New Dayforce Wallet feature will stream pay automatically to workers’ wallets as wages are earned
Ceridian a global leader in human capital management (HCM) technology, announced streaming pay as the next evolution of payroll at the inaugural Ceridian World Tour. As part of Dayforce Wallet, streaming pay will automatically deliver earned wages to workers’ wallets at the end of each work day, eliminating the need to request earnings on-demand.
Currently, millions of people live paycheck to paycheck, with little to no financial buffer in between the 2-4 week pay cycle. As a result, many are forced to carry high-interest credit card debt or resort to payday loans to pay for unexpected life events.
Dayforce Wallet, an industry-first, on-demand pay solution, has helped workers improve their financial well-being by allowing workers to request pay and receive their earned wages in real-time – at no cost to them or the employer. Built with compliance at its core, Dayforce Wallet leverages the Dayforce platform’s continuous calculation engine to ensure taxes and other withholdings are managed as part of an accurate and compliant payroll.
“From how we make purchases to how we save money, technology has disrupted every part of our financial lives, except how we are paid,” said Seth Ross, General Manager, Dayforce Wallet and Consumer Services, Ceridian. “Dayforce Wallet, and now streaming pay, meets this challenge head-on by enabling workers to access their earned wages when they need them.”
Over 600 customers have signed up for Dayforce Wallet, and over 200 customers are now live, including Aaron’s, Danone North America, and OTG Management. For consumers, Dayforce Wallet is quickly becoming the go-to solution for accessing and spending earned money, with the average active Dayforce Wallet user transacting 24 times a month – nearly every day.
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Today’s announcement follows new research by The Harris Poll, commissioned by Ceridian, that found 8 in 10 U.S. workers (80%) would prefer to have their pay automatically streamed into their bank accounts as they earn it versus the traditional two-to-four week pay cycle. With this new method of compensation, a similar number (81%) revealed that access to streaming pay at no cost to them would increase their loyalty to their organization and make them feel more valued as an employee.
“With streaming pay, workers can have peace of mind knowing they’ll have the funds to cover unexpected events, helping to improve financial wellness. Meanwhile, employers can offer a benefit that truly puts the employee at the front and center – it’s a win-win for all,” added Ross.
Streaming pay will be available as part of Dayforce Wallet beginning in 2022.
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