Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, announced today that businesses leveraging Money Network electronic payroll delivery services from Fiserv can provide employees early access to their wages.
This increasingly in-demand benefit, known as earned wage access (EWA), is being made available through Money Network prepaid payroll cards via integrated capabilities from Instant Financial.
Earned wage access gives employees the ability to access their wages as they are earned, rather than waiting for a weekly, bi-weekly or monthly payday. Businesses can empower participating employees—especially the millions of unbanked and underbanked Americans—with immediate access to hard-earned income at no cost, giving them the flexibility to access their own money for emergencies or daily expenses.
“The ability to provide faster access to wages and tips can be a significant differentiator for corporations, franchises, governments, and other types of employers challenged with attracting and retaining talent in today's digital-first world,” said Dom Morea, senior vice president and Head of Prepaid at Fiserv. “Pairing earned wage access with the flexibility of a prepaid payroll program that incorporates budgeting tools and spending insights is a powerful example of how employers can help further the financial wellbeing of their employees.”
Employees that are paid via Money Network may monitor budgeting and spending online or via a mobile app, leverage a prepaid debit card to make purchases, access in-network ATMs, transfer funds, and enable a digital wallet. Employers that integrate Money Network with EWA into their time, attendance and payroll systems can easily onboard employees, calculate their on-demand pay, and disburse funds onto a Money Network card. More information about how Fiserv is enabling EWA through Money Network is available at fiserv.com/ewa.
“Addressing the economic uncertainty that so many working Americans have to contend with is on the priority list of this country's best employers,” said Steve Barha, Founder and Executive Chairman of Instant Financial. “Integrating Instant's EWA solutions with the flexible money management capabilities of Money Network provides more of these best-in-class employers with a simple, turn key solution to provide their employees with on demand access to their earnings and some much needed financial relief.”
“Earned wage access has proven popular among employees across a range of professions, and has the potential to alter the way people think about getting paid with an emphasis on the need for funds rather than a calendar date,” said Sarah Grotta, Director, Debit and Alternative Payment Products Advisory Service at Mercator Advisory Group. “The ability to offer these capabilities through existing payroll solutions helps employers that want to offer these services as a benefit without being bogged down with additional administrative details.”