Fiserv offers Money Network earned wage access in partnership with Instant Financial

By Pavithra R

Fiserv, a leading global provider of financial services technology solutions, has announced that businesses leveraging Money Network electronic payroll delivery services from Fiserv can now provide employees early access to their wages.

Earned wage access (EWA) gives employees the ability to access their wages as they are earned, rather than waiting for a weekly, bi-weekly or monthly payday. By offering EWA, businesses can empower employees especially the unbanked and underbanked with immediate access to their hard-earned income without fees, without waiting between pay cycles and without high-interest payday loans. Fiserv is enabling earned wage access through Money Network prepaid payroll cards via integrated capabilities from Instant Financial.

“The ability to provide faster access to wages and tips can be a significant differentiator for corporations, franchises, governments, and other types of employers challenged with attracting and retaining talent in today’s digital-first world. Pairing earned wage access with the flexibility of a prepaid payroll program that incorporates budgeting tools and spending insights is a powerful example of how employers can help further the financial wellbeing of their employees,” said Dom Morea, senior vice president and Head of Prepaid at Fiserv.

Fiserv’s EWA feature seamlessly integrates with payroll/HR and time tracking systems. Employees who are paid via Money Network may monitor budgeting and spending online or via a mobile app, leverage a prepaid debit card to make purchases, access in-network ATMs, transfer funds, and enable a digital wallet. Employers that integrate Money Network with EWA into their time, attendance and payroll systems can easily onboard employees, calculate their on-demand pay, and disburse funds onto a Money Network card.

“Addressing the economic uncertainty that so many working Americans have to contend with is on the priority list of this country’s best employers. Integrating Instant’s EWA solutions with the flexible money management capabilities of Money Network provides more of these best-in-class employers with a simple, turn key solution to provide their employees with on demand access to their earnings and some much needed financial relief,” said Steve Barha, Founder and Executive Chairman of Instant Financial.

Established in 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The Firm is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.