Human capital management (HCM) software as a service (SaaS) firm Ceridian is launching Dayforce Wallet to give people the flexibility of getting paid in real-time, whenever they want it. Ceridian also acquired the Asia-based HCM firm Excelity Global Solutions from the Everstone Group.
David Ossip, chairman and chief executive officer (CEO) of Ceridian, said it’s more critical now than ever before for organizations to “to embrace modern technologies” to create experiences that drive engagement and provide measurable benefits to employees.
“Dayforce Wallet fundamentally changes the concept of the traditional payday as employees can request access to their pay as they earn it and need it, with no direct fees for the employer or employee,” Ossip said in a statement on Monday (May 11).
Regarding the acquisition, Ossip said the move positions Ceridian as a “leading HCM provider in the Asia-Pacific region and demonstrates our intent to advance our growth globally.”
The new Dayforce Wallet taps the advantages offered by the Dayforce platform, such as calculating pay continuously. This gives people the opportunity to get paid on-demand in real-time.
The timing of the wallet’s launch will help people facing economic challenges triggered by the COVID-19 pandemic. With more people now living paycheck to paycheck, the Dayforce Wallet app puts money in their hands when they need it the most.
Ossip called the Dayforce Wallet “a game-changer” by helping employees tap immediate funds during a time when the worldwide economy is being upended due to the crisis.
Gavin Flynn, director, of HR information systems, HR technology, Danone North America said the company was searching for an app-based tool to help its front-line manufacturing employees.
“Dayforce Wallet was a perfect match with easy administration, and at no cost to our organization or our employees,” he said, adding “ … our employees can make any day a payday … and take control of their own financial wellbeing.”
The new wallet solution is combined with a Dayforce Prepaid Mastercard for easy access to on-demand pay, which is continuously calculated as part of the Dayforce platform.
Headquartered in Minneapolis, Ceridian went public in 2018 and its stock is listed on the New York Stock Exchange and Toronto Stock Exchange.
In February, Ceridian expanded its offering to New Zealand. Last year, the company expanded to Australia and also acquired enterprise workforce management solutions company RITEQ, based in Sydney.