Automatic Data Processing Inc., the No. 1 processor of payrolls in the United States, has obtained a banking charter.

The move gives ADP a direct channel into the payment System, providing yet another example of how nonbanks are finding ways around banks and into what have historically been bank-dominated businesses.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.