped more than 1,300 companies with deployment, maintenance, payroll and other services.