PayActiv, a U.S.-based provider of employment-based holistic financial wellness services, announced on Wednesday it has joined the ADP Marketplace, an HCM industry’s ecosystem for business applications, to offer its full suite of employment-centric financial wellness solutions. PayActiv reported that through the integration, ADP clients gain access to timely earned wage access, budgeting, financial counseling and savings tools. It was revealed:
“ADP clients who choose to leverage PayActiv will provide their employees access to earned, but unpaid income, up to $500 to address immediate needs without the fear of overdraft fees, late fees or additional debt. Unlike competing financial wellness platforms, PayActiv operates through a membership model, going beyond timely earned wages access to address the true needs of the individual and help them build savings.”
While sharing more details, Craig Cohen, General Manager of ADP Marketplace, stated:
“Having timely access to earned income alleviates additional debt on already financially stressed individuals. By offering PayActiv’s services via the ADP Marketplace, our customers’ employees now have on-demand access to money they’ve earned and can avoid costly alternatives.”
Safwan Shah, CEO and founder of PayActiv, added:
“Companies leveraging ADP Marketplace, can save as much as $50,000 annually for as few as 100 employees enrolled in PayActiv. Our holistic approach towards financial wellness is a win for both employers and employees.”
Founded in 2012, PayActiv described itself as a holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. The company claims that businesses that use its services see significant cost reductions through increased engagement and retention.