NEW YORK, March 1, 2021 /PRNewswire/ -- DailyPay, the recognized gold standard in the on-demand pay industry, today announced the launch of a game-changing new product, ExtendPX, for human capital management (HCM) and payroll service providers.
ExtendPX moves DailyPay beyond their traditional On-Demand Pay (ODP) business offering. The announcement of ExtendPX will enable every Payroll, HCM and TMS (Time Management Software) company in the U.S. to offer highly demanded on-demand pay services through a customizable, modular on-demand pay solution that can be embedded into the product suite that they offer to their customers. ExtendPX, the first of its kind for the PayExperience industry, is already active with notable leading global payroll and HCM partners and other organizations.
"As the gold standard in the on-demand pay industry, our mission is to unlock the endless possibilities of pay," said Konstantin Getmanchuk, Senior Vice President, Product Management, DailyPay. "With 80% of Fortune 100 companies who offer on-demand pay choosing DailyPay, we have seen the demand for ODP services grow at unprecedented rates. The future is here. We are here to facilitate that change. Within a few years, every company will enable their employees to access the money they have earned, as they need it. It is time to offer an innovative solution to HCM companies."
The most robust program of its kind, ExtendPX offers a comprehensive set of services, with the ability to customize based on needs. HCM companies can embed the DailyPay offering into their own product suite using DailyPay APIs, or choose a white-label approach. Both options result in an on-brand experience where the product looks and feels like their own — without the hassle of building a native solution. In addition to supporting immediate access to earned income, the full list of services includes employee savings and financial wellness features, off-cycle payment tools and other supporting DailyPay services, such as guaranteed program funding, secure data exchange monitoring and multi-level live domestic employee support.
"We were thrilled to have DailyPay integrated into our benefits package," said Bob Frank, SVP and CIO, Adams Keegan. "The ability to seamlessly offer one of the most sought-after benefits that gives employees the power of choice and control over their earned pay will give us a competitive advantage over our competitors and is a game-changer for our clients."
The demand for on-demand pay (an employer-based benefit and payroll process also called earned wage access) has grown exponentially due to its proven ability to reduce turnover, promote worker productivity and boost hiring. Given the triple-digit growth in client demand for on-demand pay, HCM, payroll and TMS companies are quickly realizing the need to embrace this new market.
"Over the past five years, DailyPay has partnered with key HCM and TMS companies in powerful ways," said Jason Lee, CEO and co-founder of DailyPay. "We have proven that by integrating our gold-standard offering into their platforms, more Americans can enjoy control and flexibility over their pay. After all, it's their money, and they've earned it. This product expansion is just one of the critical steps we are making to move the entire PayExperience industry forward."
DailyPay is already a bestselling solution offered on leading HCM marketplaces, and is integrated with six of the 10 largest HCM companies. Click here to see DailyPay's full network of integration partners.
The launch of ExtendPX comes on the heels of the recent launch of DailyPay CYCLE, DailyPay's new product for payroll professionals that solves many challenges by digitizing off-cycle payments and making them available real-time.
About DailyPay: DailyPay is the award-winning, recognized gold standard on-demand pay platform offering comprehensive pay experience solutions to world-class companies and their millions of employees including Adecco and Berkshire Hathaway. DailyPay has created an ecosystem with the most advanced, modern technology stack in the industry and delivers the most secure, compliant and seamless on-demand pay benefit in our rapidly growing marketplace. DailyPay is headquartered in New York City with operations based in Minneapolis. For more information, visit www.dailypay.com/press