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January 26, 2021

On the web

Employers Look To Fintech Partners To Pilot Alternative Pay Cards And Faster Employee Payouts


“Employers are ramping their entry into financial services to give employees on-demand payouts, earned wage access (EWA), and other incoming smoothing benefits. Spurred by tech-favorable regulations and employee demand for faster payouts, fintech companies are now taking aim at digitizing cash-heavy industries, reducing physical checks, and piloting cheaper pay card products.”

On the wires

2021 Ushers In One Of The Biggest Innovations For The Payroll Industry: DailyPay’s Off-Cycle Payroll Solution

“Over the last six years, DailyPay has revolutionized the way Americans are paid. Now, DailyPay is leveraging its on-demand pay technology to give payroll professionals a game-changing product that is revolutionizing the payroll industry, CYCLE , which will save employers and employees millions of dollars each year. After a year of piloting this product with a number of blue-chip forward-thinking companies, CYCLE hits the market today with a mission to relieve payroll professionals from much of the costly burden of handling off-cycle payroll payments .”

January 8, 2021

On the wires

Treasury Is Delivering Millions of Economic Impact Payments by Prepaid Debit Card | U.S. Department of the Treasury

“This week, Treasury and the IRS started to send approximately 8 million Economic Impact Payments (EIPs) by prepaid debit card. The distribution of EIP Cards follows the millions of payments already made by direct deposit and the ongoing mailing of paper checks and are part of Treasury’s and is IRS’s plan to deliver Economic Impact Payments as rapidly as possible.”

January 7, 2021

On the web

H&R Block and TurboTax Customers Report Issues With Second Stimulus Check Deposit


“Millions of Americans were set to receive a second stimulus check via direct deposit on Monday. But many people who filed their 2019 taxes with H&R Block or TurboTax tell CNBC Make It that they are experiencing issues receiving their payments. The IRS began sending out a second round of economic impact payments — worth up to $600 for individuals and each of their child dependents — over the past week. Millions were slated to be automatically deposited by Jan. 4, 2021.”

January 6, 2021

On the web

Most Second Stimulus Payments Reach Household Bank Accounts

Wall Street Journal

“The U.S. Treasury Department has sent out more than $112 billion in stimulus payments electronically, meaning that about two-thirds of the second round of payments approved by Congress is already in households’ bank accounts, according to data released Tuesday. The payments—$600 per adult and $600 per child—were estimated to cost about $164 billion in all. They are part of a broader relief law last month that also includes unemployment insurance and money for small businesses.”

January 5, 2021

On the wires

PayActiv Becomes First And Only CFPB-Approved Earned Wage Access Provider

“The Consumer Financial Protection Bureau today issued a groundbreaking approval order (Approval) confirming that Payactiv’s Earned Wage Access (EWA) Program is not credit and therefore is exempt from the federal Truth in Lending Act (TILA) and Regulation Z rules governing creditors.   Specifically, the Approval notes that a Payactiv EWA user does not create a debt because “the accrued cash value of an employee’s earned but unpaid wages is the employee’s own money.” The Approval is specific to Payactiv and is the first of its kind from the Bureau. The Payactiv EWA Program is the only model approved by the CFPB.”

January 4, 2021

On the wires

Current becomes first fintech to receive government stimulus payments

Current , a leading U.S. challenger bank serving Americans overlooked by traditional banks, announced it was the first fintech in the country to receive the second round of government stimulus payments. Current received the payments before 9 p.m. ET on Tuesday, less than three hours after the U.S. Treasury announced the funds were being issued, and is making all funds fully available to all members immediately, as part of its mission to improve financial outcomes.”

December 16, 2020

On the wires

Deel Becomes a Market Leading International Payroll Company

“Fueled by the current environment, companies are realizing the benefits of remote work. This significant shift can not only improve employees’ quality of life, but also help companies access a larger pool of talent, while curbing operational costs. As an international payroll and compliance company, Deel is well prepared to support this trend and is announcing that more than 1,000 businesses are now using Deel to hire remote talent, and revenue is growing 40% month-over-month.”

December 8, 2020

On the wires

Say Hello to Finch — The Universal API for Payroll and HR

“Payroll and HR systems are one of the last business systems without modern API infrastructure, yet they are critical to the operations of every business. These systems serve as the source of truth for employee records, organizational structure, and crucial fund flows. Many industries depend on accurate employee and organization data — from accounting to retirement planning to benefits administration.”

December 2, 2020

On the web

CFPB Clarifies Some Early Wage Access Products Aren’t Loans

Bloomberg Law

“Early wage access programs that allow people to receive their earnings before payday are not loans or credit products if there are no attached fees, the CFPB said. The Consumer Financial Protection Bureau’s advisory opinion Monday enables some early wage access programs—used by companies to allow employees to get cash advances before a pay period ends—to avoid being subject to certain restrictions in the Truth in Lending Act. The opinion aims to reduce uncertainty around early wage access products and spur industry innovations, the bureau said. The CFPB’s advisory opinion wouldn’t apply to most earned wage advance services since they…”

November 17, 2020

Top Post

PayPal Partners with Even to Provide New Tools to Improve the Financial Health of its Workforce

PayPal today announced it is partnering with Even , the responsible on-demand pay platform, as part of its continued commitment to improve the financial health of its workforce. All PayPal employees in the U.S. can now use Even to get paid early, automatically budget and grow their savings, and have full visibility into their earnings through an easy-to-use mobile app.”

November 13, 2020

On the web

Andreesen Horowitz-backed Deel launches crypto payroll tool

The Block Crypto

“A payroll platform which has drawn in $44 million in venture capital funding during the pandemic has unveiled a new tool to allow remote workers to be paid in cryptocurrency.Deel, which supports remote workforces with payroll and compliance, says the new tool will enable international workers to be paid in bitcoin, ether, or XRP — with “near-instant” withdrawals.”

November 5, 2020

On the web

Private payroll growth slows in October, well below expectations


“Private job creation showed a sharp deceleration in October as the U.S. economy struggled against a resurgent coronavirus pandemic, according to a report Wednesday by ADP. Companies added 365,000 positions for the month, well below the 600,000 estimate from a Dow Jones economist survey. That was the lowest reported gain from ADP since July.”

October 28, 2020

On the web

Pandemic creates big audience for wage access fintechs

“The pandemic has unleashed a boom in US fintech start-ups offering workers early access to their wages, even as questions mount about the impact their business models have on consumers.  So-called earned wage access programs vary in nature, but usually offer workers the option to receive some of their wages outside of the two-week pay cycle that is common in manyindustries.  Some companies, such as DailyPay and PayActiv, offer the service through employers, which can choose to pay some or all of the fees charged to employees.  Others, such as Dave and Earnin, make interest-free advances directly through a mobileapp but ask for optional “tips” on each transaction. These tips can translate to high annualpercentage rates, raising concerns that the apps could be worse for consumers than thepayday lenders they aim to replace”

October 22, 2020

On the wires

Deel Rolls Out New Cash Advance Feature, Allowing Remote Workers to Determine When They Get Paid

Deel , a payroll and compliance platform enabling companies to hire anyone anywhere, today announced Deel Advance , a new feature that allows Deel users to access their earnings up to 30 days in advance, without interest rates or traditional credit scoring. The new feature is the latest addition to Deel’s suite of solutions that make remote work accessible and desirable.”

October 15, 2020

On the wires

Argyle Raises $20M Series A Led By Bain Capital Ventures

“Today, most workers do not have open access to their own employment records; there are no national standards on how these records are stored or organized. Opportunities, products, and services are inaccessible because consumers are unable to validate employment information.Argyle is building an access gateway into employment records to change this flawed status quo. Our globally-minded team is removing friction, increasing usability, and re-imagining how anyone can access employment records. Last month alone, Argyle processed 10 Million Employment Records.”

October 12, 2020

On the wires

Clair, a Social-impact Fintech Raises $4.5m Seed Round to Disrupt the Payday Lending Industry by Providing Free Instant Pay to Hourly and Gig Workers

“Clair, an early stage fintech startup based in New York City, wants America’s 82 million hourly workers and 57 million gig workers to get paid as quickly as Uber pays their drivers today: instantly…With the surge in unemployment brought about by the pandemic, nearly 40% of Americans said they would struggle to cover an unexpected $250 expense. In the face of an emergency, they often need to take out high-interest payday loans that trap them in a debt cycle. In response, several payroll providers and time and attendance providers announced instant payment features that would give workers the option to get paid daily.”

October 2, 2020

On the web

Apps Will Get You Paid Early, for a Price


“Americans have become accustomed to summoning just about anything on demand, from groceries to car rides. Now it’s just as easy to get paid when you want. As the coronavirus pandemic squeezes household budgets, workers and employers alike are increasingly turning to pay-advance apps with friendly-sounding names like Earnin, Dave, Brigit and Rain. They allow users, for a sometimes-optional fee, to request money ahead of payday.”

September 30, 2020

On the web

Gusto Is Expanding from Payroll Into a Full Suite Financial Wellness Platform


“Today, the company announced a slew of new offerings that it hopes will give employees better financial and health options through their employers.   The most interesting one here is a tool the company is calling Gusto Wallet. It’s an app and collection of products for employees paid through Gusto that basically acts as a mini bank and financial health monitor.”

September 9, 2020

On the web

August 18, 2020

On the wires

PayActiv Users Choose to Access Hourly Wages in Real-Time with Visa Direct Over ACH

“Recent data from PayActiv, Inc. (“PayActiv”), a leading provider of employer-sponsored earned wage and tip access, has found that four out of every five PayActiv users prefer to access their funds in real-time, a capability enabled by Visa Direct, Visa’s real-time push payments platform, over all other ways of accessing wages through its solution. Earned Wage Access is a payroll innovation that helps hourly workers get access to wages they have already earned in between the two week pay cycle– a critical capability amidst the COVID-19 environment in ensuring people have the funds to buy the essentials they need to stay safe and healthy.”

August 14, 2020

On the wires

August 13, 2020

Top Post

COVID-19 and the Income Domain

Payments Views

“The Income Domain consists of payments to individuals for salary, benefits, rebates, and expense reimbursements. In the U.S., these payments are made primarily via direct deposit through NACHA’s ACH system, and to a lesser extent, paper checks and payroll cards. This final installment in our COVID-19 Impact series explores the challenges and opportunities confronting government and financial services firms in the context of the CARES Act and subsequent programs.”

August 5, 2020

On the web

CloudPay Raises $35M in Growth Capital


“CloudPay provides managed global payroll services to multinational organizations through a single, unified cloud solution. It processes payroll in line with often complex local and country-specific requirements, eliminating error-prone manual processes and ensuring timely payments. CloudPay’s solution guarantees accurate payroll processing across 130+ countries in more than twenty-five languages.”

July 17, 2020

On the wires

 AnyDay Is Payday

AnyDay , the world’s first vertically integrated provider of end-to-end on-demand wage pay and other financial wellness solutions, launches today. AnyDay puts cash in people’s pockets by enabling employees to access their wages whenever they want. Unlike its competitors, AnyDay has built its own payments infrastructure. With no middleman in the way, AnyDay delivers on-demand pay cheaper than anyone else and will be able to deliver other financial wellness solutions, such as cashback on purchases, budgeting and savings accounts, faster and better than anyone else.”

July 14, 2020

On the web

Twitter’s Jack Dorsey Is Giving $3 Million to Help Test Free Cash Payment Programs for Americans


Twitter and Square CEO Jack Dorsey, who is worth more than $7 billion , is pledging $3 million to support experiments in free cash payments to Americans, he announced Thursday. Dorsey is giving the money to Mayors for a Guaranteed Income, a coalition of mayors who advocate for universal basic income, as well as invest in pilot programs around the United States. Universal basic income, or guaranteed income, is a policy by which people receive cash payments from the government, irrespective of employment status.”

July 7, 2020

On the wires

Wagestream Goes Mainstream As It Completes a £20m Series B Funding Round

“Income streaming provider, Wagestream, which enables employees to access their earned wages in real time, today announced it has completed a £20m Series B funding round.  Wagestream, which enables staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee, has seen demand for its product skyrocket among major UK brands over the past year. New client sign-ups were particularly strong in the second quarter, as employers sought to make their staff more financially resilient in the face of Covid-19.”

June 19, 2020

On the web

Marc Benioff and PayPal Back Payday Loans Alternative Even


“Salesforce chief Marc Benioff and PayPal Ventures are joining the latest funding round for Oakland-based start-up Even, which aims to provide a better alternative to payday loans. Why it matters: Historically, those who need an advance on their pay often have few options and pay extremely high fees and interest rates. Details: Even says it isn’t disclosing how much it raised, saying it wants to focus not on the amount, but who is aligning themselves with the company.”

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