Payfare, Stride Bank Joining Forces to Expand Real-Time Payment Options for the US Gig Economy Workforce
Payfare is pleased to announce that it is expanding its partnership with Stride Bank to offer additional real-time payment options to gig platforms and their workforces. Payfare, a leading fintech powering instant payout and digital banking solutions for contract workers, and Stride Bank will leverage The Clearing House’s RTP® network to deliver fast, secure payments to U.S.-based gig economy workers 24 hours a day, seven days a week.
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Payfare, who works with some of the world’s largest on-demand platforms, will be among the first to use the RTP network to support gig worker payouts. By connecting to the RTP network through Stride Bank, Payfare has the ability to support payments to bank accounts immediately with enhanced speed and security, providing more choice for its corporate clients and users. Payments over the RTP network settle within seconds, providing immediate confirmation and funds availability. Further, because the RTP network is always operating, payments can be sent and received after banking hours, on weekends and during bank holidays.
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“We are thrilled to be adding real-time payment capabilities to Payfare’s existing payout and digital banking solutions,” said Marco Margiotta, CEO and Founding Partner of Payfare. “Our mission is to empower financial security for every gig worker. As the gig economy continues to grow, the RTP network’s broad reach will help us to further scale our solution while providing fast, secure options to our partners and the gig workers we support.”
“While workers increasingly want more autonomy to decide how, when and where they work, they also want more control and flexibility over how they’re paid,” said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. “The RTP network is designed to be a platform to support innovation, and Payfare and Stride Bank will offer our nation’s growing gig economy more choice and convenience across the earned wage industry.”