Leading Workday partner OneSource Virtual adds a new payroll card to its growing portfolio of payroll offerings.
OneSource Virtual (OSV), today announced that businesses can provide their employees faster access to wages through its new, integrated digital payroll delivery service within myFlexPay. Complementing its existing earned wage access capabilities, OSV is now offering employees 24/7 instant access to their wages through a payroll card. The payroll card is enabled by Money Network® from Fiserv, a leading global provider of payments and financial services technology.
HR Technology News: Systemware Named Among The Nation’s Best And Brightest Companies
OSV serves nearly 600 Workday payroll customers and processes payroll for nearly two million employees. Over the last two years, OSV has delivered a growing portfolio of payroll services and features to its customers—including a customer-facing real-time payroll dashboard and myFlexPay, a suite of payroll services that includes access to earned wages.
“Providing our customers with the ability to offer a Money Network payroll card means their employees will gain the unrivaled benefits of a world-class payroll solution,” says John Bax, CFO at OSV. “The cardholder’s funds are FDIC insured (1), and the Mastercard Liability Policy (2) protects the employee’s funds, including zero liability for unauthorized card purchases.”
Nearly half of companies still issue paper paychecks to a percentage of their employees. But paper checks can get lost or damaged, causing employers to spend additional time and money replacing them. Paper paychecks also contain sensitive information about the business issuing them. OSV’s payroll card mitigates the risks of such exposure by providing advanced fraud and identity protection for both employee and employer. Furthermore, when paper checks are lost or damaged, 20% of the American population that is underbanked experience delayed access to their earned wages. OSV’s payroll card enables employees to receive their pay on payday or, by leveraging the full suite of myFlexPay offerings, even before payday using OSV’s earned wage access solution.
“Enhancing the employee experience through digital payroll delivery can be a powerful differentiator for today’s employers,” said Dom Morea, Senior Vice President and Head of Prepaid at Fiserv. “Our Money Network solution will help streamline payroll administration for OneSource Virtual customers while also empowering employees with ease of access to hard-earned wages.”