BIRMINGHAM, Ala., Sept. 16, 2020 /PRNewswire/ -- Immediate, a financial wellness company, today announced a new integration with Visa that will allow workers and users of its earned wage access services to receive requested funds directly onto an eligible debit card in real-time1 through Visa Direct, Visa's real-time push payments platform. Any eligible existing Visa debit card can be linked in the ImmediatePay app, enabling users to transfer and use money on the card in real-time.
Immediate aims to improve the financial well-being of millions of Americans by providing on-demand access to earned wages, working directly with employers to make this benefit available to employees. Through Immediate's financial institution and the integration of Visa Direct, employees who use the service can now add a Visa debit card to their account, and can opt to receive funds on their debit card at any day or time including weekends and holidays, making earned wages quickly available for unexpected and emergency expenses. Funds can also be transferred directly to an individual's bank account or to a debit card provided by Immediate.
"Workers who request early access to their earned wages often need the money quickly, especially if it's for a health emergency, car repair, or other unforeseen expense," said Matt Pierce, Immediate's co-founder and CEO. "We're very excited to launch this new integration with Visa because it gives users more convenient access to their earned pay whenever they need it, without having to worry about banking hours or holidays."
Immediate partners with employers to provide earned wage access as a voluntary benefit to employees. The service reduces employees' financial stress, increases engagement and motivation, builds loyalty, and helps attract top talent. The company's software platform integrates directly with employers' time tracking and payroll software, and nominal early access fees are set up like ATM convenience charges, which employers can elect to cover.
"We understand the challenges all workers – whether hourly or salaried, part- or full-time – are facing right now," continued Pierce. "Millions of Americans were already living paycheck to paycheck before the pandemic. Those who still have jobs are working fewer hours, and 21% report a decline in earnings. Through our integration with Visa, we're bringing together the convenience of our earned wage access with the scale and security of the Visa network, to help ensure our users can meet their financial needs while ultimately building financial health."
"Now more than ever, hourly workers want and need more flexible tools to help them better manage their money as the pandemic continues to strain the workforce," said Cecilia Frew, Senior Vice President, Visa Direct at Visa. "Visa is proud to be working with Immediate to help provide individuals with more control over when they receive access to their funds, getting them their already earned money faster during this challenging time."
Immediate partners with employers to provide their employees with wages that have been earned but not paid, whenever they are needed. With seamless time tracking and payroll integrations, same day and next day bank transfers, and the ability to put earnings directly on a debit card, Immediate is working to improve financial wellness and eliminate cycles of debt for employees by allowing them to access their hard-earned wages. To learn more, visit joinimmediate.com.
1 Actual fund availability depends on receiving financial institution and region.