KyckGlobal is rolling out its blockchain-powered human resources and funds disbursement portal designed to make it easier for companies to pay their freelance workers.
In a press release Tuesday (Feb. 19), KyckGlobal said it has rolled out is platform for businesses to strengthen their relationship with 1099 workers by simplifying payouts and boosting transparency in the payment, tax management and document storage process.
The platform supports same day ACH, prepaid card, cash and debit payments to PayPal, Bitcoin, and other payment methods for on-demand workers to receive compensation. The workers themselves can direct their funds to different accounts each payment cycle, while managing their entire revenue as a 1099 worker on a single portal. Workers can also request payment from employers.
In addition to announcing its launch, KyckGlobal said it has secured $8 million from angel investors and venture capital firm TechOperators. It has also landed a partnership with Astral Brands’ Aloette Cosmetics, which will begin using the KyckGlobal platform to pay its on-demand workforce.
“We are delivering a next-generation, blockchain-based platform for the gig economy to manage 1099 workforce payments, subcontractor disbursements, employee rewards and recognition, employee aid and assistance, travel reimbursement, pension payments and more,” explained KyckGlobal Founder and Chief Product Officer Jessica Koenig in a statement. “KyckGlobal provides a comprehensive invoicing, compliance and reporting framework that extends a multitude of alternate payment methods that enable recipients to select their preferred methods and timing and payments.”
The gig economy is expected to be one of the largest adopters of faster and digital payment solutions. More than half of gig workers prefer to be paid via PayPal, according to PayPal’s own figures, while 85 percent of gig workers said they would work more often if they were paid more quickly.
In addition to payment solution companies like PayPal integrating support for the gig economy, gig economy platforms like Uber have also launched initiatives to streamline payouts for on-demand workers using their solutions.