Hancock Whitney Bank to offer PayActiv EWA program to business clients
By Pavithra R
PayActiv, the Earned Wage Access (EWA) Program to receive an Approval Order from the Consumer Financial Protection Board (CFPB), has announced Hancock Whitney to be the first bank to offer PayActiv’s financial wellness solution to its bank clients.
Established in 1899, Hancock Whitney offers a wide array of banking and financial services at locations in Alabama, Florida, Louisiana, Mississippi and Texas. It has embodied the core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility.
“Hancock Whitney has shown leadership and lived its commitment to serve hard-working Americans. Their clients can now attract, retain and recruit talent with a powerful and innovative benefit,” said Safwan Shah, CEO of PayActiv.
Businesses leverage PayActiv to help their employees avoid costly service fees and charges associated with short-term payday loans. By accessing a portion of their already earned but unpaid wages, a PayActiv user can save dollars in fees and charges.
“Businesses that choose Hancock Whitney can now help workers live the lives they’ve earned, navigate the ups, downs and unknowns in life and be able to participate more fully in the economy they helped create,” added Shah.
Founded in 2012, PayActiv aims to improve employee financial health. According to company data, the firm currently serves more than 4 mn employees at over 1,000 businesses across retail, business processing services, food services, and over 400 senior living and healthcare businesses. It has saved users $572 mn in payday loan, overdraft and late fees and reduces turnover by up to 50%. Its clients include Walmart, Ibex Global, Wayfair, and many others.
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