U.S. Bank, Payactiv Unveil New Earned Wage Access Solution for Employers
16 Fevereiro 2022 - 11:00AM
Business Wire
Employers who pay wages via U.S. Bank Focus
Card can provide employees access to a portion of their earned
income instantly
U.S. Bank today announced a new solution with Payactiv to bring
Earned Wage Access (EWA) to U.S. Bank clients.
Employees at organizations that use the prepaid U.S. Bank Focus
Card for payroll disbursements can access a portion of their earned
wages on-demand through an immediate direct deposit to their U.S.
Bank Focus Card. The collaboration includes other payment options
including an instant deposit into an employee’s checking account
via Real-Time Payments (RTP). The solution will also provide access
to other financial wellness services, including savings and bill
management tools.
With more than 90 percent of employees – according to a 2019
study – interested in working for a company that offers EWA,
providing employees on-demand pay is an important benefit for
employers that can both increase job applicants and reduce employee
turnover while helping to improve the lives of their employees.
U.S. Bank is one of the first major financial institutions to
collaborate with an EWA provider to bring an EWA payroll card
solution to employers and employees.
“The future of payments is one where companies may soon say
goodbye to the traditional, biweekly payroll,” said Shailesh
Kotwal, vice chair, U.S. Bank Payment Services. “Employers
recognize that providing employees on-demand access to earned wages
improves employee satisfaction and recruiting efforts. We’re proud
to be on the leading edge, developing a solution that helps our
business clients provide additional convenient options for their
employee payroll.”
“Payactiv invented Earned Wage Access to free the American
worker from the two-week pay cycle,” said Payactiv CEO Safwan Shah.
“We provide timely access to liquidity – so a single mother can pay
for daycare between paychecks and a healthcare worker can cover an
unexpected car expense. American businesses succeed when their
employees feel in control and can thrive. U.S. Bank leads with
innovation and putting people first.”
The RTP EWA disbursement option created by U.S. Bank avoids up
to two business days of delay from a traditional ACH transfer. The
U.S. Bank Focus Card payroll deposit option is also virtually
instantaneous.
U.S. Bank is leading the way in enabling consumers and
businesses to send and receive Real-Time Payments (RTP) instantly
24 hours a day, 365 days a year through the RTP® Network. The first
new payments rail in the U.S. in more than 40 years, the RTP®
Network launched in 2017 when U.S. Bank participated in the first
ever payment on the network. U.S. Bank is now one of the top
senders of RTPs in the United States. The bank is continually
developing new ways for companies and consumers to utilize RTPs,
such as a new Request for Payment solution for billers.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $573 billion in
assets as of December 31, 2021, is the parent company of U.S. Bank
National Association. The Minneapolis-based company serves millions
of customers locally, nationally and globally through a diversified
mix of businesses: Consumer and Business Banking; Payment Services;
Corporate & Commercial Banking; and Wealth Management and
Investment Services. The company has been recognized for its
approach to digital innovation, social responsibility, and customer
service, including being named one of the 2021 World’s Most Ethical
Companies and Fortune’s most admired superregional bank. Learn more
at usbank.com/about.
About Payactiv
Payactiv, a Public Benefit Corporation and Certified B Corp, is
a holistic financial-wellness platform that provides employees
on-demand access to earned but unpaid wages. Businesses that
partner with Payactiv see significant cost reductions through
increased recruitment, engagement and retention. Employees love
Payactiv because it eliminates the expensive between-paycheck toll
of payday loans, bank overdrafts, and late fees. Payactiv offers a
suite of financial services that includes savings and budgeting
tools, bill payment and financial-health measurement. Payactiv is
the winner of the American Business Awards' Company of the Year for
Financial Services award, the Innovative Payments Association's
Consumer Champion award, a Finovate winner and finalist, and the
recipient of numerous best-in-class awards in both FinTech &
HRTech. Visit www.payactiv.com.
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Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
US Bancorp (NYSE:USB)
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