Instant Financial, a provider of earned wage access (EWA) and digital tipping solutions, and Payouts Network, a B2C payments platform, have announced a new capability enabling employees to transfer earned wages to their existing bank accounts in real-time. This update, integrated into Instant Pay, Instant Financial’s EWA solution, utilizes Payouts Network’s real-time payouts technology to offer workers more flexibility and enhance the pay experience provided by employers.
EWA solutions have demonstrated an impact on employee retention and hiring. Research indicates that 74% of U.
S. workers would consider staying longer at a job that offers same-day access to pay, and 86% expressed greater interest in applying for jobs with same-day pay options. By facilitating direct routing of earned wages to an employee’s preferred bank account, the companies aim to streamline access to pay, making it faster and more manageable.
This new functionality allows for direct-to-bank transfers of earned wages to an employee’s personal account, enabling real-time movement of funds and thereby reducing waiting periods and the need for alternative solutions.
Keith Smith, CEO of Payouts Network, commented on the development, stating, “Getting paid should be simple and fast. With Instant, employees can send earned pay straight to the bank account they already use—in real-time—so payday feels straightforward and in their control.” Instant Financial’s EWA solution allows employees to view and access wages they have already earned at their convenience. With Payouts Network facilitating the transfers, workers can direct these funds to their chosen bank account, complete with clear confirmation and visibility for each transaction.
Tal Clark, CEO of Instant Financial, added, “In partnership with Payouts Network, employees can move their money when and how they want—direct to the bank account they already use, in real-time, so employees can use funds right away.” The direct-to-bank transfer capability is currently available to Instant Financial customers.
Instant Financial specializes in modernizing payments and earned wage access for hourly workers and their employers. The fintech company offers EWA, digital tips, and instant payments via various channels including banks, mobile wallets, or paycards, alongside financial wellness services. Instant Financial was the first to provide EWA through a paycard and has processed over $7.5 billion in earnings for workers across industries such as restaurants, retail, and hospitality. Its solutions aim to improve recruitment and retention for employers by enabling same-day pay.
Payouts Network is a B2C payment and disbursements provider focused on enhancing customer experiences. Its platform facilitates real-time compensation, incentives, rewards, and loyalty payments, delivered according to consumer preferences. The company serves payment and credit card processors, global airlines, hospitality brands, and other corporate payors, enabling banks, issuers, fintechs, and non-financial brands to integrate its technology via API.
