Revolut, IRIS Software Group Partner on Early Salary Access

Neobank Revolut and IRIS Software Group (IRIS) have announced a partnership to offer employees access to their salaries when they accrue it – if they so choose.

IRIS states that the partnership has two objectives: first, to allow companies using IRIS Cascade to offer their employees access to Revolut’s ‘On-Demand Pay’ product, which provides early salary access; two, to give Revolut Business customers access to IRIS’ Staffology Payroll solution for instant payroll processing.

The companies say that individuals are changing their preferences as to how or when they are paid. This is due, in part, to the current economic environment. At the same time, Fintech has emerged to make the process of better access to salary earned a breeze.

IRIS states that by forming this partnership with Revolut they gain access t over 1200 companies that use IRIS Cascade.

Simultaneously, the partnership also provides the opportunity to Revolut Business customers to complete payroll using Staffology by IRIS, the online HR and payroll software.

David Turner, Chief Marketing Officer at IRIS, said that employees increasingly want access to their earned wages on demand:

“That’s why we are pleased to help our clients improve financial wellbeing through Revolut’s On-Demand Pay product. At the same time HR and payroll professionals want the right technology to support flexible working – HR software that provides powerful, connected insight so they can focus on people, not processes. By partnering with IRIS, Revolut can help its business customers support flexible working and put their employees in control with Staffology HR and Payroll software.”

Emil Urmanshin, Product Owner and CEO Office at Revolut, added:

“Revolut’s primary mission is to provide users with one app for all things money. The purpose is to make money management easy, accessible and adaptable to our customers’ needs. With up to 20% of working adults in the UK having less than £100 in savings, many are extremely vulnerable to financial changes or unforeseen costs – which has been exacerbated by the pandemic. Salary advance is the logical solution in giving our customers the flexibility they need to reduce debt, manage sudden financial surprises and access money they have already earned without huge interest rates which can quickly spiral out of control.”

 



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