BROOKFIELD, Wisconsin – (COMMERCIAL THREAD) –Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment technology and financial services solutions, today announced that PayActiv will improve the financial well-being of employees by streamlining access to wages earned through the capabilities of Fiserv money movement.
PayActiv’s mission is to bring safety, dignity and savings to American workers. It enables companies to provide employees with a comprehensive financial well-being solution that includes real-time access to up to half of their earned salary before they receive their paycheck, helping workers alleviate financial stress by avoiding payday loans, overdraft fees and late fees. The company processed more than $ 1 billion in earned wage access for workers nationwide in 2018.
Harris Poll’s Consumer Trends, Expectations and Experiences survey on behalf of Fiserv found that 30% of consumers see money management as a burden and 38% of consumers – and half of consumers see money management as a burden. millennials – say it would be difficult or impossible to pay off a $ 500 loan today.
“Many people live from paycheck to paycheck, and any kind of urgent or unexpected financial need can cause them significant stress that interferes with their daily lives,” said Safwan Shah, CEO of PayActiv. “PayActiv can take this stress out by providing a convenient way for people to access the money they have already earned.”
Access to timely pay meets the needs of every worker, including pay-as-you-go and hourly workers, who can significantly benefit from the ability to move money when and where it’s needed, even at 3 a.m.
“With the rise of the odd-job economy and new ways of working, people increasingly expect to be able to access their pay immediately,” said Tom Allanson, President, Electronic Payments, Fiserv. “PayActiv enables employers to meet this expectation.
PayActiv uses Fiserv digital disbursements* to allow users to transfer money in real time to a US current or savings account via a direct push to their card account. While users have always been able to send money to bank accounts, the process can take a few days. Now, with a connection to Visa Direct via digital disbursements, users can transfer money to their bank accounts in near real time, typically within minutes.
PayActiv users can transfer funds directly to a bank account or prepaid card, pay unlimited bills online, or withdraw money from a Walmart store. The PayActiv app also includes access to financial counseling, literacy, and a savings tool that encourages long-term financial well-being.
Access to earned wages can distinguish an employer in competitive employment environments, and business owners benefit from more self-reliant and productive workers, as well as increased retention.
“We can serve a company with five employees or 2 million employees,” Shah said. “The majority of Americans are employed by small businesses, so it’s important for us to be able to reach the entire market.”
PayActiv was confident in choosing Fiserv as they knew Fiserv could handle their current volume and scale as PayActiv grows.
PayActiv is offered by employers as a benefit to employees. Nearly 500 companies in various industries, including healthcare, retail and hospitality, offer PayActiv. Although the service is available to all employees, use of the service is voluntary, with 30 to 40 percent of an employer’s eligible users typically using the service.
* Digital disbursement services are provided by or through CheckFreePay Corporation (NMLS ID # 908760), a licensed money issuer, and / or its subsidiary CheckFreePay Corporation of New York, which is licensed and regulated as an issuer of money by the New York State Department. Financial Services, each a wholly owned subsidiary of Fiserv, Inc.
About PayActiv Inc.
PayActiv’s mission is to bring safety, dignity and savings to low-income workers through an award-winning holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages. Companies partnering with PayActiv see significant cost reductions through increased recruitment, engagement and retention. Employees love PayActiv because it eliminates the costly fees between payday loan paychecks, bank overdrafts and late fees. PayActiv also offers a suite of financial services including savings and budgeting tools, bill paying, and financial health measurement. PayActiv has won the Best in Class award in FinTech and HRTech and is Walmart’s Earned Payroll Service Provider. PayActiv documentary film It’s time examines the wage schedule and its correlation with the epidemic financial stress experienced by millions of American workers.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and fintech, the company helps clients achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuers processing and network services; Payments; e-commerce; acquisition and processing of traders; and the Clover ™ cloud-based point of sale solution. Fiserv is a member of the S&P 500® Index and FORTUNE® 500, and is one of FORTUNE Magazine’s World’s Most Admired Companies®. Visit fiserv.com and follow on social networks for more information and the latest company news.