CHARLESTON, S.C., Sept. 17, 2020 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), a technology platform provider enabling
rapid innovation for employers, health plans and
consumers, announced today it has added PayActiv to the
ever-growing range of products and services in its Benefit Catalog.
PayActiv is a financial wellness solution offering on-demand access
to earned wages for hourly workers.
PayActiv is an industry leading earned wage access ("EWA")
solution. With PayActiv, employees are able to avoid overdrafts and
other penalties by using their already earned but unpaid wages.
This helps workers break free of predatory lending practices and
provides additional value during financial hardship between
paychecks.
"Benefitfocus connects people to the benefits solutions that
improve their lives. PayActiv is a great solution that builds
hourly workers' confidence and financial security without loans,"
said Annmarie Fini, Executive Vice
President, Customer Success Organization, Benefitfocus. "Employers
can help their workers overcome stressful moments in their lives
and build a stable economic foundation for the future."
The PayActiv app provides a holistic financial wellness
approach that includes features for bill pay, savings, financial
counseling and literacy. Additional, powerful features can be
unlocked with the PayActiv Visa card.
PayActiv CEO Safwan Shah adds,
"We are delighted to join Benefitfocus in bringing the most
innovative benefits to the American workforce. Families are facing
more financial stress than they have in generations," said
Safwan Shah, CEO and founder of
PayActiv. "Our holistic approach towards financial wellness is a
win for both employees and employers. Companies can save as much as
$50,000 annually because of reduced
turnover for as few as 100 employees enrolled in PayActiv."
PayActiv serves more than 3,000 businesses at over 20,000
locations. Over 4 million workers have access to PayActiv.
According to its 2019 Impact Report, an analysis of customer usage
of its service, in the last 12 months, PayActiv has saved users
$240 million in payday loan,
overdraft, and late fees, and reduced employee turnover by over
30%.
Benefit Catalog
Benefitfocus' Benefit Catalog provides
employers, brokers and health plans the ability to offer customers
more than 85 market-leading specialty benefits products from more
than 45 leading brands. This product catalog provides an optimized
and engaging enrollment experience that brings all categories
of benefits together in one place.
Connect with Benefitfocus
Access Benefit Catalog.
Like Benefitfocus on Facebook
Follow @Benefitfocus on Twitter
Follow Benefitfocus on LinkedIn
Follow Benefitfocus on Instagram
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits
industry on a single technology platform to protect consumers for
life. Our powerful cloud-based software, data-driven insights and
thoughtfully designed services enable employers, insurance
brokers, health plans and suppliers to simplify the complexity of
benefits administration and deliver health, wealth, property
and lifestyle products through a world-class benefits
experience. Our mission is simple: to improve lives with
benefits. Learn more
at www.benefitfocus.com, LinkedIn and Twitter.
About PayActiv
PayActiv, a Public Benefit Corporation
and Certified B-Corp, is a 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 is the winner of the Innovative
Payments Association's Consumer Champion Award for 2020, and
finalist of Finovate 2020. PayActiv has also won best in class
awards in both FinTech & HRTech, and is the provider of Earned
Wage Access to Walmart.
In August 2020, PayActiv released a short film
titled We Heard You. Learn more at,
visit www.payactiv.com.
INSURANCE NOTICE
Certain products available on the BENEFITFOCUS BENEFITPLACE™
platform may be regulated through various state agencies as
insurance products. Regulated insurance products are offered
through brokers affiliated with BenefitStore, Inc. (doing
business as 627 Benefits Insurance Agency in California and 627 Insurance Broker Agency in
New York), a licensed insurance
agency and wholly owned subsidiary of Benefitfocus, or through
your, your association's, or your employer's appointed broker
as applicable. Any insurance coverage is subject to the issuer's
underwriting standards, fees and other terms and conditions
associated with specific offering or services as determined by the
issuer or provider.
DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results or performance might
differ materially from those explicit or implicit in the
forward-looking statements. Important factors that could cause
actual results to differ materially include: the need to
innovate and provide useful products and services; our ability to
compete effectively; risks related to changing healthcare and other
applicable regulations; the immature and volatile nature of the
market for our products and services; our ability to
maintain our culture and recruit and retain qualified
personnel; privacy; security and other risks associated with
our business; management of growth; and the other risk factors set
forth from time to time in our SEC filings, copies of which are
available free of charge within the Investor Relations section of
the Benefitfocus website
at http://investor.benefitfocus.com/sec-filings or upon
request from our investor relations
department. Benefitfocus assumes no obligation and does
not intend to update these forward-looking statements, except as
required by law.
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SOURCE Benefitfocus, Inc.