Comdata has launched a real-time payment solution called Fintwist OnDemand on its Fintwist digital platform.
The new offering will enable Fintwist customers to provide their employees access to earned wages before payday without changes to their current payroll processes.
Comdata Prepaid president Brian Radin said: “Fintwist OnDemand enables our customers to provide their employees the financial flexibility needed, especially now, to cover expenses between paychecks, without the financial burdens of costly loans or advances.”
Reports suggest that 80% of the Americans living on paycheck to paycheck and 40% are unable to cover an unexpected expense of $400.
Comdata said that providing workers access to wages as they are earned increases their financial security.
The company introduced Fintwist OnDemand to help workers from using up their emergency savings or resorting to credit cards or payday loans in order to meet their household expenses.
Radin added: “As we emerge from the employment crisis created by Covid-19, employers will need tools to compete for new employees and retain those that are critical to their recovery.
“Modernising their payroll processes offers business leaders the rare opportunity to simultaneously reduce paperwork, save time, and increase employee satisfaction.”
Fintwist digital platform, connected to a debit Fintwist Mastercard, is designed streamlines payments for employers. It also features financial management tools and education for employees.
Last September, Comdata launched Virtual Comchek, a digital payment solution that offers fleets a new way to enable their drivers to make on-demand payments.
In 2018, the company expanded its business to the trucking industry to enable all people associated with this segment to swiftly process digitised payments.