PayActiv, a provider of financial wellness platform, has selected digital payment technology from fintech firm Fiserv for streamlining earned wage access.
Leveraging Fiserv’s Digital Disbursements technology, PayActiv will support real-time money transfer to a checking or savings account in the US through a direct push to their card account.
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Fiserv president of electronic payments Tom Allanson said: “With the rise of the gig economy and new ways of working, people increasingly expect to be able to access their pay right away.
“PayActiv is enabling employers to meet that expectation.”
Digital Disbursements offers a connection to Visa Direct, facilitating fund transfer to bank accounts in minutes for PayActiv users. Previously, users had to wait for a few days for moving funds to bank accounts.
PayActiv CEO Safwan Shah said: “Many people live paycheck to paycheck, and any sort of urgent or unexpected financial need can cause them significant stress that detracts from their daily lives.
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By GlobalData“PayActiv can eliminate that stress by giving people a convenient way to access the money they have already earned.”
Notably, Fiserv closed the acquisition of payment processor First Data last month.
The deal, valued at $22bn, is said to make Fiserv “one of the world’s leading payments and financial technology providers”.
