Fiserv announced that companies that use its Money Network electronic payroll delivery services can offer staffers early access to their wages. The earned wage access (EWA) benefit is being made accessible through Money Network prepaid payroll cards via connected functionalities from Instant Financial, according to a Thursday (April 29) press release.
Dom Morea, senior vice president and head of Prepaid at Fiserv, said in the release that the capacity to provide quicker access to wages and tips can very much set firms, governments, franchises and different kinds of employers apart from others, noting that these employers are challenged with attracting and keeping workers in the digital-first world of the present day.
“Pairing earned wage access with the flexibility of a prepaid payroll program that incorporates budgeting tools and spending insights is a powerful example of how employers can help further the financial wellbeing of their employees,” Morea said in the press release.
Instead of waiting for their paydays that come every week, every two weeks or every month, staffers can access their wages as they are earned through EWA, according to the press release.
To that end, firms can allow participating staffers, particularly the millions of underbanked and unbanked people in the U.S., to have instant access to their income, providing them with the flexibility to access their funds for everyday expenses or emergencies, according to the press release.
“Addressing the economic uncertainty that so many working Americans have to contend with is on the priority list of this country’s best employers,” Instant Financial Founder and Executive Chair Steve Barha said in the press release.
Barha noted that linking Instant’s EWA offerings with the Money Network’s flexible money management functionalities “provides more of these best-in-class employers with a simple, turnkey solution to provide their employees with on-demand access to their earnings and some much needed financial relief,” according to the press release.
Staffers that receive payment through the Money Network can harness a prepaid debit card to make purchases and access in-network automated teller machines (ATMs), among other features, according to the press release.
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