DailyPay, PNC Bank and The Clearing House partner to offer real-time access to earned wage
By Pavithra R
New York-based DailyPay, a provider of the on-demand pay benefit, has announced partnering with PNC Bank and The Clearing House to offer real-time payments over the RTP network, creating the ability to fulfill employee payment needs 24/7/365 with high speed and accuracy.
“We are constantly exploring ways to innovate our industry-leading technology platform and build upon the gold-standard service we provide our client partners and their employees. We are thrilled to join forces with PNC Bank and The Clearing House for this groundbreaking technology that will enhance the pay experience for millions of Americans,” said Ron Munkittrick, senior vice president, External Operations, DailyPay.
The RTP network provides DailyPay with a safe and seamless way to transfer funds to its users’ bank accounts instantly, giving the users the choice and control over their immediate earned income. Along with instant delivery and availability of funds to the recipient, the sender receives confirmation that the funds were delivered. Real-time payments also enables DailyPay users to receive earned wages instantly, without disrupting the employer’s normal payroll administration and process.
“PNC is committed to immediate payments and creating a platform for a digital real-time economy, and we are excited to collaborate with DailyPay and The Clearing House on this effort. Today’s announcement is just one more example of PNC exploring and engaging innovative uses of RTP as the premier payment solution. The versatility of the RTP network enables new business models that provide opportunities for us to help clients differentiate the way they do business,” said Chris Ward, executive vice president and head of digital and innovation for PNC Treasury Management.
As digital commerce has grown, there has been renewed focus on financial inclusion and the challenges facing workers who live paycheck to paycheck. Real-time payments allow workers to receive funds instantly. Through the announcement, DailyPay touts to be the first on-demand pay provider to deliver funds over the RTP network.
“Paying workers on demand has taken on a new level of importance during the ongoing pandemic and helps to address cash flow concerns that many workers face on a weekly basis. DailyPay’s utilization of the RTP network provides a seamless user experience and benefits the worker and the employer,” said Steve Ledford, senior vice president of Product Strategy and Development at The Clearing House.
IBSi Prime News
January 21, 2022
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