The new myFlexWallet is an all-in-one digital wallet that provides employees with a centralized platform for managing their finances, the company said in a Tuesday (Sept. 19) press release. It allows employees to track real-time pay, access OSV’s myFlexPay, utilize payroll cards, set savings goals and access special offers.
This tool gives employees greater flexibility and control over their finances while also providing employers with a valuable recruitment and retention tool, according to the release.
One of the features of myFlexWallet is its integration with OSV’s myFlexSpend, which enables employees to view and manage their consumer-directed health accounts alongside other financial solutions, the release said.
PYMNTS Intelligence has found that nearly 60% of workers are unfamiliar with their health benefits. That figure rises to 70% among workers earning under $50,000 a year, according to “Healthcare in the Digital Age: Consumers See Unified Platforms As Key To Better Health,” a PYMNTS and Lynx collaboration.
The report also found that digital platform solutions can help workers manage care and costs.
“Digital, on-demand finance services are reshaping employee expectations around wage access and financial well-being benefits,” Michael Roseman, chief operating officer of OSV, said in the Tuesday press release. “myFlexWallet will help businesses meet those evolving needs and expectations.”
Valerie Van Gorp, vice president of customer operations for OSV, added: “For many employees, it will give them more freedom and control over how and when they access their wages than they’ve ever had before. It can also help them reduce or eliminate late payment fees for bills, while unbanked or underbanked employees can gain access to banking features they may not have had access to before.”
Financial stress has a significant impact on productivity and engagement, costing companies an estimated $200 billion annually, according to the press release. OSV aims to alleviate this stress and deliver benefits for employers and employees through myFlexWallet and other solutions.
Companies already offering OSV’s myFlexPay, a payroll solution that provides employees with access to earned wages on demand, have seen an 11% increase in employee hours worked and a 16% reduction in turnover, the release said. OSV also added that 90% of employees who have used myFlexPay report an improvement in their financial situation.