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8 episodes with earned wage access
6 episodes with earned wage access
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2 episodes with earned wage access
2 episodes with earned wage access
2 episodes with earned wage access
2 episodes with earned wage access
2 episodes with earned wage access
The earned wage access (EWA) space is maturing and now has some players that are getting real scale. In many industries, it has gone from a curiosity to a must-have for employers. As the space scales, there are bigger questions in play. How can we ensure that all salaried workers have access to this innovative product, so they don't need to provide an interest-free loan to their employers every pay period?My guest today on the Fintech One-on-One podcast is Alex Bradford, the CEO and founder of Rain. Rain is part of the new breed of EWA providers that learned from the lessons of the early movers in the space when building their product. They now have over a million employees on their app and they see the real financial benefit that EWA is providing their users, particularly those living paycheck to paycheck.In this podcast you will learn:Why Alex got so excited when he discovered the EWA space.Why he thought the timing was great to start his company in 2019.How their system works for both the employer and employee.The different types of users of Rain.How they know Rain is being beneficial for their users' financial health.How using Rain has changed their users' behavior.The impact that Rain has on employee retention.What they are doing with the large HR software companies.How Rain is engaging with state and federal regulators.What they have on their product roadmap.What it will take to make EWA ubiquitous.Connect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes
In this episode of The Consumer Finance Podcast, host Chris Willis is joined by James Kim and Jesse Silverman, co-leaders of Troutman Pepper Locke's fintech industry group. They discuss the current regulatory environment for earned wage access products, as well as potential developments in 2025. The conversation covers the evolving positions of the Consumer Financial Protection Bureau (CFPB) and the differing approaches taken by states such as Connecticut, Wisconsin, California, and Maryland. Tune in to understand the complexities and practical implications for earned wage access providers in this dynamic regulatory landscape.
If you work for a bank or other consumer financial services provider, you will want to listen closely to how consumer advocates are reacting to Trump's election insofar as the CFPB and FTC are concerned. In today's podcast episode, we're joined by Erin Witte and Adam Rust (the “CFA Reps”) from CFA. We focus first on CFPB and FTC regulations that might be finalized during the lame duck session of Congress. The CFA Reps express hope that the FTC would finalize its so-called “junk fee reg” which, as proposed, called for “all-in” pricing (I.e., disclosure of a dollar amount for goods and services that includes all fees that will be charged in connection with the transaction.) They also express hope that the CFPB will finalize its checking account overdraft fees reg, the larger participant rule pertaining to non-bank payment providers and the medical debt rule which, if finalized, would result in unpaid medical debt no longer appearing on credit bureau reports. Of course, there is a risk, with respect to each of these rules as well as any other CFPB and FTC rules finalized roughly after August 1 of this year, which they may be overruled by Congress under the Congressional Review Act. We then discuss final regs promulgated by the FTC and CFPB which have been challenged in the Circuit Courts of Appeal. For the FTC, this includes the so-called CARS Rule (which imposes restrictions on car dealers' sales and financing of motor vehicles) and the recent “Click-to-Cancel” Rule which, among other things, requires sellers of goods and services on a subscription basis to be able to cancel subscriptions as easily as signing up for subscriptions. The latter rule has been challenged in four circuit courts of appeal. We also discuss the status of many CFPB final regs and what a new CFPB's strategy may be with respect to them. They include: the $8 credit card late fee rule which is currently enjoined by a Federal District Court in Texas; the data collection reg pertaining to small business loans promulgated under Section 1071 of Dodd-Frank, which is currently on appeal before the Fifth Circuit Court of Appeals after a Federal District Court denied a motion by the bank trade associations to grant a preliminary injunction pertaining to the reg; the open-banking reg under Section 1033 of Dodd-Frank (which pertains to consumers having the ability to share information in certain bank accounts with third parties which has been challenged in court; the Buy-Now, Pay-Later interpretive rule which has been challenged in court; and the Earned Wage Access interpretive rule. There is great uncertainty as to whether the new CFPB's Director will seek to repeal or amend any of these regs or whether he or she will elect to change the CFPB's position in the litigation to side with the plaintiffs. In order to repeal or change any of the regs (other than the two interpretive rules), the CFPB will need to jump through all the hoops required by the Administrative Procedure Act before effecting a repeal or change and the repeal or change might be challenged in court as being arbitrary or capricious. It would seem that it might be much easier to repeal or change the interpretive rules which would not require publishing them in the Federal Register for notice and comment. The CFS Reps also express hope that the CFPB issues its final report with respect to the voluminous information it received from auto finance companies in response to market monitoring orders it issued to them. An initial report recently issued by the CFPB and dealt with the incidence of financing negative equity in cars being traded in. While the final report is unlikely to result in new proposed CFPB regulations during the next four years, the report might instigate enforcement actions by state AGs. As was the case during the first Trump presidency, the CFA Reps believe that whatever consumer protection void is created at the CFPB will largely be filled by state AGs, state departments of banking and consumer protection agencies. They also expect there to be an increase in private civil litigation, including class actions. Alan Kaplinsky, Senior Counsel and former chair for 25 years of the Consumer Financial Services Group, hosts the discussion.
Wondering how pay-on-demand models like Salary Advance impact employees and employers? Dive into the latest episode of Bang the Drum! In this episode, Emma Sheppard is joined by Jason Davenport, CEO of The Chartered Institute of Payroll Professionals (CIPP), and Stephen Abbotts, Director of Payroll Services at Azets. They investigate pay-on-demand as an emerging model, evaluating its sustainability and implications. Delving into the benefits and drawbacks for employees and employers, considering its impact on financial stability, productivity, and employee satisfaction. Bang the Drum has featured at #1 in the Apple Podcast charts for Management podcasts and #19 in the Apple Podcasts charts for Business podcasts. Listen, subscribe, rate, and share Bang the Drum with others you think might enjoy it! Get in touch with Bang the Drum at podcast@azets.co.uk. Bang the Drum is brought to you by Azets, the international outsourcing, compliance, and advisory group. Find out more at azets.co.uk. #BangTheDrum
DescriptionTate started doing commercial fishing at 16. He took that money and started lending it— on Craigslist! By 23 years old, he'd lent out $250,000. Then he found out about cash advances, and decided to start ZayZoon, a platform to help employers pay their employees faster.Tate was one of the early pioneers of the entire Earned Wage Access space. By partnering with payroll companies and employers, ZayZoon lets employees access their earned wages faster.It took Tate and his co-founders 4 years to get to their first million of ARR. And as soon as they felt they had it, revenue crashed 60% in a quarter. The team got things back on track and since then has grown from 20 to 200 employees— revenue is now closer to $100M than $10M. Here's the story.Why you should listen:Why you need to be all-in at the early stagesHow to arm channel patterns to sell your productHow to re-position your product so it's clear you solve customer problemsWhy it can take years for a new category to take offKeywordsentrepreneurship, lending, FinTech, earned wage access, startup journey, mentorship, risk management, payroll integration, business challenges, market challenges, growth strategies, employer empowerment, product-market fit, exponential growth, timing, customer engagementTimestamps:(00:00:00) Intro(00:01:25) Lending Money on Craigslist in Highschool(00:13:06) The Origin of Zayzoon(00:19:18) The Next Step After the Aha Moment(00:24:44) Problems Starting Off(00:29:08) Launching First Payroll(00:30:58) Fundraising(00:34:11) Making the Product Easy to use (00:45:32) Hitting a Million Dollars(00:48:53) Why timing matters(00:53:34) Finding Product Market Fit(00:54:27) One Piece of Advice(00:56:29) How all in were you?Send me a message to let me know what you think!
In this episode of The Modern Hotelier, hosts David Millili and Steve Carran sit down with Tate Hackert, founder and president of ZayZoon, to discuss earned wage access and financial empowerment in the hospitality industry. Hackert shares his entrepreneurial journey from small-town beginnings to revolutionizing employee pay access, along with insights on business growth and workplace benefits.Key Topics:How did ZayZoon transform from a manual loan service into a comprehensive fintech platform? What new features are planned in ZayZoon's rewards and recognition tools? How can earned wage access benefit both employees and employers in the hospitality industry? How does ZayZoon's integration with payroll providers work?Join the conversation on today's episode on The Modern Hotelier LinkedIn pageThe Modern Hotelier is produced, edited, and published by Make More MediaLinks:LinkedIn: https://www.linkedin.com/in/tate-hackert/ZayZoon: https://www.zayzoon.com/For full show notes head to: https://themodernhotelier.com/episode/110Follow on LinkedIn: https://www.linkedin.com/company/the-...Connect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil...
Today's podcast, which repurposes a recent webinar, is the conclusion of a two-part examination of the CFPB's use of a proposed interpretive rule, rather than a legislative rule, to expand regulatory requirements for earned wage access (EWA) products. Part One, which was released last week, focused on the CFPB's use of an interpretive rule to expand regulatory requirements for buy-now, pay-later (BNPL) products. We open with a discussion of EWA products, briefly describing and distinguishing direct-to-consumer EWAs and employer-based EWAS. We review some of the consumer-friendly features that are common to EWAs, including that there is no interest charged and they are typically non-recourse, and discuss expedited funding fees and tips, neither of which is required to access EWAs. We also provide an overview of how some states have attempted to regulate (or specifically not regulate) EWAs. We then transition into a discussion of the CFPB's history with EWA products, including the Bureau's advisory opinion in 2020 that took a markedly different approach to EWAs, essentially taking the position that a certain subset of EWAs fell outside of the definition of “credit” under the Truth in Lending Act (TILA) and Regulation Z. The CFPB's proposed interpretive rule, on the other hand, states that EWAs are “credit” and that expedited funding fees and optional tips, in most circumstances, are part of the finance charge that must be disclosed under TILA and Regulation Z. We explore the Bureau's reasoning in support of these conclusions and some of the compliance difficulties that the proposed interpretive rule would create were it to go into effect as written. Since this recording took place, the CFPB has posted over 148,000 comment letters that it has received on the proposed interpretive rule, many of which are from consumers who use EWAs to access a portion of their earned wages prior to their scheduled payday and are concerned that the proposed interpretive rule could limit or jeopardize their access to EWAs. The high number of responses demonstrates the level of interest that the CFPB's proposed interpretive rule has generated. We conclude with thoughts about vulnerabilities with both the proposed interpretive rule for EWAs and the interpretive rule for BNPLs that we described in Part One of this podcast, as well as how these rules could potentially be challenged. One notable development that has occurred since our recording is that the Financial Technology Association has filed a complaint asking a D.C. federal court to strike down the interpretive rule for BNPLs because of the alleged violations of the Administrative Procedure Act that we discuss in this episode. Alan Kaplinsky, former Practice Leader and Senior Counsel in Ballard Spahr's Consumer Financial Services Group, moderates today's episode, and is joined by John Culhane and Michael Guerrero, Partners in the Group, and John Kimble, Of Counsel in the Group.
Join us on PayTalk as we dive into the potential regulatory changes reshaping the Earned Wage Access (EWA) industry with Brian Slowik, SVP of Wage and Corporate Disbursements at Green Dot Corp and co-founder of rapid PayCard. With over two decades of experience in payroll solutions, Brian offers invaluable insights into the proposed rule by the Consumer Financial Protection Bureau (CFPB) that could dramatically alter how EWA products are classified and regulated. In our discussion, we explore the complexities of these potential changes and their impact on payroll professionals, employers, and employees. We delve into the conflicts between federal and state regulations, examine the importance of employer-driven EWA programs, discuss the critical role of transparency in wage access solutions, and so much more! Listen to Brian's past episodes of PayTalk: Earned Wage Access: The Payroll of the Future? From Payday to Any Day: Unpacking On-Demand Pay Impacts
In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection Bureau's (CFPB) proposed interpretive rule on earned wage access (EWA) products. EWA allows employees to access wages they have earned before payday, with two main models: employer-integrated and direct-to-consumer. The conversation explores the differences between EWA and payday lending, emphasizing that EWA typically does not involve finance charges or obligations to repay.The podcast explains the CFPB's proposed interpretive rule, which replaces the 2020 guidance that was more favorable to the industry. The new rule would classify EWA products as credit under the Truth in Lending Act (TILA), requiring additional disclosures. The discussion also covers the CFPB's stance on expedited funding fees and tips, which they argue should be considered finance charges.The group discusses the CFPB's approach, noting potential challenges and the lack of justification for the proposed rule. They encourage market participants to submit comments before the August 30 deadline to address flaws in the CFPB's analysis.
In this week's episode of Fintech Recap, Alex is joined by Jason Mikula to discuss the latest news and trends in the fintech industry. What if BaaS Island wasn't really an island at all, but the gateway to a multiverse filled by other BaaS Islands? That's right — BaaS Island is fracturing as Jason and Alex venture into the multiverse. What's going on with Mercury and the extended Synapse/Evolve multiverse? Alex and Jason explain the lengths Mercury went to in order to get around compliance requirements. Are we living in the darkest timeline where Synapse might have been the good guy all along? Then, the guys discuss the request for information put out by the Fed, the FDIC, and the OCC regarding bank fintech partnerships. How much did the Synapse and Evolve case influence this list of questions? And what can it do to help address consumer confusion around who or what entities are worthy of trust? Plus, Jason and Alex also chat about the CFPB's proposed interpretive rule around earned wage access and briefly chat about the FDIC's rollback of the 2020 rule on brokered deposits.. And what do the guys refuse to let go of this week? Tune in to find out! 00:03:49 The BaaS Multiverse 00:23:28 Request for Information 00:48:15 CFPB and Earned Wage Access 01:06:35 60 Seconds of Nerd Talk on Brokered Deposits 01:14:07 Can't Let It Go Sign up for Alex's Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don't forget to check out my YouTube page. Follow Jason: Newsletter: https://fintechbusinessweekly.substack.com/ LinkedIn: https://www.linkedin.com/in/jasonmikula/ Follow Alex: YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson Twitter: https://www.twitter.com/AlexH_Johnson
Paywatch is a financial services company that provides earned wage access (EWA) services to help employees get banked, receive credit, and improve their access to financial products.Richard Kim, Co-Founder and CEO of Paywatch, founded the business in 2019 with his brother Alex. Together, they have built Paywatch as the only bank-backed and regulator-approved Earned Wage Access solution in Asia. Today, they have expanded their business not only in Malaysia and South Korea but also in other Asia Pacific countries like the Philippines and Indonesia, with their eyes set on Thailand and Vietnam ahead.As of June, Paywatch had processed over $58 million in salaries through its system and was growing month-over-month by as much as 15%. Their user base is spread across South Korea, Malaysia, the Philippines, and Indonesia, with notable clients including KFC, Pizza Hut (part of QSR Brands), Wilmar International, PayNet, and Jaya Grocer, among others.Last month, Paywatch raised US$30 million (approximately RM141 million) in funding from a mix of equity and credit facilities to continue its growth and expansion plans.In this conversation, Richard will give us a sense of why he started Paywatch, the problem he aims to address, the business opportunities present, the challenges in turning it into reality, and their growth path ahead.
At Tearsheet, we've been following the growth and maturity of neobanks over the past few years and all in, with the billions of dollars invested, products launched, and customers acquired. The path to good unit economics has been elusive for some. Joining me on this podcast today is Stuart Sopp, CEO and co-founder of Current. In this episode Stuart gives a behind-the-scenes look at how Current has managed to thrive throughout the fintech winter, by adjusting the dial on its marketing spend without compromising its growth. Stewart also delivers a masterclass in product development and finding the right product-market fit for digital financial products. Sopp dives into Current's development pipeline and the go-to-market strategy behind its new Earned Wage Access product and credit builder card, as well as what he's seeing in demand for these new products. It's a conversation about what it takes to build a neobank that doesn't only survive, but thrive.
Workers may have a harder time getting access to money when they need it, if a new interpretive rule from the Consumer Financial Protection Bureau goes into effect. The Bureau released an interpretive rule on Thursday that classifies all earned wage access products as credit and therefore subject to certain disclosures and underwriting rules. I'm Ben Jackson and in this episode, I talk with Brian Tate, the IPA's CEO, about what the proposed rule and what it might mean for the industry and workers. This podcast was recorded on July 18, 2024. Things may have changed by the time you hear it. You can find the text of the interpretive rule here: Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work | Consumer Financial Protection Bureau (consumerfinance.gov)
In this episode of the "Build a Vibrant Culture" podcast, host Nicole Greer interviews Traci Chernoff, creator of the "Bringing the Human back to Human Resources" podcast.They discuss the significance of reintroducing the human element into HR, aligning employee demands with business needs, and the challenges HR professionals face. Traci emphasizes the importance of infrastructure and career growth opportunities, particularly in flexible work environments. They also touch on knowledge sharing, succession planning, and strategic HR practices. Traci shares insights from her podcast and encourages listeners to engage with her content for practical HR solutions.Highlights: The Human Element in HR (00:05:41)Employee Engagement and Feedback (00:13:30)Aligning Employee Demands with Business Needs (00:19:26)Earned Wage Access and (00:26:17)Career Growth and Infrastructure (00:35:59)Strategic planning for human resources (00:47:32)Traci's commitment to bringing the human back to HR is inspiring. Her podcast “Bringing the Human back to Human Resources” provides actionable insights on how to do just that in your workplace. Listeners are encouraged to visit Traci's website to learn more about her career services (resume and career consulting). Stay tuned for another vibrant episode of the “Build a Vibrant Culture” podcast next week!Connect with Traci:Career Services: Hrtraci.comBringing the Human back to Human Resources Podcast: https://podcasters.spotify.com/pod/show/hrtraci LinkedIn: https://www.linkedin.com/in/hrtraci/ Facebook: https://www.facebook.com/HRTraci IG: https://www.instagram.com/hrtraci
Welcome to our newest episode where we sit down with Anna Berger, the innovative Founder and CEO of Trayd, a company redefining payroll in the construction industry. Anna shares her journey from her roots in marketing to spearheading a tech-driven revolution in construction payroll solutions. Trayd is transforming how commercial real estate subcontractors manage their workforce, incorporating cutting-edge time-tracking tools and payroll automation to facilitate Earned Wage Access. Anna discusses the challenges and triumphs of implementing technology in a traditionally non-tech industry, and how Trayd is not just changing operations but also impacting lives by providing same-day pay to workers. Listeners will gain insights into the unique aspects of managing a tech startup in the construction sector, the importance of user-focused design, and the future of workplace technology. This show is supported by www.matchrelevant.com. A company that helps venture-backed Startups find the best people available in the market, who have the skills, experience, and desire to grow. With over a decade of experience in recruitment across multiple domains, they give people career options to choose from in their career journey.
I have made no secret of my affection for earned wage access (EWA) as a product. It has been growing rapidly, particularly the last couple of years, as more consumers realize what a great tool it is. There have been several different approaches to implementing EWA from the major players in the space but no one has approached it the same way as Clair.My next guest on the Fintech One-on-One podcast is Nico Simko, the CEO and Founder of Clair. While operating in a space without regulatory clarity, Clair has taken the most conservative approach. It also happens to be the approach with the most regulatory work to implement. It is somewhat controversial in EWA circles: considering these advances to be a loan.In this podcast you will learn:How Uber Money gave Nico the idea for the founding of Clair.The wedge he built that differentiated Clair from the start.How their product works from an employee experience.How they are able to get the workforce management apps involved.The maximum that employees are able to advance each pay period.Clair's approach towards the regulatory uncertainty in the EWA space.Why they decided to create the legal structure to make their product a loan.Nico's thoughts on the EWA bill that is working through Congress right now.Why they chose Pathward as their partner bank.What it will look like in ten years time for workers' access to their wages.Some simple ideas that Nico is thinking about for better products for workers.What Clair is focused on the next 12-18 months.Connect with Nico on LinkedInConnect with Clair on LinkedInConnect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes
This conversation explores the concept of earned wage access, its impact on hourly employees, and the recent legislation in South Carolina. It delves into the benefits of earned wage access, its distinction from loans, and its role in promoting employee engagement and flexibility. The discussion also addresses the implications of regulation and the potential impact on employers and employees. Checkout the article here: https://www.hrdive.com/news/south-carolina-earned-wage-access-payments-law-regulations/717274/ Connect with Traci here: https://linktr.ee/HRTraci Visit our website: HRTraci.com Don't forget to rate this podcast 5 stars, leave a review, and subscribe! This episode is sponsored by: DirectSuggest: https://www.directsuggest.com/subscribe.php?id=6992 Use Promo Code: HumanHR Disclaimer: Thoughts, opinions, and statements made on this podcast are not a reflection of the thoughts, opinions, and statements of the Company Traci Chernoff is actively employed by. --- Send in a voice message: https://podcasters.spotify.com/pod/show/hrtraci/message Support this podcast: https://podcasters.spotify.com/pod/show/hrtraci/support
In this episode of Fintech Layer Cake, Reggie Young dives deep into the intricacies of earned wage access (EWA) and its regulatory landscape with Ben LaRocco from EarnIn. They explore what a policy function within a fintech company entails, the role of government relations in shaping how products are perceived and regulated, and the current state and future of earned wage access in the fintech sector.Ben provides a comprehensive primer on EWA, discussing its business models, regulatory challenges, and the impact of policy on innovation and consumer protection.
In this episode Brian Tate, the IPA's CEO, and Ben Jackson, the COO, discuss regulatory and legislative developments at both the state and federal levels. They cover bills on EWA in Kansas, the department of Treasury's green book, and a court case involving PayPal and the CFPB. This podcast was recorded on April 11, 2024. Things may have changed by the time you hear it.
Our special guest is Ian Moloney, Senior Vice President and Head of Policy and Regulatory Affairs with the American Fintech Council (AFC). After reviewing how EWA products are used by consumers and the differences between employer- and provider-based products, we discuss the regulatory challenges faced by the EWA industry, the regulatory approaches states have taken to EWA, actions taken by the Consumer Financial Protection Bureau related to EWA, and proposed federal legislation dealing with EWA. We conclude with a discussion of AFC's letter to the Bureau urging the Bureau to develop a regulatory approach to EWA. Alan Kaplinsky, Senior Counsel in Ballard Spahr's Consumer Financial Services Group, leads the discussion, joined by Michael Guerrero, a Partner in the Group and Co-Leader of the firm's Fintech and Payments Solutions Team.
In this Episode, Pranav Barthwal shares insights into his experiences at American Express, the evolution of the card industry in India, and the challenges and opportunities in the financial services sector. The discussion also delves into the intricacies of Earned Wage Access, workforce management, and the impact of economic factors on India's market, providing a comprehensive overview of the dynamic landscape in fintech and beyond. 00:00-00:01: Introduction 00:01-00:05: Sudha Organization and Chadha's role at American Express 00:05-00:10: Challenges and evolution in the card industry 00:10-00:15: Banking sector overview and licenses in India 00:15-00:20: Partnerships, tech challenges, and workforce management 00:20-00:25: Earned Wage Access (EWA) model, market dynamics 00:25-00:30: Financing student loans, SME lending, platform strategy 00:30-00:35: Future plans, economic challenges, employee welfare 00:35-00:40: Opportunities in India, global economic impact 00:40-00:45: Return of Indians, education challenges, consistency 00:45-00:47: Acknowledgments and Conclusion
When a paycheck arrives can be just as important as its size. In this episode, we talk with Matt Pierce, the founder and CEO of Immediate, an earned wage access provider. He discusses what led him to found Immediate, how earned wage access contributes to financial health, and how EWA stacks up against payday loans. This podcast was recorded on January 11, 2024. Things may have changed by the time you hear it.
Paywatch plans to extend its reach to more of Asia's workforce and promote financial inclusion by leveraging Visa's cross-border capabilities, network and financial literacy and digital education content. Full discussion with it's CEO and Co-founder, Richard Kim.
Paywatch plans to extend its reach to more of Asia's workforce and promote financial inclusion by leveraging Visa's cross-border capabilities, network and financial literacy and digital education content. Full discussion with it's CEO and Co-founder, Richard Kim.
Alex Gostomelsky, the Chief Financial Officer of Tapcheck that focuses on financial technology and human resources joins Enterprise Radio. Tapcheck helps clients promote financial … Read more The post Earned Wage Access Changes The Trajectory of Businesses and Their Employees appeared first on Top Entrepreneurs Podcast | Enterprise Podcast Network.
Join us for an exclusive conversation with Alex Kostecki, the brains behind Clair, a service that ties your bank account to your employment. As the co-founder and chief revenue officer, Alex reveals how his background in financial services consulting inspired the creation of Clair - a service that not only gives users free access to their wages but also enables them to earn interest on them. He enlightens us on Clair's business model which is built on interchange fees and its innovative way of generating revenue from voluntary products on their app. Alex also shares his love for marketing and backcountry skiing.Despite the potential challenges of state-specific regulations, Clair is committed to navigating the complexities of the financial industry. The company is in the process of obtaining the required licensing and working with qualified lenders to comply with the evolving regulatory landscape. This proactive approach is attracting large companies, like networks of hospitals across the US and large hotel groups, who choose Clair for its ability to deploy services across the entire country.
Sub-Saharan Africa has roughly 144 mobile money operators. This indicative of the relationship between technology and the continent's unbanked population. Business Day TV explored the relationship in greater detail with Sisonke Mgwebi, Consultant at Frost & Sullivan with specific focus on earned wage access.
Chris Titley recently caught up with Leigh Dunsford from Nine25 about the evolution of the business, their recent successes and their future outlook. We chatted to Leigh in 2020 about Earned Wage Access and how he has found his niche within new fintech verticals. This podcast is partnered with Morgans Financial Limited, Australia's largest full-service stockbroking and wealth management network. Check out more from Morgans: Visit the Morgans website: www.morgans.com.au Check out our blog: www.morgans.com.au/Blog On Facebook: www.facebook.com/MorgansAU On Instagram: www.instagram.com/Morgans.Australia On Twitter: twitter.com/MorgansAUCheck out more from Sub11:Visit the Sub11 website: www.sub11.com.au/ On Instagram: www.instagram.com/hellosub11/ On Twitter: twitter.com/hellosub11 On LinkedIn: www.linkedin.com/company/sub11/ Follow Chris Titley: www.linkedin.com/in/ctitley/ The Bank to the Future podcast was founded in 2020, to document the beginning of Open Banking in Australia and to educate investors by profiling and introducing companies and individuals within the digital and traditional banking landscape. Bank to the Future 2.0 serves as a follow-up to this series. Looking back on how the market has changed over the last almost 3 years of Open Banking in Australia, revisiting past guests to see where they are now, as well as introducing new and growing companies and individuals in the space today. This Podcast is for general information purposes only and does not take into account anyone's personal circumstances. Morgans Financial Limited AFSL 235410. Established in May 2022, Sub11 is a joint venture between Euphemia (investment partner) and Chris Titley.
The latest HR on the Offensive podcast has Chris being joined by two fellow LACErs Simon Puryer and Chris Kirby to delve into the world of faster payments and earned wage access. In this podcast our in-house payroll experts discuss the evolving landscape of financial wellbeing and the role of payroll professionals in this context. Listen now, if you are considering earned wage access, for valuable insights into the world of faster payment.
Many Americans struggle with debt, living paycheck to paycheck. Going to a payday lender or credit card company may be a short-term solution, but a long-term issue with paying off the interest. However, earned wage access (EWA) is another solution. EWA — sometimes referred to as early pay — is the ability for employees to access a portion of their already earned wages, if needed, outside of a traditional pay cycle. Yet states like Connecticut are over-regulating the ability for people to access their own money to help them make ends meet. Justin Hosie, a partner at Hudson Cook, LLP, explains.
In this episode, Brian Tate, The IPA's CEO, and Chris Stromberg, the director of government relations, discuss both federal and state bills that could shape the payments industry. They discuss a potential bill on earned wage access, legislation on how banks can work with cannabis businesses, and a bill in California to ban plastic gift cards. This podcast was recorded on October 12, 2023. Things may have changed by the time you hear it.
Kailee Costello sits down with Stacy Greiner, Chief Operating Officer at DailyPay. DailyPay offers an on-demand pay solution that helps employers to improve the financial well-being of their workforce. DailyPay has over 1000 enterprise clients, and over 4 million of these company's employees use the DailyPay platform. In this episode you will hear about: - DailyPay's mission to provide employees with on-demand access to their earnings - Why DailyPay's target market spans across industries, and why DailyPay didn't start by focusing on a specific industry - DailyPay's revenue model - Stacy's perspective on competitive position, and the importance of truly "earned wage" access - The future for earned wage access - The risk for employers that fall behind in the Earned Wage Access movement - The impact of wage compression in healthcare - DailyPay's strategic priorities over the coming years - Stacy's journey from her marketing roles at Dun & Bradstreet and Cisco to COO at DailyPay, and what Stacy's role looks like day-to-day About DailyPay DailyPay is on a mission to build a new financial system for everyone. DailyPay delivers an on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. About Stacy Greiner Stacy Greiner serves as Chief Operating Officer, DailyPay. She most recently served as the General Manager of the Sales and Marketing Solutions division of Dun & Bradstreet, where she was responsible for all Profit & Loss. Her experience spans Senior Executive roles at Cisco, IBM, and Accenture where she led globally-diverse Product, Marketing, Engineering, and Data & Analytics organizations. Trained as an Aerospace Engineer at Iowa State University, Greiner also holds an MBA from the Massachusetts Institute of Technology (MIT) Sloan School of Management. She sits on the board and serves as a member of the Audit Committee of Proto Labs, Inc. For more FinTech insights, follow us on WFT Medium: medium.com/wharton-fintech WFT Twitter: twitter.com/whartonfintech WFT Instagram: instagram.com/whartonfintech Kailee's Twitter: @KaileeCostello_ Kailee's LinkedIn: https://www.linkedin.com/in/kaileecostello/
Welcome to the Tearsheet Podcast. I'm Tearsheet editor in chief, Zack Miller. Earned Wage Access has become an important value proposition for workers and many neobanks generally offer it. But for largest incumbent institutions, few do offer it and a lot of it has to do with the lack of regulatory clarity – each state has a different approach to it. But that's changing. Nico Simko, CEO of Clair, joins me on the podcast to talk about the evolution of EWA and some of the recent legal moves some states have taken to clear things up. Clair is a free on-demand pay app for front line workers. In addition to drilling down on regulatory changes for earned wage access, we also tackle: ** Clair's distribution strategy ** How the app helps people save money ** The mechanics of wage advance and how they work ** Clair's fundraising history and where Nico wants to steer the firm in the future
As summer winds down Earned Wage Access products are in the spotlight at multiple levels of the government. In this episode, Brian Tate, the IPA's CEO, and Chris Stromberg, our director of Government Relations, discuss what is happening in the world of EWA regulation at the state and Federal level and how the IPA is trying to inform the conversation. They also talk about the CFPB's recent report on mobile payments, and the possibility of a government shutdown. You can find the earned wage access page mentioned in the show here: Home | Earned Wage Access You can see the IPA's past advocacy on the topic here: Innovative Payments Association | EWA - Innovative Payments Association (ipa.org) This podcast was recorded on September 7, 2023. Things may have changed by the time you hear it.
Discover the power of on-demand pay solutions as we chat with Gino Palozzi, the CMO of DailyPay. Learn how this ground-breaking platform is reshaping the way we view payday, giving you the flexibility to save and invest your hard-earned money before it hits your bank account. Say goodbye to predatory lenders and embrace the freedom that real-time visibility of your salary affords you. For employers, this means increased retention and improved engagement - a win-win situation for everyone involved.Unpack the future of on-demand pay with us, as we explore the vast potential of reloadable cash cards for the underbanked or unbanked population. Break the chains of misconception with Gino as he explains how this is not a credit product, but a tool for financial access. Hear about the additional perks of the DailyPay platform, like data-driven strategies, personal coaching, and an auto-save feature, all aimed at making on-demand pay the new norm. Tune in and step into the future of financial inclusion with us. Your salary, your rules, your financial freedom.
Hamed Arbabi, CEO of Vancouver-based VoPay Learn more about your ad choices. Visit megaphone.fm/adchoices
Fintechs created earned wage access so cash-strapped employees could get an advance on their next paycheck to cover urgent expenses. Some say repeat usage of fee-based EWA resembles a payday loan, sparking debate over whether regulators should call EWA a loan.
NYC Developer and PropTech Investor, Eric Brody, sits down with Anna Berger, Founder & CEO of Trayd, a construction payroll platform designed for same-day pay. Trayd is a payroll platform designed for commercial real estate subcontractors, featuring a modern workforce management platform, best-in-class time-tracking tools and payroll automation that unlocks Earned Wage Access on every paycheck. Should we roll with Trayd? Tune in and find out! Where to find Trayd: https://www.buildtrayd.com/LI: LI: https://www.linkedin.com/company/traydinc/ Where to find Real Tech Talk: IG: https://www.instagram.com/realtechtalk/ FB: https://www.facebook.com/realtechtalk TW: https://twitter.com/realtechtalkpod Where to find Eric Brody: IG: https://www.instagram.com/e_brody/ linkedin.com/in/ericbrody1/ Interested in becoming a sponsor? Being a guest? Joining the investment fund? Contact: eric@rttpodcast.com About Real Tech Talk: Leading developer, investor and native New Yorker, Eric Brody, bridges the gap between technologists and PropTech by having no nonsense, frank conversations with the minds behind some of the hottest new PropTech innovations. As someone with skin in the game on both sides of the deal, Brody invites the folks behind technologies he genuinely finds interesting to come present their product. The question is - do these new players actually make an impact in the real world of construction? Someone needs to bring the big ideas down to the ground level and determine how they will actually change the experience, if at all. Having raised over $2 million and counting for a PropTech investment fund himself, Eric Brody is tapped into this burgeoning scene with a unique, necessary perspective.
Tal Clark, CEO of Instant FinancialThe cost-of-living crisis crosses borders; last year more than double the number of Americans said they were short of money before payday – 51% against 24% in 2018. In 2022, 79% of Americans said they would be more interested in applying for a job that offers payments to them the same day they work – 30% more than in 2018. Earned wage access could be the solution to the problem. Robin Amlôt of IBS Intelligence speaks to Tal Clark of Instant Financial about his belief that fee-free access to pay is a right, not a privilege.
My guest this week grew up on a small-town island in Canada but had to go all the way to Hong Kong before he finally realized that being a lawyer wasn't his calling. When he returned, he had exchanged his passion for a “reputable career” for an obsession with technology. ZayZoon Co-founder and President Tate Hackert went from Meetups to mainstream via the tech startup path – and all on behalf of the employee/employer dynamic when it comes to payments.For those of you who may not know, ZayZoon is a way for employees to get paid prior to their individually scheduled paycheck date. And for those of you wondering why this is so important, Tate will be the first to tell you that 80 million Americans live paycheck to paycheck. For this demographic, the capacity to access earned wages as needed significantly minimizes cash flow distress and the resulting predatory product scams and credit hits that can often come with it.How does it work? In a nutshell, any employee at a participating location can go in and request their pay prior to their pay date and then once their paycheck clears, the funds are re-deposited back to ZayZoon. This includes the ability to send money directly to the employee bank account, as well as prepaid debit card options with automatic check deposit and the capacity to stream wages, and gift card options that offer a “coupon clipping on steroids” kind of benefit. With this product, employees benefit from the ability to save money, while employers can more than double their candidate pipeline and employee retention.Tune in to hear Tate talk about his journey to the role of Co-founder and President, including where he sees the industry going in the next 2 to 3 years as it relates to real-time payments, interoperability, and the democratization of our payments ecosystem. We also talk about his “big hairy audacious goal” to save 10 million employees 10 billion dollars!
In this podcast, we go into the world of earned wage access where employees can access money before pay day. From understanding what it is and why it's needed, to exploring its benefits for workers and industries alike, we cover the deployment models in the marketplace and how to execute on them. We also examine why financial wellness is an important consideration, and the legal considerations globally. Join us as we break down the basics and explore the topic. Imran Sajid is a Senior Director at SAP SuccessFactors, where he focuses on Core HR and Payroll. He has extensive experience in implementing and supporting both on-premise and cloud deployments for a dozens of customers. In addition to his work, Imran is a well-known speaker at conferences around the world, founder of a popular podcast that has reached listeners in over 80 countries, a published author of three books, recognized SAP Expert at SAP Insider, a volunteer for the Americas' SAP Users' Group, and has created his own globally taught course on SAP. Twitter Handle: @ImranSajidATL Jon Weiss is a long-time expert in the HR and payroll space where he has spent years developing White Labeled Solutions for partners that have allowed them to enhance their product and service offering. He joined AnyDay in August of 2020 as Vice President of Business Development and was recently promoted to the Senior Vice President of Sales where he continues to help people gain financial independence by utilizing the latest technologies and innovative solutions. --- Send in a voice message: https://podcasters.spotify.com/pod/show/imran-sajid/message
A new federal report on earned-wage access is reopening a debate from the General Assembly session earlier this year. Michael Pope reports.
From gig workers to full timers, it seems people need to get paid faster than ever these days. That's why Visa Direct is helping businesses across the globe strengthen their workforce and increase retention by giving employees fast access to the money they've earned. On this episode of Money Travels, presented by Visa, host Indre Viskontas is joined by three very exciting guests: the Head of Global Commercialization for Visa Direct, Mike West, Senior Director of Payroll and Benefits at Ralph Lauren, Paul Simpson, and Strategic Initiatives Director at CloudPay, Nick Newman. Together, the four discuss the latest developments in wage access that help employers pay their workers fast - and what implications these innovations might have for the future of work. So press play and settle in for this insightful episode of Money Travels, brought to you by Visa. Follow UsWebsite https://www.visa.com/visadirectLinkedIn @Visa DirectPresented by Visahttps://usa.visa.comActual fund availability varies by receiving financial institution, receiving account type, and whether transaction is domestic or cross-border. Please refer to your Visa representative for more information on availability. Use cases are for illustrative purposes only. Program providers are responsible for their programs and compliance with any applicable laws and regulations. Twelve months 1 October 2021 – 30 September 2022. Visa Inc, Quarterly Results, Q4 2022 Transcript. This podcast contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth and financial outlook. Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects," “could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in our filings with the SEC. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa neither makes any warranty or representation as to the completeness or accuracy of the information within this recording, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and listeners are encouraged to seek the advice of a competent professional where such advice is required.Visa Direct capability enabled through financial institution partner.Visa neither makes any warranty or representation as to the completeness or accuracy of the information within this podcast, nor assumes any liability or responsibility that may result from reliance on such information and any information from third parties. The information contained in this podcast is not intended as investment or legal advice, and listeners are encouraged to seek the advice of a competent professional where such advice is required.All brand names, logos and/or trademarks are the property of their respective owners, and do not necessarily imply product endorsement or affiliation with Visa.Wallet functionality varies by market. Please consult your Visa Representative.Earned Wage Access Preferences Survey (April 2019). Commissioned by Visa and conducted by AYTM among 1,000 employees across the United States.
Are payday loans about to make a comeback in Virginia? Michael Pope has more on the possibility.
In this economy, is it really possible to balance your business's bottom line while addressing employee financial wellness initiatives? According to Tate Hackert, President and Founder of ZayZoon, the answer is a resounding “yes.” Listen in to learn all about how business owners can retain employees during these trying times by providing Earned Wage Access, a solution for the cash flow crunch between paydays. TAKEAWAYS Earned Wage Access, now growing in popularity, allows employees the flexibility to access the pay that they've already earned but have not yet been paid. Financial stress causes less productivity which increases the likelihood that a given employee would change jobs. Employers can help increase employee financial wherewithal — through a raise, better education, or other financial perks. Many small business owners already provide advances on employee paychecks, but that creates an administrative burden and an awkward relationship between the employer and employee. A QUICK GLIMPSE INTO OUR PODCAST
Payactiv, which as the first EWA provider began an EWA program about 13 years ago, partners with employers to offer their employees EWA. We first discuss what EWA is, the structure of the employer model used by Payactiv and other EWA providers, and how employers participate in and employees access their wages in the employer model. We next look at the structure of direct consumer advance EWA products, the fee structures of employer model and direct consumer advance products, employee usage and benefits of EWA, the CFPB's advisory opinion on EWA, Payactiv's participation in the CFPB's sandbox program, and tax issues raised by EWA. We conclude with a discussion of federal and state regulatory activity directed at EWA and the future outlook for EWA. Alan Kaplinsky, Senior Counsel in Ballard Spahr's Consumer Financial Services Group, hosts the conversation.
More than ever before, people today have different forms of income. They might have a day job but do gig work at night and on weekends. They might have a different side hustle that started out as a hobby but now generates an income. Getting an accurate picture of an individual's income requires sophisticated data engineering but it is something that is becoming increasingly critical.My next guest on the Fintech One-on-One podcast is Kurt Lin, the CEO and Co-Founder of Pinwheel. They make sense of real-time income and employment data to help lenders, fintechs and banks get an accurate financial picture of the people they are dealing with.In this podcast you will learn:The founding story of Pinwheel and the pivot they quickly made.Details of their product offerings today.How their connectivity works.An example of how their figure out someone's true income.Why Earned Wage Access is such an important product for consumers.What Pinwheel has done with Earned Wage Access that has never been done before.Why having read/write access to direct deposit is key for this new product.The problem they are solving with their Direct Deposit Switching product.The different use cases for Direct Deposit Switching.Some of the key findings from their recent survey.What the future holds when all this data is connected.Why becoming a Credit Reporting Agency was important for Pinwheel.Kurt's vision for the future of Pinwheel.Connect with Kurtis on LinkedInConnect with Kurtis on TwitterConnect with Pinwheel on TwitterConnect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes
The fastest-growing use case on the RTP network is real-time pay and earned wage access (EWA). To give you an idea of how fast it is growing, from Q1 to Q2 this year, Instant Payroll grew 104%! RTP, in particular, makes it possible for wages to be instantly sent to a worker's bank account … so they can use it just like cash, on the same day to pay bills, buy groceries, or pay emergency expenses. So what is driving this trend? And is “instant” the future for all payroll? To answer these, and other questions about EWA and instant pay, this episode pf Payments Nerds features Jeanniey Walden, Chief Innovation & Marketing Officer at DailyPay, a leading provider of on-demand pay solutions, and Doug McKinley, Head of Treasury Management Innovation within PNC Bank's Corporate & Institutional Banking group.
Marc Ladenstein talks about the HR strategy at Medtronic and the importance of delivering a consumer-grade experience to employees and customers. With a strategy based on people, process, and technology, Marc explains why people come first and the focus on employee well-being has become increasingly important, with the challenges that follow the pandemic and the current geopolitical situation.
On this episode we recap the entire month of October that was dedicated to Financial Inclusion. We had a great lineup including: · Elena Whisler from The Clearing House· David Rocha from Prosperas· Ken Weber from Ripple· Reed Luhtanen and Gail Hildebrand from the Faster Payments Council· Jeanniey Walden from DailyPayIn our recap we cover topics including faster payments, earned wage access, a streamlined process to get credit and other programs that are helping to solve the global challenge around financial inclusion. David Rocha from Prosperas summed up the entire series this way, “Someone gave us a chance and that's really what we're trying to do for this broader community is give them a chance. And we know that if we do, they'll take it. They'll maximize it and we'll all be better for it.”We hope to bring awareness and visibility into at least some of the programs, companies and initiative that are helping to serve the global population of unbanked, underbanked and underserved. And a special thanks to The Clearing House for sponsoring Financial Inclusion month.
For those of you who've ever been curious enough to question why one would ever have to wait two weeks to receive money they've already earned, this podcast is for you. DailyPay Chief Innovative Marketing Officer Jeanniey Walden talks with us this week about financial inclusion, breaking the invisible barriers around our financial system and what it looks like to have immediate access to your earned wages.DailyPay is a company focused on changing pay for good. Their objective is to look at ways they can create new solutions that have a positive impact on the entire financial system. Jeanniey talks a lot in this episode about the invisible rules created around money that have been alive in our ecosystem for centuries and have ultimately become barriers that result in subsets of our communities such as the unbanked and underserved.Their target audience is the employer, the employee and everyone in between, and their mission is to bring more transparency to the employee around the money they make, when they make it, and do it in a timely enough manner that they have the opportunity to generate more financial confidence as a result of it. So, we're basically talking about real-time access and on-demand pay. Not to mention, DailyPay has enabled hourly workers to see their earned wages in real time for the first time – ever.Tune in this week to hear Jeanniey talk about the invisible barriers preventing us from financial inclusion, what the average household looks like in the post-Covid, high inflation economy and what more our global financial system could commit to in an effort to strengthen financial inclusion.
This is our first episode in Financial Inclusion month. Every year we dedicate one month to financial inclusion – my goal is to highlight and bring awareness to what the payments and/or fintech industry does today to help with the global challenge of financial inclusion and to discuss what more we can do. The Clearing House is a banking association and a payments company that is governed by about 23 of the largest financial institutions in the United States. They move money through wires, ACH and check images and maybe are most known for their RTP network which is the nation's newest payment system that provides instant clearing and settlement of payments here in the United States. Elena and I go on to talk about some of the challenges that the under-banked and unbanked face, how important it is to bring these segments of the population into the financial system and how companies and other organizations are leveraging the Real Time Payments network. We go deep on the importance of Earned Wage Access for both the employee and the employer. This is a vital program that can help the underserved community and is becoming more and more popular. Before we dive into the episode, I want to give a special thanks to The Clearing House for sponsoring Financial Inclusion month. To learn more about The Clearing House just visit www.theclearninghouse.org
Paying people for services delivered has been around for millenia. In the early days, the currency of pay was commodities such as food, salt, grain, clothes, land grants, shelter and even beer. But payroll as a term started to gather pace in the 17th century and Payroll as a term can be traced back to around the middle of the 18th Century. Payroll itself being an amagulation of two words to indicate how much pay is given to a list of employees (ie roll). Taxes have been also around for a long time and in the UK, there have been taxes on fireplaces, windows, printed wallpaper, hats, playing cards and even candles. But in 1798 Income Tax was introduced in the budget by William Pitt the Younger, to help pay for weapons and equipment for the upcoming Napoleonic Wars. This new tax started at 2 old pence in the pound on incomes over £60 and forms the modern day concept of payroll taxes. Since then, the frequency of payroll has been reasonable stable. Generally stabilising into weekly or monthly pay cycles. But, in recent times, we have had a crippling pandemic. We have seen war in Europe. We have seen significant increases in costs of living and wage freezes. We are starting to see strike action and worker discontent across many UK sectors demanding pay increases to keep pace with inflation. All this has led to significant employee hardships across many industries. So what can be done to help? Today, we will be exploring how organisations can help employees who are struggling with earned wage access, also known as pay on demand.
This month we're talking about Earned Wage Access with Brian Slowik, SVP of Wage & Corporate Disbursements for Green Dot Corporation and Co-Founder of rapid! PayCard. We discuss defining best practices for EWA within your payroll department, how it impacts employee recruitment and retention, and discerning the need for EWA within your organization. This episode also features Brian's payroll nightmare, which tackles how payroll departments need to be creative when dealing with natural disasters. Want to get involved in the conversation? Email your payroll nightmare to podcasts@americanpayroll.org or leave us a comment on the APA's Facebook page.
Summary:Shubh Sidhu is the VP of Growth at ZayZoon, an employee financial wellness company whose core service offering is “wages on-demand” (i.e., what the industry now calls early wage access). ZayZoon was an opportunity that Shubh was passionate about both because it had a potential for significant growth and (more importantly) because it was an opportunity to give people a solution to some of their biggest challenges. Shubh's focuses on building scalable, optimized growth engines and develop the careers of people he gets to work with. In this episode, Shubh talks about how earned wage access affects employees. Chapters:[0:00 -5:06] Introduction•Welcome, Shubh!•Today's Topic: How Earned Wage Access Affects Employees[5:07 -14:29] What is Earned Wage Access (EWA)?•Giving more financial control to people who live paycheck-to-paycheck•Rules and regulations around access to pay[14:30 -21:28] What are companies' expectations when implementing EWA?•Avoiding cashflow issues•How companies can smoothly integrate EWA[21:29 -33:32] How can employees benefit from EWA? •Access to pay during times of need•Improving financial literacy[33:33] Closing•Thanks for listening!Quotes:“Effectively, the concept of early wage access (or earned wage access) is trying to bridge that gap. How do we get employees access to their pay as they work without having to necessarily wait for that two week cycle, while at the same time not compromising the employer cash flow?”“Financial stress is (outside of a couple of other things) right at the top of everybody's list in terms of what impacts them and causes them the most stress. . . . Close to 90% [of employees] will say, “My stress level is lower knowing I have access to on demand pay.”Contact:Shubh's LinkedInDavid's LinkedInDwight's LinkedInProduction by Affogato MediaPodcast Manger: Karissa Harris
At its core, earned wage access (EWA) is a way for employees to access their wages before their scheduled payday. This can be done through a variety of methods, including payroll advances, early release of funds from a company bank account, or other methods approved by the employer. There are many benefits of EWA for both employees and employers. For employees, it can provide much-needed financial flexibility and peace of mind. It can also help them avoid expensive fees associated with traditional payday loans. For employers, EWA can improve employee retention and satisfaction, and may even lead to increased productivity. In this podcast, we'll explore the ins and outs of EWA, including how it works and how companies can use EWA to great effect.
Our expert hosts, Kate Moody and Nicole Perry, are joined by some great guests to talk about the most notable fintech, financial services and banking news from the past week. This week's guests include: Katie Llanos-Small, Founder & Editor, Iupana Brian Byrnes, Head of Personal Finance, Moneybox We cover the following stories from the fintech and financial services space: Cost of living: People turning back to cash as prices rise - 4:28 Argentinian fintech start-up Geopagos raises $35m funding round - 17:35 ZayZoon charges employees $5 to get paid sooner - 28:38 SoftBank CEO ‘ashamed' of pride in past profits as record losses prompt cost cut - 38:55 The Bank of London to boost US presence with tech hub in North Carolina - 48:08 Central Bank of Kenya doubles down on its position on Flutterwave and Chipper Cash, orders banks to close fintechs' accounts - 49:50 Domino's Pizza says arrivederci, flees Italy after failing to win over local customers - 52:20 Fintech Insider by 11:FS is a podcast dedicated to all things fintech, banking, technology and financial services. It's hosted by a rotation of 11:FS experts including David M. Brear, Simon Taylor, Jason Bates and Gwera Kiwana, as well as a range of brilliant guests. We cover the latest global news, bring you interviews from industry experts or take a deep dive into subject matters such as APIs, AI or digital banking. If you enjoyed this episode, don't forget to subscribe and please leave a review Follow us on Twitter: @fintechinsiders where you can ask the hosts questions, or email podcasts@11fs.com! Special Guests: Brian Byrnes and Katie Llanos-Small.
Sabina Bhatia is an accomplished C-Suite Leader and customer champion tirelessly fighting for the financial wellness of every American worker. As a Chief Customer Officer at Payactiv, she acts as a daily advocate and amplifier for the needs of thousands of corporate clients and millions of lower-income workers.With great passion and focus, Sabina has been instrumental in building the financial category of Earned Wage Access from infancy to mainstream adoption as the most important employee wellness benefit of 2022.Sabina spent 20 years on Wall Street as an analyst restructuring financially stressed companies. She has an undergraduate degree in economics and MBA from Pace University.Sabina believes profit should go hand-in-hand with purpose and is a proud member of the Conscious Capitalism Senior Leadership Network. She is also a mentor for Girls on the Run (a national non-profit organization designed to strengthen social, emotional, physical, and behavioral skills), a certified skydiver, a 5-time marathon runner, and a 2-century bike rider.Sabina's Profilelinkedin.com/in/sabinabhatiaWebsitepayactiv.com (Company Website)Emaildearsabs@gmail.comTwitterWineEnthusiRebel HR is a podcast for HR professionals and leaders of people who are ready to make some disruption in the world of work.We'll be discussing topics that are disruptive to the world of work and talk about new and different ways to approach solving those problems.Follow Rebel HR Podcast at:www.rebelhumanresources.comhttps://twitter.com/rebelhrguyhttps://www.facebook.com/rebelhrpodcastwww.kyleroed.comhttps://www.linkedin.com/in/kyle-roed/Buzzsprout - Let's get your podcast launched! Start for FREEDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show
Earned Wage Access (EWA) goes by many names: on-demand pay, salary advance, instant pay. Ibrahim Sani speaks with Justin Kong, CEO & Co-Founder of Payd to speak more about this.
On today's episode I've got the pleasure of speaking to a company I've been fangirling over for quite a while (who even fangirls over a company in the financial space? but it's true). When I first heard of Earnin, a simple Google search led me to their many Facebook groups featuring a huge community of everyday people sharing their financial struggles and supporting one another in ways big and small –- despite being total strangers on the internet. I invited Brittanie Williams, Earnin's CMO, to talk to us about building a strong and truly community-based brand, building with customers for customers, and flipping the script on what we think when we talk about the millions of people who live paycheck to paycheck.
It's an open secret that credit, when leveraged intelligently, has the power to unlock incredible potential in your business. This is the major reason why credit is so easily accessible in many parts of the world. But, Pakistan, a nation with over 50 million active bank accounts, has been relatively slow to conform to the trend, with only 500 thousand credit cards nationwide.Omair Ansari, the founder of ABHI, takes this surprising statistic as a sign of great opportunity in the region. Without access to credit facilities, many employees across the nation have had limited options when it comes to stretching their paycheck. Omair's solution to this is a remarkable easy wage access system that has drawn the attention of not just employees, but even the SMMEs which hire them.Beyond that, we also discuss other fintech topics such as:- SME financing in general- The Pakistani banking system and how it could better help SMEs- Gender equality in access to funding00:00 — Introduction02:40 — Identifying the target market07:30 — Developing a unique credit solution14:45 — Navigating risk and ethical concerns21:22 — Overcoming structural challenges25:27 — Benefits of digitisation32:55 — ConclusionFollow 'Couchonomics with Arjun Singh' on any app you listen to podcasts.Check out Couchonomics website for all new updates: www.couchonomics.comFINTECH NEWSSubscribe to Arjun's LinkedIn newsletter Daily Fintech Crunch to receive daily interesting news from the world of Fintech, DeFI, Crypto and beyond: https://www.linkedin.com/newsletters/...PARTNERSCouchonomics with Arjun Singh is brought to you by our partners from:Our website
Sabina Bhatia is an accomplished Leader and customer champion tirelessly fighting for the financial wellness of every American worker. As a Chief Customer Officer at Payactiv, she acts as a daily advocate and amplifier for the needs of thousands of corporate clients and millions of lower-income workers. After 20 years in Wall Street Sabina has been instrumental in building the financial category of Earned Wage Access which is a super interesting concept that we get into in the podcast. Think of hourly wage earners having access to the money they've earned for the hours they just completed the previous day without waiting for a paycheck. Sabina is a member of the Conscious Capitalism Senior Leadership Network. She is also a MENTOR for Girls on the Run, a certified skydiver, a 5-time marathon runner, and a 2-century bike rider. Pretty sick right? This interview taught me about a category that I didn't even know existed and can be a major catalyst for the solution of a widening gap between the lower-income hourly wage earner and the high-income part of the population. I hope you enjoy the show, also have you subscribed yet? If you enjoy Conscious Profits Unfiltered please show me some love with a little review action and more importantly share it with a friend or on your Insta story or wherever form of support you choose I will be extremely grateful for it. Thanks, guys and again enjoy the show! Show notes in order of appearance: Sabina's last oh shit moment Seb reads off several awards that Sabina's company has achieved in the past 5 years. What is the most unconscious or least purpose-driven thing that you did as a young girl or woman? Sabina is on the Conscious Capitalism Senior Leadership program, a mentor for Girls on the Run, a certified skydiver, a 5-time marathon runner, and a 2-century bike rider. What is gnarlier the marathon or the century bike ride? At what point in your life did you decide that profit should go hand in hand with purpose? Tipping and bad service. Payactive is based on the concept of Earned Wage Access and Sabina has been involved with its expansion since 2012 Sabina explains EWA. Examples of real life users. Real life examples of a company using EWA for its employees. How is the company benefitting? Payactiv is a B Corp. What are the main pillars that have helped you guys become a B Corp? How is a fintech company sustainable? When do you believe that the label Certified B Corporation will become mainstream and will it ever? We are experiencing massive inflation. This is due to money printing and it seems as though the gap between low-income people and households and high-income households is significantly widening. What do you see as the solution to this serious problem? Many people today and especially since the pandemic are experiencing financial stress. They live paycheck to paycheck or one paycheck behind which gets them into debt. What is the #1 thing that you recommend they do first? Sabina shares her top two traits for a conscious leader to embody. Check out payactiv.com and connect with Sabina on LinkedIn Connect with Sebastian on Instagram SebastianNaum.com
Did you know? 44% of the American workforce makes less than $20 an hour and are living paycheck to paycheck. Much of that hourly wage employee sector is considered essential workforce to keep our economy humming, as evident in the pandemic triggered shut down and in the current supply chain crisis. For this Compassionate Capitalist Show, Karen Rands is joined by Sabina Bhatia, Chief Customer Officer at PayActiv, to talk about the impact 'financial insecurity and well being' of hourly wage workers have on the profitability and scalability of businesses. Earned Wage Access is rapidly becoming the #1 way for companies to attract and retain their non-salary employees. Understanding HOW high turnover and job vacancies, and how distracted and anxious employees effect quality control and customer experience, is critical for both founders and investors. The soft dollar impact on the financial performance of a company and stagnation of a company to reach their growth targets directly correlates to the ROI of an investment. With great passion and focus, Sabina Bhatia has been instrumental in building the financial category of Earned Wage Access from infancy to mainstream adoption as the most important employee wellness benefit of 2022. As a Chief Customer Officer at Payactiv, she acts as a daily advocate and amplifier for the needs of thousands of corporate clients and millions of lower-income workers. More info at http://payactiv.com Karen Rands, is the leader of the Compassionate Capitalist Movement™ and author of the Best Seller, Inside Secrets to Angel Investing. She is an authority on creating wealth through investing and building successful businesses that can scale and exit rich. Visit http://kugarand.com to learn how to hire her firm to identify the red flags of deal before you invest or try to raise capital. Watch Youtube: https://youtu.be/03AYl5lLARs
At the start of 2022 64% of the U.S. population was living paycheck to paycheck (Lending Club Report). Predatory lending practices create an even greater burden on working americans as they need access to their income more quickly. Payactiv is working to close that gap by creating Earned Wage Access. Join us as I talk with Sabina Bhatia, the Chief Customer Officer of Payactiv.See Full Show Notes on ResponsiblyDifferent.comSupport the show (https://responsiblydifferent.com/support/)
Financial insecurity can be expensive, living paycheck to paycheck and with overdraft fees, penalties, higher interest and mortgage rates. Seven out ten households in America live paycheck to paycheck. Ram Palaniappan , founder of Earnin, noticed that one of his employees had to get payday loans to pay her expenses. Though she had worked her hours she got paid only after two weeks and her bills were due now. He decided to advance her salary as soon as she put in the hours. Soon the word got around, and other employees and non-employees reached out to Ram to avail of their earned wage. He realized the inequalities in our society further accentuates the mismatch between when an employee earns and when they get paid. He started Earnin to break down the barriers of an outdated financial system, to build new solutions that work for everyone. Using the time attendance systems already in place, they are able to provide Earned Wage Access - where their users can access the money as they earn it. This helps the users synchronize their income and expenses. They offer these services without any mandatory fees. They charge a nominal $3.99, only in case of instant transfers - which is much lower than the $15 that payday loans charge. I ask Ram - how can such a business model be profitable? To hear his answer, tune in to this weeks episode.Mentions: Prof. Ananth Iyer, Purdue Universityhttps://www.earnin.com/https://mindfulbusinessespodcast.com/#fintech, #financialsecurity, #earnedwage, #mindfulbusinesses, #paydayloans,
Gabriela Ariana Campoverde sits down with Ram Palaniappan, Founder and CEO of Earnin, which gives people access to their pay directly from their smartphones. No hidden fees, no penalties, no waiting—just access to your hard-earned cash right when you need it. With each transaction users are given the opportunity to pay what they believe is fair. In this episode, you will learn all about how: - Ram started Earnin by lending his own money to his colleagues - Earnin addresses the Earned Wage Access gap - 66% of users see an increase in their ability to pay bills with Earnin' - The lending landscape is changing - And so much more! About Ram Palaniappan Ram Palaniappan, is the Founder and CEO of Earnin. He is passionate about building a financial system for the people, by the people. He is a graduate of the Birla Institute of Technology and Science, Pilani, where he earned his MMS, and Purdue University Krannert School of Management, where he earned his MBA. About Earnin Earnin gives people access to their pay directly from their smartphones, whenever they need it. Launched in 2014, Earnin is driving consumer-empowered finance through mobile technology by breaking open more than $1 trillion held up in America's pay cycle. Current funding partners include Andreessen Horowitz, Matrix Partners, Ribbit Capital, Felicis Ventures, March Capital Partners, Trinity Ventures, Thrive Capital, and Camp One Ventures. To learn more about Earnin, visit earnin.com. For more FinTech insights, follow us below: Medium: medium.com/wharton-fintech WFT Twitter: twitter.com/whartonfintech Gabriela's Twitter: twitter.com/byGabyC Gabriela's LinkedIn: linkedin.com/in/gcampoverde
We discuss about PayActiv's products, how it sees the market and where it hopes to go.
We discuss about PayActiv's products, how it sees the market and where it hopes to go.
We discuss about PayActiv's products, how it sees the market and where it hopes to go.
Changes are coming in the leadership of the financial regulatory agencies. The Consumer Financial Protection Bureau got a new director last year. The chair of the Federal Deposit Insurance Corp. has announced she is resigning, and the Office of the Comptroller of the Currency still only has an acting director. As the openings are filled, the regulatory climate will change for the financial services industry. In this episode Brian Tate, the IPA's CEO, and Chris Stromberg, the head of government relations, talk about what all these changes might mean and how some of the recent actions by the agencies provide clues as to their priorities.
In this episode, we hear Steve Barha talk about the his experiences as an entrepreneur and his goal to drive the adoption of earned wage access for every employee as Founder and COO of Instant. For the full show notes, head on over to: https://www.salaryfinance.com/us/podcast/Steve-Barha-Earned-Wage-Access-for-Everyone (https://www.salaryfinance.com/us/podcast/Steve-Barha-Earned-Wage-Access-for-Everyone)
Today, we've invited David Barak of CloudPay to discuss the relationship between earned wage access and employee wellbeing. This has been a bit of a hot topic recently, and we invite you to listen through the entire discussion and leave your thoughts.David is the chief marketing officer at CloudPay, where he leads marketing and strategic alliances, managing teams focused on establishing the company as the premier global employee pay solution. He has years of technology, product marketing, digital marketing and communications experience, having held previous roles at LendKey, Oxford University, DST Systems and McGraw-Hill.CloudPay is a comprehensive pay platform that connects all team member pay processes, including payroll, payments and on-demand pay, through one platform. Collectively, their solutions include managed global payroll, earned wage access and global treasury services.A few things we talk about today: What are the biggest objections employers have when presented with the idea of earned wage access? In what real-life ways has access to earned wages affected employee wellbeing? Additionally, how can this solution help individuals with financial management?
A native Canadian with a degree in molecular biology and computer science… and also the only guy I've ever met that can create a successful analogy using payments and farming, Instant Financial Founder and CEO Steve Barha speaks to us about the necessity to support financial health in some of the world's most vulnerable populations.The pioneers of no-fee-no-interest earn-wage access, Instant Financial is taking a proactive stance when it comes to ensuring financial inclusion. And Steve's personal vision when it comes to the financial status of the every-day employee? To live in a world where living paycheck-to-paycheck is completely extinct.So, how close are we? Sadly, not close enough. With 80% of working Americans still living paycheck-to-paycheck, we are actually worse off now than we were 10 years ago, when the number was 60%. But Steve and his team have a strategy…It all comes down to proactively lifting the underserved communities from the status of “financially vulnerable” to at least be “financially coping.” Once that has been achieved, they can then graduate to “financially healthy.”Tune in and hear us talk about all things financial inclusion and see if you share Steve's vision for the future.
Steve Barha, the Founder and COO of Instant Financial is our special guest this week on episode 109 of the Leaders in Payments podcast. Steve is from British Columbia, Canada and got a double major in Molecular Biology and Computer Science. He's a technology entrepreneur and has founded multiple companies. Instant Financial is a pioneer in the no fee, no interest, earned wages access space. Instant allows employees to access their wages on-demand. They are headquartered in Atlanta and serve about 350 corporate clients and move about a $1B in Instant pay funds annually. This is a fascinating and growing space and Instant has a unique value prop – where they don't charge the employees for access to their wages, and they don't charge the employer. Steve is passionate about financial wellness and literacy as well as helping fellow entrepreneurs with their journeys.
Today's episode features a discussion about earned wage access programs. We'll discuss why the push for on-demand payroll technology has picked-up during the COVID-19 pandemic and outline issues from an employer's viewpoint as it relates to state wage & hour laws, liabilities, and potential lawsuits.
Peter Briffett, CEO and Co-Founder, WagestreamIn three years, Wagestream has scaled from a small charity-backed fintech app to a company hosting 200 employers and half a million employees, operating across the UK, Spain, Australia and United States. So how does Wagestream and so-called Earned Wage Access work? Sunniva Kolostyak speaks to Peter Briffett, CEO and Co-Founder, about ethical scaling during Covid-19 and the acquisition of Greansill-owned start-up Earnd.
On this week's episode of The Fintech Times News & Views, The Fintech Times Podcast Team speak about employee productivity and earned wage access.
What was the CFPB's intention when it issued an opinion on the Earned Wage Access program structures now available in the marketplace? Was it intended to narrowly define what credit is not? Jeff Naimon and Josh Kotin of Buckley LLP (https://buckleyfirm.com/) wrote a short article outlining some potential interpretations and their lateral impacts to some Financial Companies. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/james-mccarthy67/support
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