Alternative to Payday Loans Supports Financial Inclusion and Stability as America Reopens
DailyPay, the leader in on-demand pay, has teamed up with PNC Bank and The Clearing House to offer real-time payments over the RTP® network, creating the ability to fulfill employee payment needs 24/7/365 with unmatched speed and accuracy.
“We are constantly exploring ways to innovate our industry-leading technology platform and build upon the gold-standard service we provide our client partners and their employees,” said Ron Munkittrick, senior vice president, External Operations, DailyPay. “We are thrilled to join forces with PNC Bank and The Clearing House for this groundbreaking technology that will enhance the pay experience for millions of Americans.”
The RTP network provides DailyPay with a safe and seamless way to instantly transfer funds to its users’ bank accounts, giving the users the power of choice and control over their immediate earned income. Along with instant delivery and availability of funds to the recipient, the sender receives confirmation that the funds were successfully delivered. A key attribute of real-time payments for DailyPay users is the ability to receive earned wages instantly, as needed, without disrupting the employer’s normal weekly or biweekly payroll administration and process.
“PNC is committed to immediate payments and creating a platform for a digital real-time economy, and we are excited to collaborate with DailyPay and The Clearing House on this effort,” said Chris Ward, executive vice president and head of digital and innovation for PNC Treasury Management. “Today’s announcement is just one more example of PNC exploring and engaging innovative uses of RTP as the premier payment solution. The versatility of the RTP network enables new business models that provide opportunities for us to help clients differentiate the way they do business.”
The convergence of mobile technology and digital commerce is leading to real-time payment innovation around the world, which is even more critical as businesses reopen in the wake of the pandemic. As digital commerce has grown, there has been renewed focus on financial inclusion and the challenges facing workers who live paycheck to paycheck. Real-time payments allow workers to receive funds instantly so they can better manage cash flow and avoid high fees and interest rates from payday loans and bank fees. DailyPay, the leading innovator in the on-demand pay ecosystem, is 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.
“Paying workers on demand has taken on a new level of importance during the ongoing pandemic and helps to address cash flow concerns that many workers face on a weekly basis,” said Steve Ledford, senior vice president of Product Strategy and Development at The Clearing House. “DailyPay’s utilization of the RTP network provides a seamless user experience and benefits the worker and the employer.”