This partnership will enable rapid!, Green Dot’s payment business for employers, to accelerate the growth of rapid! On-demand solution
— Brandon Thompson, EVP, Retail, Tax, Direct and PayCard, Green Dot
SCOTTSDALE, AZ, USA, April 27, 2022 /EINPresswire.com/ — FlexWage Solutions and Green Dot have entered into a long-term license agreement to accelerate the growth of the fast! On-Demand Earned Salary Access Solution offered by its fast! Business. Under the agreement, FlexWage will support rapid!, as a patent licensing partner, with long-term access to its Earned Wage Access industry expertise, technology and intellectual property, as well as patent license of its suite of products.
“Earned Wage Access has become an increasingly important offering for employers looking to support financial stability for their employees,” said Brandon Thompson, EVP, Retail, Tax, Direct and PayCard at Green Dot. “We see huge potential for growth in our rapid! On-demand activity and the extension of this partnership accelerate our delivery of best-in-class financial services to our clients. »
FlexWage developed and patented OnDemand Pay in 2010 as a cash-worthy solution for employees who frequently experience income and expense volatility. In choosing FlexWage as a long-term partner, Green Dot focused on several unique attributes of the solution:
• Patent – The OnDemand Pay intellectual property owned by FlexWage covers the industry’s most thorough, data-driven, accurate and efficient earned pay access process.
• Regulatory Compliance – The California Department of Financial Protection and Innovation (DFPI) recognizes FlexWage’s patented solution as the only loan-free earned wage access offering licensed to operate in the state, without the need for a lender’s license.
• Holistic Financial Wellness – FlexWage’s Sum180 app expands rapid! to budgeting, planning, education and guidance, rounding out their comprehensive set of tools to help employees on their journey to financial wellness.
“We designed our solution to provide a lasting advantage that meets the complex requirements of federal and state labor, banking and lending laws,” said Frank Dombroski, founder and CEO of FlexWage. “Our extensive expertise in banking, payments and financial technologies has allowed us to create and patent a product construct that has stood the test of time and regulatory scrutiny. We have always described our solution as “the ‘access to properly earned wages’.
fast! offers employers a full suite of payment solutions designed to improve the financial well-being of their employees, help reduce costs and streamline payroll administration. Its suite of solutions includes:
• fast! PayCard – offers a comprehensive PayCard program for employers converting to electronic payroll delivery and offers industry-leading features such as automated inventory control, cash back, interest-bearing savings, and mobile integration.
• fast! OnDemand – helping employers provide employees with access to earned wages between pay cycles.
• fast! Payouts – empowering employers to allow employees to get paid the way they want with a wide range of payment options that meet the needs of a changing workforce, including through payouts real-time off-cycle electronics.
FlexWage Solutions LLC invented and patented Earned Wage Access in 2010. Our mission is to provide workers with safe and responsible solutions to help them on their journey to greater financial well-being. We believe that financial security most effectively begins in the workplace. Employees manage cash flow volatility by accessing their earned wages between pay cycles, avoiding the high cost and stress of bank overdraft fees, late fees, and short-term loans. Once established on a stronger footing, employees are more receptive to financial education, budgeting and planning. FlexWage provides financial wellness services to partner institutions and directly through employers. We help employees from all walks of life through every stage of their financial well-being. Learn more about www.flexwage.com.
About the green dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and registered banking holding company committed to empowering everyone to bank seamlessly, affordably and with confidence. Green Dot’s technology platform enables it to create products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible to all.
Green Dot offers a wide range of consumer and business financial services, including debit, check, credit, prepaid and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank (https://www.go2bank.com) offers consumers simple and accessible mobile banking services designed to help improve financial health over time. The Company’s Banking Platform Services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy personalized, transparent and customer-focused money management solutions. value for their customers.
Founded in 1999, Green Dot has served more than 33 million customers directly and several million more through its partners. The Green Dot network of over 90,000 retail outlets nationwide, more than all of the remaining US bank branches combined, allows it to operate primarily as a “branchless bank”. Green Dot Bank is a subsidiary of Green Dot Corporation and a member of the FDIC(1). For more information on Green Dot’s products and services, please visit www.greendot.com.
(1)Green Dot Bank also operates under the following trading names: GO2Bank, GoBank and Bonneville Bank. All of these registered trade names are used by and refer to a single FDIC insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are pooled for deposit insurance coverage up to permitted limits.