As part of its push into digital financial services, PNC – the 6th largest bank in the US by deposits, has announced the launch of an on-demand pay solution, PNC EarnedIt.
Powered by DailyPay, PNC EarnedIt allows users to provide their employees access to earned pay – throughout any point in the pay cycle – prior to payday.
This solution is said to be both bank and card agnostic, so all transfers through PNC EarnedIt will be delivered to employees’ existing bank accounts or the card of their choosing.
Chris Ward, Executive Vice President and head of Data, Digital & Innovation for PNC Treasury Management, said consumers want to access their pay in realtime – a feature now available due to Fintechs like DailyPay:
“At PNC, we understand that the financial landscape has changed and continues to evolve to be more immediate and interconnected. Therefore, we are focused on delivering financial products and solutions – such as PNC EarnedIt – that enhance the customer experience and provide consumers with financial options.”
PNC notes that in a tough labor market, a service like pay on demand can help retain employees.
Jason Lee, CEO and founder, DailyPay, commented:
“We are incredibly excited to deepen our relationship with PNC, an institution that has a strong customer-centric and forward-thinking legacy. The DailyPay Marketplace provides banks, fintechs and merchants, among others, with the opportunity to participate in the on-demand pay movement, providing a highly sought-after benefit to their clients. The impact of our technology on both businesses and workers has been extraordinary and drives a trickle-up economy, at a time when we need it most.”
As for PNC, it is a financial services firm in transition as digital takes over more analog aspects of banking. PNC just announced the closure of approximately 40 bank branches as banking migrates from physical locations to your iPhone.