Companies that provide immediate access to earned wages can fill open positions more quickly and reduce turnover while lessening paycheck-to-paycheck stress for employees
Fiserv, Inc. announced that financial technology start up DailyPay is leveraging Fiserv money movement technology to allow companies to provide employees instant access to their earned wages. DailyPay is utilizing Digital Disbursements from Fiserv to enable these payments, providing people access to their pay 24 hours a day, even on weekends and holidays.
“For the more than half of American employees that are paid hourly, having immediate access to their earnings makes a significant impact on their lives,” said Jason Lee, founder and CEO, DailyPay. “It could mean being able to pay a bill on time and avoid a late fee. For some it could mean being able to put food on the table that day. We are deeply committed to reducing stress for Americans living paycheck to paycheck.”
DailyPay technology integrates with a company’s existing payroll system so that a company’s employees can have instant access to their wages, without any changes to a company’s current payroll process. Given this unique benefit, companies that partner with DailyPay have been able to fill open job positions more quickly and have reduced employee turnover by an average of 41 percent. Since its launch in 2016, DailyPay has been used by more than 40,000 hourly workers in every state across a wide array of industries including cleaning, delivery, transportation, maintenance, home health care, and other service industries.
The Digital Disbursements solution from Fiserv being utilized by DailyPay allows companies to send payments via a simple process that requires only basic information from payment recipients. Companies can send payments in a variety of ways – to bank accounts, debit cards, social tokens including email addresses and phone numbers, and even paper checks. In each case Fiserv manages the payment process. Immediate payment options mean payment can settle into recipient accounts in seconds.
Digital Disbursements enables payments through an application programming interface (API), with a simple integration that allows companies to get up and running quickly. Digital Disbursements also includes capabilities that can streamline ongoing operations and lead to cost savings, including built-in compliance tools, access to real-time transaction information and reporting, and company-configurable options ranging from risk controls to branding.
Fiserv moves more than $1.5 trillion dollars each year, supporting payments for millions of consumers and thousands of businesses. The company has more than 20 years of experience in digital money movement, from electronic bill payments to card transactions.
“Digital Disbursements lets companies like DailyPay, which deliver payments to consumers as part of their business model, tap into the broad range of Fiserv payments capabilities to send money securely and efficiently,” said Tom Allanson, president, Electronic Payments, Fiserv. “Our payments capabilities are helping enable the digital economy, and helping businesses connect with their customers by enabling safe, reliable and fast transactions.”
For more information on Digital Disbursements, visit https://www.fiserv.com/