Fiserv has enabled businesses using Money Network electronic payroll delivery services from Fiserv to let their employees access their wages early according to a news release.
The earned wage access service, which lets employees obtain wages as earned rather than waiting for a payday, is offered through its Money Network prepaid payroll cards through capabilities from Instant Financial, which offers earned wage access services.
Earned wage access offerings also lets employees have more flexibility with managing their finances.
“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,” Dom Morea, senior vice president and Head of Prepaid at Fiserv said in a statement. “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.”
Fiserv also said in the news release that workers paid through Money Network can also monitor budgeting and spending digitally or through an app, use prepaid debit cards to buy things, access ATMs among other features.
“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,” Steve Barha, Founder and Executive Chairman of Instant Financial, said in a statement.
Recently, we interviewed Fiserv Director of Product Management Carrie Blankenship for our Women in Fintech series about how she’s leading Fiserv involvement with the Clearing House’s Real-Time Payments service, and other instant payment services.
In other recent payments news Visa and Airbnb have teamed up so that Airbnb hosts in certain markets will be able to get their payments faster by using Visa Direct, the company’s real-time push payments platform.