TD Bank, America’s Most Convenient Bank®, announced today the launch of a collaboration with DailyPay, a leading fintech with an innovative on-demand pay solution.
This capability enables clients to give employees real-time access to earned pay prior to a scheduled payday.
"Many employees wait two weeks, or even a month, for payday to come around," said Paul Margarites, Head of Commercial Digital Platforms for TD Bank. "With current pressure from inflation and other issues, this lack of access to earned wages can put workers in a bind. Unforeseen expenses, upcoming bills and day-to-day needs do not wait for payday – and now our clients' employees don't have to."
Powered by DailyPay, the solution will empower TD clients to offer employees access to their earned pay ― whereby their funds can be deposited in their direct-deposit account and available almost as soon as they clock out of a shift.
Behind the scenes, the solution connects with clients' existing payroll systems to convert their employees’ time worked into net earnings. Their DailyPay Balance is available to employees anytime, anywhere through their bank account or any card they choose. They can even control the frequency of the solution and portion of their pay received.
"We are proud to offer this service to our customers to help them deliver a highly desirable benefit to their employees," said Chris Giamo, Head of Commercial Banking at TD Bank. "This service is especially helpful to independent contractors looking for more immediate access to their pay."