FinTech Payfare on Tuesday (Sept. 28) announced an expanded partnership with Stride Bank that includes new and faster ways for gig workers to get paid 24 hours a day, seven days a week, through The Clearing House’s real-time payments (RTP) network.
Because it’s tied into the RTP network through Stride Bank, Payfare can now support faster, more secure payments to bank accounts right away. All payments made through the RTP network will settle within seconds, with immediate confirmation and availability of funds.
Payments can be sent and received after banking hours, on weekends and during bank holidays.
“We are thrilled to be adding real-time payment capabilities to Payfare’s existing payout and digital banking solutions,” said Marco Margiotta, CEO and founding partner of Payfare, in the joint announcement.
“Our mission is to empower financial security for every gig worker,” he said. “As the gig economy continues to grow, the RTP network’s broad reach will help us to further scale our solution while providing fast, secure options to our partners and the gig workers we support.”
The partnership is a response to the ever-growing gig economy, which prioritizes doing jobs and moving on to the next one over getting long-term benefits.
“While workers increasingly want more autonomy to decide how, when and where they work, they also want more control and flexibility over how they’re paid,” said Steve Ledford, senior vice president of product strategy and development at The Clearing House, in the joint announcement.
“The RTP network is designed to be a platform to support innovation, and Payfare and Stride Bank will offer our nation’s growing gig economy more choice and convenience across the earned wage industry,” he said.
Payfare, a FinTech that provides payment and banking services for gig workers, also launched a collaboration with Visa to add Visa SavingsEdge to its platform.
The Toronto company announced the project on Wednesday (Sept. 22), saying that it would begin with the nationwide DoorDash DasherDirect card program.
Payfare went public earlier this year, with a $65.4 million initial public offering.