According to a LinkedIn post by Santander Commercial Banking on Wednesday (April 19), this agreement will allow Santander Commercial Banking clients in the United States to provide their employees with immediate access to their pay as it is received.
“Clients are increasingly interested in digital products and services that will simplify their banking experience, help them manage their workforces, and build their businesses,” said Joe Abruzzo, Head of Commercial Banking at Santander Bank, in a blog post. “Providing transparency and access to earned pay through this offering with DailyPay will serve as an impactful tool for our business clients, who can now offer employees a simple and convenient way to manage their finances.”
This agreement comes roughly three months after DailyPay received $260 million and stated that it will utilize the funds to fuel domestic expansion and invest in product innovation for its on-demand payroll solution.
“On-demand pay has proven to be a transformational financial wellness benefit for employers and their employees, and DailyPay is the proven market leader,” stated DailyPay CEO Kevin Coop at the time. “Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast green space.”
According to research, 24% of banks plan to add an early salary access program to their products in the near future, joining the 70% of institutions that have already done so.
