Branch added a “full-service paycard” to its workforce payments platform.
The paycard is delivered through the Branch App and Card, enables payments to a dedicated bank account and allows employers to provide workers with a path to a complete banking experience, the company said in a Thursday (April 10) press release.
Employers can use the paycard and platform to deliver cashless tips, earned wage access, same-day pay and other payment methods, with no pre-funding required, according to the release.
They can also provide a digital bank account and Mastercard debit card; up to eight free ATM withdrawals per month; over-the-counter withdrawals; international spend and ATM usage in the United Kingdom, Canada and Mexico; and financial wellness offerings like savings, cash flow management tools and cash back rewards, the release said.
These features include no overdraft fees, late fees or minimum usage fees, per the release.
“Our new paycard not only provides businesses with a comprehensive solution for paying their entire workforce but also helps deliver a mobile-first, accessible experience for workers that traditional paycards lack,” Branch founder and CEO Atif Siddiqi said in the release.
Businesses are looking to partnerships to make their payments faster, Branch Chief Financial Officer Brian Whalen told PYMNTS in an interview posted in 2023.
“In business, the trend is clearly toward getting everyone paid as soon as possible,” Whalen said. “The companies that are moving faster in this direction have also created a real competitive advantage. Once upon a time, they might have said they can build it themselves, but they’re reconsidering that and saying, ‘I know what I’m good at. Let’s go look for a partner who can do the digitization of the payments because that’s their expertise.”
Branch partnered with temporary staffing platform Indeed Flex in September to create Same Day Pay, which lets Flex users get up to half their earnings within an hour after finishing a shift.
“Timely and accessible payment solutions are more critical than ever for today’s temporary workforce, as about 3 in 4 contingent workers want to be paid every day,” the companies said at the time.
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