NEW YORK, June 15, 2021 /PRNewswire/ -- DailyPay, the
leader in on-demand pay, has teamed up with PNC Bank and The
Clearing House to offer real-time payments over the
RTP® network, creating the ability to
fulfill employee payment needs 24/7/365 with unmatched speed and
accuracy.
"We are constantly exploring ways to innovate our
industry-leading technology platform and build upon the
gold-standard service we provide our client partners and their
employees," said Ron Munkittrick,
senior vice president, External Operations, DailyPay. "We are
thrilled to join forces with PNC Bank and The Clearing House for
this groundbreaking technology that will enhance the pay experience
for millions of Americans."
The RTP network provides DailyPay with a safe and seamless way
to instantly transfer funds to its users' bank accounts, giving the
users the power of choice and control over their immediate earned
income. Along with instant delivery and availability of funds to
the recipient, the sender receives confirmation that the funds were
successfully delivered. A key attribute of real-time payments for
DailyPay users is the ability to receive earned wages instantly, as
needed, without disrupting the employer's normal weekly or biweekly
payroll administration and process.
"PNC is committed to immediate payments and creating a platform
for a digital real-time economy, and we are excited to collaborate
with DailyPay and The Clearing House on this effort," said
Chris Ward, executive vice president
and head of digital and innovation for PNC Treasury Management.
"Today's announcement is just one more example of PNC exploring and
engaging innovative uses of RTP as the premier payment solution.
The versatility of the RTP network enables new business models that
provide opportunities for us to help clients differentiate the way
they do business."
The convergence of mobile technology and digital commerce is
leading to real-time payment innovation around the world, which is
even more critical as businesses reopen in the wake of the
pandemic. As digital commerce has grown, there has been renewed
focus on financial inclusion and the challenges facing workers who
live paycheck to paycheck. Real-time payments allow workers to
receive funds instantly so they can better manage cash flow and
avoid high fees and interest rates from payday loans and bank fees.
DailyPay, the leading innovator in the on-demand pay ecosystem, is
the first on-demand pay provider to deliver funds over the RTP
network, the first new payments infrastructure built in the U.S. in
more than 40 years.
"Paying workers on demand has taken on a new level of importance
during the ongoing pandemic and helps to address cash flow concerns
that many workers face on a weekly basis," said Steve Ledford, senior vice president of Product
Strategy and Development at The Clearing House. "DailyPay's
utilization of the RTP network provides a seamless user experience
and benefits the worker and the employer."
About PNC Bank
PNC Bank, National Association, is a
member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC
is one of the largest diversified financial services institutions
in the United States, organized
around its customers and communities for strong relationships and
local delivery of retail and business banking including a full
range of lending products; specialized services for corporations
and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
About The Clearing House
The Clearing House operates
U.S.-based payments networks that clear and settle more than
$2 trillion each day through wire,
ACH, check image, and the real-time payments. It is the nation's
most experienced payments company, with a long track record of
providing secure and reliable systems, payments innovation, and
strategic thought leadership to financial institutions. Most
recently, The Clearing House has revolutionized U.S. payments
infrastructure with the RTP® network, which supports the immediate
clearing and settlement of payments, along with the ability to
exchange related payment information across the same secure
channel. These RTP capabilities enable all financial institutions
to offer safer, faster, and smarter digital transaction services
for their corporate and retail customers. Learn more at
www.theclearinghouse.org.
About DailyPay:
DailyPay, powered by its
industry-leading technology platform, is on a mission to build a
new financial system. Partnering with America's best-in-class
employers including Dollar Tree, Berkshire Hathaway and Adecco,
DailyPay is the recognized gold-standard in on-demand pay. Through
its massive data network, proprietary funding model and connections
into over 6,000 endpoints in the banking system, DailyPay works to
ensure that money is always in the right place at the right time
for employers, merchants and financial institutions. DailyPay is
building technology and the mindset to reimagine the way money
moves, from the moment work starts. DailyPay is headquartered in
New York City, with operations
based in Minneapolis. For more
information, visit www.dailypay.com/press
Media contacts:
David Schwarz
Email: david.schwarz@dailypay.com
Ye Bin Kwon
Email: yebinkwon@dailypay.com
Website: dailypay.com
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SOURCE DailyPay