The EWA feature, which is offered in partnership with DailyPay, allows employees to access their earned wages before payday at no cost. This helps employees manage their finances and gives employers another way to attract talent, ADP said Thursday (Nov. 17) in a press release.
“Earned wage access is becoming a key benefit differentiator,” the company said in the release.
In addition to this new feature, Wisely by ADP offers bill pay, an auto-save feature, cash back rewards and access to mobile wallets, according to the release.
The Wisely by ADP digital account provides mobile money management tools like these to workers who do not have a relationship with a traditional bank. It is accessible to both W2 and 1099 workers and can be used even when they change jobs, the release stated.
For employers, Wisely by ADP provides a compliant, unified, time- and money-saving way to deliver payments. It integrates with enterprise resource planning (ERP) and payroll systems, per the release.
“The data-driven design of the Wisely platform provides an all-in-one solution and enhanced user experience that puts financial wellness, money management and spending flexibility into every employee’s hands,” Gautam Sukumar, senior vice president and general manager of employee financial solutions at ADP, said in the release.
PYMNTS research has found that 67% of consumers would be likelier to work with a company that offered early wage access without charge.
With 72% of Americans living paycheck to paycheck, a growing number of employees and workers want access to their wages before payday, according to the “Money Mobility: The Rise of Digital and Early Access Compensation,” a PYMNTS and Ingo Money collaboration.