BMO is partnering with DailyPay to provide earned wage access to employees of BMO’s commercial clients. This will provide real-time access to employees’ wages as they earn them with the funds deposited in their direct-deposit account and available to them for immediate use.
“More than ever before, businesses require flexible digital payment solutions that reflect the changing economy. And new expectations surrounding employees’ payment preferences,” said Andrew Harrison, Head of US Digital Partners at BMO. “Partnering with DailyPay is one of the many ways we’re empowering our clients to help their employees by providing innovative and convenient payment solutions.”
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DailyPay seamlessly integrates into employers’ existing payroll systems. It allows their employees to access their earned but unpaid income on their own schedule. With the power of choice and control over their earned pay, research shows that users can worry less about money and manage their finances better. Ultimately, they will stay longer with their current employer.
In addition, offering DailyPay can help BMO’s commercial clients gain a competitive advantage as it relates to hiring and recruiting in a historically tight labour market. DailyPay research finds that employee tenure increased by an average 35% when they have the option for earned wage access.
“DailyPay is pleased to partner with top financial institutions like BMO to support their commitment to financial equity and inclusion,” added Kevin Coop, CEO, DailyPay. “Our partnership will put our highly sought-after benefit in the hands of more businesses and their employees. Ultimately this drives better financial outcomes for all.”
DailyPay: ‘mission to build a new financial system for everyone’
According to DailyPay, it aims to deliver the industry’s leading on-demand pay solution with modern, insight-driven pay strategies. DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is headquartered in New York City, with operations in Minneapolis and Belfast.
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