Workers from XTM’s five contracted and 15 engaged UK business clients will join the more than four million workers in the UK who benefit from Earned Wage Access (EWA), allowing them to access their earnings on their terms

XTM Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami, Toronto and London based Fintech creator of payment innovation including fully certified Earned Wage Access (EWA) through its QRails AnyDay™ product announced, together with the Earned Wage Access Group and the Chartered Institute of Payroll Professionals (CIPP), the launch of a new code of practice for the benefit of millions of workers accessing their earnings through Earned Wage Access (EWA).

While XTM finalizes its financing, the company continues to grow with unprecedented opportunities in launching EWA in new markets and driving our integrated tip pay-out solution to the US through QRails, SAP certified, AnyDay.

“This is a significant announcement for the benefit of workers across the UK and it is of further importance to XTM for two prime reasons,” said Cary Strange, President, XTM. “First, it demonstrates that compliance surrounding EWA is of utmost importance to regulators and beneficiaries. Secondly, as a fully compliant EWA provider and founding member of the Earned Wage Access Group we are able to help shape policy and validate our bench strength in the UK market.”

The founding seven members of the Earned Wage Access Group, which created the code of practice, are the Access Group, AnyDay, Ceridian, Hastee, Level Financial Technology, Salary Finance and Wagestream.

Access to earned pay outside of a traditional pay cycle is already a legal requirement in countries such as Spain, France, Italy, and Portugal. In the UK, more than 4 million workers are now being paid when they choose, according to the CIPP, with one in 10 companies now offering some form of earned wage access (EWA).

Jason Davenport, CEO at CIPP, was quoted in Reward-Strategy.com News, stating, "EWA is a very hot topic in the payroll industry at the moment, so the CIPP is delighted to join forces with these organizations to ensure the Code of Practice offers our industry best practice guidance. With 80% of employees expressing a preference for having their pay automatically sent to their bank accounts as they earn it, and 90% favouring EWA over credit cards or loans, this concept is expected to gain popularity."

• https://www.personneltoday.com/hr/code-of-practice-launched-for-earned-wage-access/
• https://www.hrmagazine.co.uk/content/news/cipp-launches-earned-wage-access-guidelines
• https://www.reward-strategy.com/news/top-stories/over-four-million-uk-workers-gain-control-over-pay-with-earned-wage-access-25195

In addition to progressing a Code of Practice in the UK, XTM continues to work with state regulators in the U.S. to ensure AnyDay is fully compliant. In late August, AnyDay was awarded a license as a provider of EWA for the state of Missouri. With new regulations in place in states like California and Nevada, XTM is dedicated to ensuring the AnyDay EWA solution is a globally compliant business solution.

About XTM

XTM is a Miami and Toronto-based Fintech creator of disruptive payment innovations including fully certified Earned Wage Access through its QRails AnyDay™ product.

Founded in the cloud-banking space to further support businesses to inspire their workforce in the hospitality, personal care and services staffing industries, XTM provides on-demand pay for many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation. XTM continues to innovate with further digital featurization to support businesses to inspire workers to want to work more with shift scheduling and call-outs, staff management, expense management, in-app health and financial wellness; and gamified loyalty programs. XTM's Today Financial™ is in use through POS and Payroll integrations and directly through web-portals by thousands of businesses and their workers across Canada and the United States.

About QRails / AnyDay

QRails is a fully owned subsidiary of XTM. A cloud-based, API-driven issuer-processor QRails enables payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees. QRails helps companies modernize and leverage payroll as a differentiator in attracting and retaining talent all at low to no cost for the employee and employer. QRails’ flagship solution, AnyDay™, is the first provider to own their full tech stack that powers their Earned Wage Access solution.

Founded in 2016, QRails, Inc., together with its U.K. subsidiary, QRails Limited is SAP-certified, QRails also has earned several industry certifications under PCI DSS, and SOC. For more information, please visit www.QRails.com.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, the success of XTM’s intended geographic and business expansions, the success of XTM’s new market relationships, and the general conditions and revenues of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

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