OnDemand Pay pioneer leverages technology from Fiserv to enable wage earners to send their pay directly to their bank accounts.
Original press release published via Business Wire.
BROOKFIELD, Wis., June 18, 2019 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that on-demand payment pioneer FlexWage Solutions is expanding the ways wage earners can receive their pay to align with how people live and work today. In addition to being able to access their pay on-demand via a FlexWage-branded card, earners can now send their pay directly to their checking accounts at the time of their choice via Fiserv technology.
“Life does not revolve around two-week pay periods,” said Frank Dombroski, Chief Executive Officer, FlexWage. “A car repair or medical expense often can’t wait, and not being able to pay is extremely stressful. Having access to their money when it is earned can improve not only people’s financial well-being, it can improve their entire lives.”
By leveraging Digital Disbursements from Fiserv, FlexWage is now able to reach more people with more options to receive their pay. FlexWage utilizes Digital Disbursements to enable money to move in real-time to a checking or savings account via a direct push to the debit card the individual uses to access their checking account.
“As the gig economy grows and consumer expectations for speed, ease and convenience increase, there is significant demand for real-time access to earnings,” said Tom Allanson, president of Electronic Payments, Fiserv. “FlexWage continues to be ahead of the curve in helping people maintain control of their finances by providing them access to their money when they need it.”
FlexWage pioneered OnDemand Pay in 2010 and has a focus on financial empowerment, offering financial benefits like budgeting, planning, and live advice. With FlexWage, workers can access pay they have already earned, and employers are able to place limits on the number of times pay can be accessed to help promote responsible use.
In order to access their earnings, workers log into the FlexWage app and move available funds to their FlexWage pay card or to their checking account. FlexWage is used by workers across a wide variety of income levels and industries.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
Digital Disbursement Services are provided by or through CheckFreePay Corporation (NMLS ID#908760), a licensed money transmitter, and/or its affiliate CheckFreePay Corporation of New York, which is licensed and regulated as a Money Transmitter by the New York State Department of Financial Services, each a wholly owned subsidiary of Fiserv, Inc.
About FlexWage Solutions
FlexWage Solutions provides a variety of employer-sponsored financial wellness and empowerment services, including:
- OnDemand Pay. The industry’s only patented, non-loan solution. OnDemand Pay provides employees with responsible access to their earned wages prior to payday. OnDemand Pay improves the quality of life for employees and their families by eliminating the expense and emotional impact of costly bank overdrafts and predatory lending fees. Employers realize increased employee productivity, satisfaction, and retention.
- Sum180. A subscription-based mobile financial wellness service featuring gamified mobile setup, tips, and easy budgeting; highly personalized, right-sized Next Steps with how-to information, mobile tracking, and notifications; coaching from financial advisers, and peer support through an online subscriber community.
- FlexWage Payroll Debit Card. A reloadable Visa-branded payroll card funded each pay period with employees’ earnings, ideal for employees unable to use direct deposit, including temporary, part-time, contracted, and unbanked employees.
- FlexPay. A technology solution that enables immediate delivery of non-recurring payments, such as tips, per diem, and expense reimbursement.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. For 35 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World’s Most Admired Companies® for six consecutive years, recognized for strength of business model, people management, social responsibility and innovation leadership. Visit fiserv.com and follow on social media for more information and the latest company news.