This integration allows the users of Würk’s platform to offer their employees not only earned wage access (EWA) but also a suite of financial wellness solutions, the companies said in a Tuesday (July 8) press release.
“By partnering with an industry leader like DailyPay, we’re delivering modern, trusted financial tools — already used by millions in other sectors — to an industry that has long been underserved when it comes to employee benefits and workforce technology,” Würk CEO Deborah Saneman said in the release.
This offering was facilitated by the DailyPay Built In initiative that integrates the product into existing payroll systems and helps providers of human capital management (HCM) solutions offer DailyPay’s On-Demand Pay product with no cost to employers, no need for active management and no change to how they run payroll, according to the release.
“Through our On-Demand Pay product, we give clients the ability to offer employees greater financial flexibility and control through their existing payroll system without changes to their existing workflows,” Carly Brush, senior vice president, HCM at DailyPay, said in the release.
The PYMNTS Intelligence and The Clearing House collaboration “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction” found that most workers want to have more frequent pay schedules that move beyond the confines of the traditional biweekly pay schedules.
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The report said that 83% of workers want to be paid more frequently and that 96% of corporates that offered earned wage access said their employees liked it and the offering helped attract talent.
At the same time, there has been a movement at the state level to regulate earned wage access. Some states have introduced legislation or lawsuits, with the New York State Attorney General, for example, suing DailyPay and another EWA provider, MoneyLion, alleging that EWA products are payday loans and that the fees the companies charge on these short-term loans can amount to annual interest rates of as much as 750%.
DailyPay sued New York Attorney General Letitia James in April, saying it aimed to stop James from blocking on-demand pay via New York’s usury laws. The company said those laws do not apply to its business.
