B2B Payments

Paychex Wades Into Wearables, Real-Time Payments

Payroll and human resource management solution provider Paychex has unveiled a range of new solutions and services at the 2019 HR Technology Conference & Exposition event late last month.

In a press release, Paychex announced support for wearable technology through the planned debut of a smartwatch app that enables employees to automatically track time worked. The tool allows Paychex Flex Time users to clock in and out, take breaks and track meals through permission-based GPS location tracking.

Paychex also announced support for real-time payments to address the cash flow concerns of professionals living paycheck-to-paycheck. Following its launch of same-day ACH credits in 2016, Paychex said it will introduce support for real-time deposits of earned wages into employees’ bank accounts. The capability, which will go live early next year, will operate on an unnamed real-time payment network rail, Paychex noted.

Other new services rolling out include a pay-on-demand solution slated to go live before the end of 2019, which will allow workers to access earned wages before payday. The company also announced Paychex Flex Intelligence Engine as an update to the Paychex Flex Assistant, a chatbot for payroll executives that uses data analytics to provide analysis guidance for professionals.

Finally, the company announced Paychex Integrations, which boosts support for Paychex Flex to integrate into a suite of existing back-office platforms in use by corporate clients.

"The future of HR will be about personalizing the work experience for individuals," said Paychex VP of Corporate Strategy and Product Management Tom Hammond in a statement. "In today's fast-paced environment, HR professionals are doing everything they can to drive productivity, contribute to company strategy and engage employees who are both self-sufficient and afforded the flexibility they need to be successful."

Hammond added that employers must invest in technology to stay on top of their employees’ changing needs.

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