“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.”

“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 .”

“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.”

“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.”

“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…”

“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.”

“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.”

“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.”

“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.”

“Papaya Global , an Israeli startup that provides cloud-based payroll, as well as hiring, onboarding and compliance services for organizations that employ full-time, part-time, or contractors outside of their home country, has raised $40 million in a Series B round of funding led by Scale Venture Partners.”

“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.”

“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.”

“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.”