US-based TD Bank has partnered with DailyPay, an on-demand pay solution provider, to enable the bank’s clients to give employees real-time access to earned pay prior to a scheduled payday.
“Many employees wait two weeks, or even a month, for payday to come around,” says Paul Margarites, head of commercial digital platforms for TD Bank.
“With current pressure from inflation and other issues, this lack of access to earned wages can put workers in a bind. Unforeseen expenses, upcoming bills and day-to-day needs do not wait for payday – and now our clients’ employees don’t have to.”
The DailyPay solution connects with clients’ existing payroll systems to convert their employees’ time worked into net earnings. Their DailyPay balance is available to employees anytime, anywhere through their bank account or any card they choose. They can even control the frequency of the solution and portion of their pay received.
“We are proud to offer this service to our customers to help them deliver a highly desirable benefit to their employees,” says Chris Giamo, head of commercial banking at TD Bank. “This service is especially helpful to independent contractors looking for more immediate access to their pay.”
TD Bank, a subsidiary of Canada’s banking heavyweight Toronto-Dominion Bank, is one of the ten largest banks in the US, providing over 9.8 million customers with retail, small business and commercial banking products and services across 1,100 domestic locations.
Founded in 2016, DailyPay is headquartered in New York City, with operations based in Minneapolis. Last year, it raised $500 million of capital.