The Do’s and Don’ts of Commercial Applications for Earned Wage Access

EWA solutions have evolved from a novel concept to a preferred perk among employees in the U.S.

In seeking to attract and retain employees in a tight labor market, many employers are seeking to offer EWA, especially for hourly-paid employees but increasingly salaried workers as well. EWA is popular and functions as a win-win for employees and employers, with the important qualification that the solution is transparent and deployed with particular safeguards.

In this report, the first in a series assessing newer commercial applications for financial instruments, the author assesses critical “do’s” and “don’ts” financial institutions should consider when deploying an EWA solution for commercial clients. This report is based on extensive qualitative research of the current EWA landscape and leverages conversations with FIs and vendors. It also draws on the author’s knowledge of the market.

Clients of Datos Insights’ Commercial Banking & Payments service can download this report.

This report mentions. Atomic, BMO Financial, Branch, Citizens Financial, Cloudpay, Ceridian, DailyPay, FedNow, Instant Financial, Netspend, Payactiv, Pinwheel, PNC Financial, Santander, U.S. Bank, and Wagestream.

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