Green Dot Corporation (NYSE: GDOT), a digital bank and fintech providing seamless banking and payments services to consumers and businesses, announced a new partnership with Dayforce, Inc.
Through this partnership, Green Dot will serve “as the U.S. banking provider for Dayforce Wallet, the HCM company’s on-demand pay solution.”
Dayforce Wallet is leveraging Green Dot’s BaaS platform – “which delivers end-to-end embedded finance solutions for a wide range of partners – to provide employers and their employees a feature-rich suite of services that includes access to earned wages on demand via mobile app, linked prepaid cards for making purchases, and cash withdrawals at a growing network of fee-free ATMs, with more to come.”
Deepa Chatterjee, COO, Dayforce Consumer Services, Dayforce, said:
“At a time when employees crave more wellness support from employers, on-demand pay is a critical benefit that will soon become the norm for many employers and employees across all industries. Through innovations like Dayforce Wallet, we’re helping to make work life better for our customers and their people – and we look forward to partnering with Green Dot as our new banking partner for our award-winning on-demand pay solution.”
On-demand pay is an employee benefit and “a financial wellness tool offered by employers that gives employees access to their earned wages on demand versus relying on a traditional pay cycle.”
Providing on-demand pay has proven to be an effective driver of employee engagement and retention based on a survey of Dayforce Wallet users:
- 65 percent said on-demand pay is an employer benefit that is very or extremely important to them.
- Respondents said on-demand pay is nearly as important to them as retirement/401(k) (83 percent) and life insurance (79 percent).
- Respondents said that Dayforce Wallet helps them pay most of their bills on time (84 percent), pay off some credit card debt (67 percent), and put money into savings monthly (57 percent).
- Nearly two-thirds (63 percent) say that on-demand pay has had a positive impact on their perception of their employer.
Simran Singh, Head of Enterprise Business Development, Embedded Finance, Green Dot.
“Today’s workers want flexible, seamless access to their earned wages along with tools that can help with understanding and managing cash flow. We’re thrilled to partner with Dayforce to better support employers and their employees in making on-demand pay embedded banking and finance solutions available to the huge population of Americans that need and want that flexibility.”
With this new partnership, Green Dot will “facilitate banking services for Dayforce Wallet users in the United States, continuing to free up access to earned wages for employees who have access to this benefit. Existing and new Dayforce Wallet users will continue to have access to their earned wages at no cost through the Dayforce Wallet app.”