CTM Payroll Advance

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The most important thing about the project is money availability and immediacy, as well as the freedom of the employee to decide when they want to use it

In Mexico a large part of the population that has access to formal employment, receiving bi-weekly payments, requires more money to cover expenses within one week of getting paid. As a result, this part of the population has to access various forms of short-term financing, usually by way of informal channels, which in addition to the high interest rates that these channels have, requires the employee to go through an overall expensive process to receive payment.

Through the integrated services of 101OBeX with CTM A, employees are registered directly by the company’s area of operations through a massive registration function, which creates an electronic money account for them as part of the process. Through this process, the employee receives an sms on his cell phone so that he can download the app and modify his password.

By creating the account within the closed environment platform, a wallet with a balance is generated. This balance will depend on the worker’s salary, usually between ten or twenty percent of the total of his fortnightly perception.

The employee may access these funds anywhere and at any time, as he/she can do so from the app or through the website. The resources may be used in which ever way he/she deems useful, from airtime recharges, payments for services (such as light, water, telephone or television) and most importantly, he/she may make an electronic bank transfer (SPEI) to any account or also have access to the funds at an ATM of the BBVA ATM network throughout the Republic, using the cardless withdrawal service, which works only with the mobile number. The platform charges a commission when accessing the funds to the corporate, although there is no commission charge for the employee.

When performing fortnightly payroll, the Operations and Payroll area of CTM A will consider the willing balance that the worker has made, therefore noting the deduction on the corresponding payroll payment. With the settlement of the advance, the released amount is dispersed again through the platform, so that the employee has 100% of his line available again and can access it as needed.

The most important thing about the project is money availability and immediacy, as well as the freedom of the employee to decide when they want to use it or even not access the funds but still acquire it without any cost to keep the service available.

If you want to know more about this project, please contact us through insider@101obex.com

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