SAN FRANCISCO, Oct. 1, 2018 /PRNewswire/ -- Thor, the one-stop mobile platform for blockchain-powered gig economy solutions, introduces Odin™, its flagship contractor management portal for businesses that employ independent contractors. The company also announced today a new partnership with Dwolla, a leading U.S.-based payment services provider, to facilitate the Thor payment network on the fiat/USD side of Odin and the Thor Mobile Platform.
"Releasing Odin is a major milestone for us as a company. There is no product on the market quite like it for managing payments for a 1099 workforce," said David Chin, CEO and co-founder of Thor. "This launch is just the first of many exciting steps we'll be taking in the coming months, including securing this partnership with Dwolla to handle payment processing. That has been crucial to getting Odin off the ground."
Odin, the first blockchain-ready payments portal of its kind, is an essential software for businesses that regularly employ independent contractors. With Odin, these companies can easily manage and track all outbound payments to their contractors, saving countless hours of unnecessary and tedious backend work. In addition, by leveraging Thor's Lightning Pay™ instant payments, available with Odin, companies can incentivize contractors' behavior at the point of activity while maintaining a compliant company/contractor relationship—removing a significant hurdle many of these companies face.
With the launch of Odin, Thor becomes one of the very first blockchain companies to release a working product being used by real businesses in their day-to-day operations.
Thor's partnership with Dwolla will serve as the fundamental backbone of Odin's transactional elements. With this partnership, Thor can offer on-demand companies a single payment solution for managing their contractors that includes both a contractor management portal and wallet functions for contractors on Thor's mobile platform. Thor will continue to add functionality as it becomes available, including integrating a debit card solution by the end of 2018 that will allow users to access their money immediately upon receiving it in their Thor wallet instead of waiting for the ACH transfer to their bank to be completed.
"Thor is an exciting new project built on a great idea," says Allen Jingst, Director of Sales with Dwolla. "The gig economy is proving to be a major component of the U.S. economy, but it's still built on out-of-date payment models. We are thrilled to partner with Thor to modernize the gig economy and ultimately make it more efficient than ever."
Upon launch, Thor has already secured Odin's first customer: Yoshi, a GM- and ExxonMobil-backed nationwide car care service. Yoshi will use Odin to manage and track all of its outbound payments to independent contractors that it works with, massively reducing the hours required to complete these tasks so Yoshi's employees can focus on expanding their business.
"There are surprisingly few tools designed for managing payments to contractors—and Odin is by far the best thing we've come across. Now we save time and money on the backend, while increasing the productivity of our employees by 20 percent," said Nick Alexander, CEO with Yoshi. "It's about time someone put a product like this on the market."
In upcoming releases, Odin will automate all financial disclosures to the IRS regarding business payments to 1099 contractors, further streamlining the contractor management process so that companies can stay focused on their core mission.
Thor and Dwolla's relationship will pertain exclusively to fiat currencies and will not handle cryptocurrency deposit or withdrawal functions of any kind.
#DWOLLApowers Thor Technologies
Founded in 2017, Thor's mission is to provide blockchain-powered gig economy solutions to help contractors achieve the same security and well-being as full-time employees, as well as helping on-demand companies manage their contractor workforce efficiently and easily.
Thor accomplishes this by giving contractors access to affordable health benefits, retirement planning and secure instant pay, while providing on-demand companies with the leading contractor management software on the market. To learn more, visit www.gothor.com.
Dwolla was founded on Dec. 1st, 2010, on the simple idea that moving money should be easy, fast and affordable. Dwolla was tired of high credit card fees and the antiquated processes of handling paper checks. Dwolla decided there had to be a better way—so they built it.
Dwolla now facilitates the movement of millions of dollars every day with low transaction costs, easy automation and near-perfect reliability. The goal is to make an incredibly complex process feel simple, easy and seamless to the people who use it—the customers' end users. Learn more at https://www.dwolla.com.
Yoshi delivers fuel and car maintenance services directly to drivers across the country. Yoshi's mission is to help our members to keep moving in the safest, most efficient, and planet-friendly way possible while delivering unparalleled customer service. Yoshi is based in San Francisco, CA. Learn more at www.startyoshi.com.