← Embedded Finance Index 2026

OneSource Virtual

“Can the exclusive services partner for Workday's HR & finance customers become the regulated financial-infrastructure provider underneath the Workday tenant?”

Founded2008
HQDallas, Texas, USA
Latest roundMajority growth investment from TA Associates (January 2026)
IndustryVertical SaaS / HR & Payroll (Workday BPaaS)
The story

Founded in 2008 as the first Workday-exclusive BPaaS partner, OSV built patented in-tenant technology to run payroll, tax, benefits, and AP directly inside customers' Workday tenants. Over time it layered on payments infrastructure (Invoice Pay, myFlexPay card, myFlexWallet, earned wage access) that turned it from a services firm into a de-facto financial-services provider for the Workday ecosystem. In 2026, TA Associates took a majority stake and OSV stood up its own OCC-chartered national trust bank (OSVTB) — a structural move that brings its $250B+ in annual treasury flows under direct federal oversight rather than continuing to rely solely on partner-bank rails.

Last 12 months
2025-09
2026-01
2026-07
2026
Product timeline
2008
Founded in Dallas as a Workday-exclusive BPaaS partner, pioneering in-tenant services for Workday customers.· pivot
2021
Selected Mastercard as exclusive network for Invoice Pay and myFlexPay Payroll Card.· card
2025
Applied to charter OneSource Virtual Trust Bank, National Association — national trust bank (OCC, Dallas, TX); conditional approval — Conditional Approval 1346 2025-09-12. [charter]· banking
2026
TA Associates acquires majority stake; Halyard Capital and TCV exit.· acquisition
2026
Launched OneSource Virtual Trust Bank, N.A. (OSVTB), a federally chartered national trust bank regulated by the OCC, to hold customer treasury funds ($250B+ annually).· banking
Regulated entities
1
regulatory licence held by OneSource Virtual
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Bank charter application
OneSource Virtual Trust Bank, National AssociationConditional approval
National trust bank · OCC · Dallas, TX
Conditional approval · Conditional Approval 1346 · 2025-09-12
Trust bank for the Workday payroll services provider's client-funds handling.
Source · OCC decision letter
The stack
5 layers disclosed in OneSource Virtual’s embedded-finance stack
Payments / PSP
JPMorgan Chase
Banking / BaaS
in the full report
Card network
in the full report
Payroll
in the full report
Sponsor bank
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.