PayActiv Streamlines Earned Wage Access with Fiserv Digital Payments Technology
August 28 2019 - 8:35AM
Business Wire
Users of PayActiv now have more and faster
options to access their pay
Fiserv, Inc. (NASDAQ:FISV), a leading global provider of
payments and financial services technology solutions, announced
today that PayActiv will enhance employee financial wellness by
streamlining access to earned wages with money movement
capabilities from Fiserv.
PayActiv’s mission is to bring security, dignity and savings to
American workers. It allows businesses to provide employees with a
holistic financial wellness solution which includes real-time
access to up to one half of their earned wages prior to receiving
their paycheck, helping workers alleviate financial stress by
avoiding payday loans, overdraft charges and late fees. The company
processed more than $1 billion in earned wage access for workers
nationwide during 2018.
The Expectations & Experiences consumer trends survey
conducted by Harris Poll on behalf of Fiserv found that 30 percent
of consumers consider managing money to be a burden and that 38
percent of consumers – and half of millennials – say it would be
difficult or impossible to pay back a $500 loan today.
“Many people live paycheck to paycheck, and any sort of urgent
or unexpected financial need can cause them significant stress that
detracts from their daily lives,” said Safwan Shah, CEO, PayActiv.
“PayActiv can eliminate that stress by giving people a convenient
way to access the money they have already earned.”
Timely access to pay addresses the needs of any worker,
including gig and hourly workers, who can benefit significantly
from the ability to move money when and where it is needed, even at
3 a.m.
“With the rise of the gig economy and new ways of working,
people increasingly expect to be able to access their pay right
away,” said Tom Allanson, president, Electronic Payments, Fiserv.
“PayActiv is enabling employers to meet that expectation.”
PayActiv utilizes Digital Disbursements from Fiserv* to enable
users to move money in real time to a U.S. checking or savings
account via a direct push to their card account. While users have
always been able to send money to bank accounts, the process could
take a few days. Now, with a connection to Visa Direct via Digital
Disbursements, users can move money to their bank accounts in near
real time, usually in minutes.
PayActiv users can transfer funds directly to a bank account or
prepaid card, pay unlimited online bills, or pick up cash at a
Walmart location. The PayActiv app also includes access to
financial counseling, literacy, and a savings tool that encourages
long-term financial wellness.
Earned wage access can set an employer apart in competitive
employment environments, and business owners benefit from more
empowered and productive workers, as well as increased
retention.
“We can serve a business with five employees or 2 million
employees,” said Shah. “The majority of Americans are employed by
small businesses, so it’s important for us to be able to reach the
entire market.”
PayActiv was confident in choosing Fiserv because they knew
Fiserv could handle their current volume and scale as PayActiv
grows.
PayActiv is offered by employers as a benefit to employees.
Nearly 500 businesses in a range of industries including
healthcare, retail, and hospitality, offer PayActiv. While the
service is available to all employees, use of the service is
voluntary, with 30 to 40 percent of an employers’ eligible users
typically using the service.
In a world moving faster than ever before, Fiserv helps clients
deliver solutions in step with the way people live and work today –
financial services at the speed of life. Learn more at
fiserv.com.
*Digital Disbursement services are provided by or through
CheckFreePay Corporation (NMLS ID# 908760), a licensed money
transmitter, and/or its affiliate CheckFreePay Corporation of New
York, which is licensed and regulated as a Money Transmitter by the
New York State Department of Financial Services, each a wholly
owned subsidiary of Fiserv, Inc.
About PayActiv Inc.
PayActiv’s mission is to bring security, dignity and savings to
low-income workers through an award-winning holistic financial
wellness platform that gives 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-paychecks tolls of payday loans,
bank overdrafts and late fees. PayActiv also offers a suite of
financial services that include savings and budgeting tools, bill
payment and financial health measurement. PayActiv has won best in
class awards in both FinTech & HRTech and is the provider for
Earned Wage Access to Walmart. PayActiv’s documentary film It’s
About Time looks at pay timing and its correlation with epidemic
financial stress being experienced by millions of working
Americans.
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) aspires to move money and information
in a way that moves the world. As a global leader in payments and
financial technology, the company helps clients achieve
best-in-class results through a commitment to innovation and
excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover™ cloud-based point-of-sale solution. Fiserv is a member of
the S&P 500® Index and the FORTUNE® 500, and is among the
FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com
and follow on social media for more information and the latest
company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20190828005423/en/
Media Relations: Ann Cave Director, Public Relations
Fiserv, Inc. 678-325-9435 ann.cave@fiserv.com Additional
Contact: David Heaton Sr. Manager, Public Relations Fiserv,
Inc. 770-282-0261 david.heaton@fiserv.com
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