Zellis and Wagestream Partner to Support Financial Wellbeing for UK Employees

Workplace solutions provider Zellis has launched its new workforce finance platform MyView PayNow in the United Kingdom.

The joint venture with Wagestream is designed to provide financial wellness to employees and have a positive impact on recruitment, retention and productivity for employers, the companies said in a Wednesday (July 5) press release.

“Financial wellbeing is a strategic priority for HR leaders and boardrooms around the country,” Zellis CEO John Petter said in the release. “It’s also one of Zellis’ key [environmental, social and governance (ESG)] commitments, supporting wellbeing for all through employee experiences which can be a catalyst for change. We’re excited to be building on our existing partnership with Wagestream.”

Financial well-being is essential considering the current cost-of-living crisis. MyView PayNow offers a combination of pay visibility, flexibility and savings tools, helping employees better manage their finances, according to the release.

“MyView PayNow represents what workplace finance platforms will look like in the future,” Wagestream Co-founder and CEO Peter Briffett said in the release. “By combining our financial inclusion expertise with Zellis’ world-class payroll and HR technology, thousands more employers will be able to improve the financial well-being of millions more workers across the UK.”

Companies like Zellis and Wagestream are not alone in promoting financial literacy and other employee benefits.

Family-centric FinTech Greenlight debuted its first employer-centric financial literacy tool in February. The program offers access to Greenlight family finance and education products, helping parents teach their kids about investing, earnings, saving and spending.

Also in February, Dublin-based employee wellness startup Spectrum.Life secured 5 million euros (about $5.34 million) in fresh funding. Its workplace wellbeing platform is actively used by over 2,000 organizations across the U.K. and Ireland, reaching 4 million active users. It includes elements of remote and in-person counseling services through its mobile app and onsite events.

The need for online banking and financial literacy has also been discussed by NCR President Doug Brown. In an interview with PYMNTS’ Karen Webster, Brown described how financial institutions are sitting on the data to create meaningful relationships with younger banking customers, and that by leveraging digital channels and offering guidance, banks have an opportunity to “nudge” them away from risky investments.