On-demand wage service provider FlexWage has announced it is working with Fiserv to power disbursements to employees using its service.
A press release issued this week said FlexWage is enhancing OnDemand Pay, a solution that integrates Fiserv disbursement capabilities to connect users to their earned wages in real time. Their collaboration means users of the FlexWage branded card can send wages directly to checking accounts when they choose.
FlexWage is using Fiserv's Digital Disbursements technology and direct push payment technology to provide users with new ways to access their funds, allowing money to move in real time. Employees can move funds in real time to a checking or savings account via a push to the debit card connected to that account, the companies explained.
"Life does not revolve around two-week pay periods," said FlexWage Chief Executive Officer Frank Dombroski in a statement. "A car repair or medical expense often can't wait, and not being able to pay is extremely stressful. Having access to their money when it is earned can improve not only people's financial well-being, it can improve their entire lives."
"As the gig economy grows and consumer expectations for speed, ease and convenience increase, there is significant demand for real-time access to earnings," added Fiserv President of Electronic Payments Tom Allanson in another statement. "FlexWage continues to be ahead of the curve in helping people maintain control of their finances by providing them with access to their money when they need it."
FlexWage OnDemand Pay was first launched in 2010, allowing employees to access earned wages on-demand and allowing employers to place limits on the number of times their employees can access their wages early.
Earlier this year FlexWage's Dombroski spoke with PYMNTS about the value of connecting professions to earned wages before payday.
"The short-term liquidity problem [is] faced by a huge and growing base of employees," he said.