Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced that the Office of Comptroller of the Currency (“OCC”) approved the opening of the Ceridian National Trust Bank on Sept January 3, 2023. Effective as of that date, Ceridian National Trust Bank commenced banking operations and acted as trustee for the U.S. Ceridian Payroll Trust.
Historically, certain aspects of Ceridian’s US customer money movement have been subject to regulation at both the state and federal levels, resulting in inherent complexities in multiple jurisdictions. With the formation of the Ceridian National Trust Bank, regulatory oversight will now rest with the OCC, a single federal agency.
Ceridian’s Payroll Trust structure will continue to benefit Ceridian customers by providing remote bankruptcy protection for customer funds pending remittance to our customers’ employees, tax authorities and other payees.
