DailyPay and UKG expanded their partnership to offer more on-demand pay features through UKG Pro, an HCM solution that targets medium and large enterprises. The pay-on-demand platform already has integrations in place with other UKG products, including UKG Dimensions and UKG Ready.
DailyPay’s technology platform includes PayEx, a services suite that allows employees to transfer earned income to checking and savings accounts and gives employers the ability to process off-cycle payments.DailyPay expanded its partnership with UKG and began working with a real-time payments network. #HR #HRTech Click To Tweet
More companies are at least considering implementing pay-on-demand solutions as the Covid-19 pandemic recedes. An increasing number of candidates and employees say such services heighten their perceptions of potential or current employers, and DailyPay contends that taking advantage of such services leads to improved retention, productivity and employee satisfaction. For example, one study found that 73% of DailyPay users have better opinion of their employers, while 74% say that DailyPay has helped reduce their financial stress.
Meanwhile, DailyPay said it’s teamed up with PNC Bank and the Clearing House, a U.S.-based payments network that clears and settles more than $2 trillion each day. The arrangement will allow the companies to service employees around the clock, with improved speed and accuracy.
The Clearing House’s Real-Time Payments, or “RTP,” network provides a way to instantly transfer funds to users’ bank accounts, providing users with choice and control over their earned income. DailyPay users will have the ability to receive earned wages instantly, as needed, without disrupting their employer’s normal payroll administration and process.
DailyPay said it’s the first on-demand pay provider to deliver funds over the RTP network, the first new payments infrastructure built in the U.S. in more than 40 years.
In May, DailyPay received $500 million of capital, including $175 million in equity financing and $325 million of credit capital. At the time, the company said it would use the money to pursue
new market opportunities.