OneSource Virtual (OSV) is now providing employees with round-the-clock immediate access to their wages with the help of a payroll card, which is enabled by Money Network® from Fiserv, as a complement to its current earned wage access capabilities, according to a Thursday (Feb. 18) announcement.
“Providing our customers with the ability to offer a Money Network payroll card means their employees will gain the unrivaled benefits of a world-class payroll solution,” OSV CFO John Bax said in the announcement.
OSV says it works with almost 600 Workday payroll clients and handles payroll for close to 2 million employees. The company has provided a collection of payroll services and functionalities to its clients such as a live customer-facing payroll dashboard along with myFlexPay, a series of payroll services that includes access to earned wages.
Almost 50 percent of firms still pay some of their staff members by hardcopy check. However, OSV notes that paper checks can become misplaced or blemished, leading companies to spend more time and financial resources to make new checks. Moreover, hardcopy paychecks have sensitive data regarding the company providing them, according to the announcement.
However, OSV says that its payroll card mitigates the risks through fraud and identity protection for companies and workers. And, when hardcopy checks are misplaced or blemished, OSV says that two-tenths of the U.S. population that is underbanked faced delayed access to their earned wages. However, OSV says that its payroll card lets workers get their pay on payday or prior to that time via its earned wage access offering.
“Our Money Network solution will help streamline payroll administration for OneSource Virtual customers while also empowering employees with ease of access to hard-earned wages,” Fiserv Senior Vice President and Head of Prepaid Dom Morea said in the announcement.
The news comes as OSV launched its Invoice Pay offering, which allows Workday clients to make payments and manage payment options, as a supplement to invoice imaging, coding and approval process solutions.