Santander Bank N.A. announced the beginning of a partnership with DailyPay, thanks to which the clients of this financial institution will have access to the on-demand payment service.
Clients of Santander Commercial Bank in the United States, who are owners of various firms, as a result of the introduction of the new service will be able to provide their employees with immediate access to their salary as it is received. The relevant information is contained in a message that was published on the Santander Commercial Banking LinkedIn page last Wednesday, April 19.
Joe Abruzzo, head of commercial banking at Santander Bank, says that there is a steady increase in demand for digital products and services among customers. Digital solutions greatly simplify the experience of consumer interaction with a financial institution, help to implement the process of workforce management, and develop a business strategy.
Joe Abruzzo said that a high level of transparency and access to salaries with the help of the DailyPay product will be an effective tool for business representatives who will offer their employees a convenient and easy way with financial means.
The DailyPay solution will allow Santander customers to transfer their earned salary to an account of their choice. This will allow us to use the money at any stage of the settlement process.
The news about the beginning of cooperation appeared about three months after it became known that DailyPay managed to attract investment funds for 260 million dollars. The company’s representatives then stated that the new funding would be aimed at stimulating internal growth and activities to introduce innovative solutions to the firm’s on-demand salary payment offer.
Kevin Koop, CEO of DailyPay, stated that the practical application of the demand payment service proved that this solution is in demand in the market and has a transformative effect on the process of interaction between an employer and an employee in the context of financial relationships. He also noted that the company aims to occupy a large part of the market of relevant services.
Early access to wages is popular partly because of the difficult economic conditions, due to which consumers are looking for opportunities to improve their material well-being, living from paycheck to paycheck, and being under the influence of inflation.
As we have reported earlier, Santander Bank Enlists SigFig for Digital Investment Tools.