On Wednesday (Nov. 10), financial benefits platform Even teamed up with J.P. Morgan to give millions of U.S. hourly workers instant access to their earned wages through real-time payments (RTP), according to a press release.
The beta version of the team-up, which started in July, has sent more than $250 million in earned wages into Even members’ accounts through cash pickup and digital instant disbursement options, including both Push to Card and RTP, a secure payment method that deposits money into Even members’ bank accounts.
“At Even, we believe that access to earned wages should never be a barrier to financial health,” Even CEO David Baga said in the company announcement. “We’re excited to leverage real time payments from J.P. Morgan to ensure that U.S. workers, especially the 60% living paycheck-to-paycheck, are able to access their wages, instantly, when and where they need them.”
Employers who offer Even to their employees can provide RTP with no additional requirements or changes to their payrolls. Employees are then able to access their earned income in real time, giving them flexibility to cover costs as they come up.
“At JPMorgan Chase, we are committed to improving the financial well-being of the workforce at large, including our communities, customers, and employees,” Cyrus Bhathawalla, global head of real time payments, J.P. Morgan, said in a statement. “RTP provides an instant payment solution with 24/7 flexibility, putting Even members in control of their finances and when they access their pay.”
“As founding partners of the Financial Solutions Lab (FSL), we are thrilled to support Even, a member of the very first FSL cohort, as they enable real-time access to earned wages,” Bhathawalla said.
Last month, J.P. Morgan partnered with the Interactive Brokers Group for The Clearing House RTP network’s Request for Payment real-time messaging service.
Request for Payment allows companies to distribute digital bills for clients and is available on the RTP network. It also gives investors the option of making instant deposits whenever they want to fund brokerage accounts.