- an early salary access product to help employees access wages early and improve their financial wellbeing
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Employees can track and instantly access their earned wages at any time in the month
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Removes the financial stress many workers face between monthly paydays, improves financial wellbeing, and avoids reliance on high-cost short term credit products such as payday loans
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The Irish Launch follows a successful UK launch last month, with the EEA and US to follow
Revolut, the global financial super app with over 16 million global customers, today announced the Irish launch of Payday, its new earned wage access product that gives employees the power to instantly access a portion of their salary as they earn it. Payday is easy to use, fee-free for employers, and gives employees more control and flexibility over their finances for a small, flat fee of €1.75 per early withdrawal.
As part of the Irish launch, Revolut announced the product is live from today, with Spectrum Life, a leading provider of employee mental health and wellbeing services in Ireland and the UK. As launch partner Spectrum Life will now offer payday as part of the benefits package it provides to companies such as Accenture, Laya Healthcare, Microsoft and Vodafone. Revolut’s platform and app will plug into an employer's payroll system, allowing employees to draw down part of their wages earlier in the month.
Revolut customers will be able to view their available accrued earnings and select the amount they want to withdraw directly into their main Revolut account, helping employees to instantly access their salaries earlier in the month to cover expenses or necessary costs, and avoid getting into debt.
Payday has no impact on an employee’s credit score and provides them with a lower-cost alternative to high-cost credit cards or payday loans that they might rely on to help with their cash flow problems. Payday provides a seamless experience between salary advance and a host of other innovative financial products, all within Revolut’s financial super app.
As well as being an attractive perk to attract and retain employees, Payday is fee-free and simple to integrate for businesses. Cashflow for these businesses isn’t affected by the move, as employers will continue to pay employees’ salaries at the end of each month. Additional benefits for businesses include increased employee satisfaction, improved employee financial wellbeing and financial resilience and decreased employee turnover.
Joe Heneghan, CEO of Revolut Europe, said:
“We believe in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees’ mental health. After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress. It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.
We are particularly proud to have worked with Spectrum Life as our Irish launch partner. Their leadership in the employee wellbeing space reinforces what financial health can do for mental health.”
Stephen Costello, CEO & Co-Founder of Spectrum.Life said: “As the leading provider of employee mental health and wellbeing services in Ireland and the UK, our Coaches and Clinicians regularly encounter incidents where financial concerns have contributed to the stress, anxiety or mental health issues that a person is dealing with when they engage our services. Providing employees with greater financial flexibility via modern-day solutions, such as Payday by Revolut, can help alleviate some of the financial challenges an employee may be facing – preventing a short-term financial issue from developing into something having a much greater impact on an individual’s mental health.”
Revolut plans to roll out Payday across the EEA and the US in the coming months. Businesses and employees can get in touch via payday@revolut.com or visit this link www.revolut.com/payday
Article Published: 23/09/2021