French payments app Lydia, which has over eight million users, announced it will split its mobile banking operations into a new brand, Sumeria.

Lydia, launched in 2013, started as a P2P platform but quickly grew to include bank accounts, crypto, personal loans, and stock trading.

The decision to spin off its digital banking aspects and create a challenger bank was spurred by necessity. As the app added features, it estranged many users who appreciated Lydia’s P2P simplicity. The two million users who used the digital banking aspects—and sometimes paid fees to use them—will now be served by Sumeria.

No Carbon Copy

It’s not uncommon for P2P platforms to add mobile banking solutions. PayPal, Venmo, and Cash App have incorporated everything from credit cards to cryptocurrency in their apps. 

It’s less common to fully split out digital banking into a new brand due to concerns about alienating users. Adding to possible confusion for Lydia customers, the company is also relaunching Lydia as a new app that’s solely focused on P2P.

Though Sumeria users receive a bank account and a debit card, the brand aims to be more than a carbon copy of other mobile-first banks. Customers will earn interest on their accounts based on the number of times they use their cards.

For the first three months, customers earn 4% interest so long as they use their cards 15 times per month. After that, users earn 2% interest, regardless of the account, if they meet the requisite number of swipes.

A Local Focus

Beyond the unique interest model, Lydia hopes Sumeria will catch on by setting its sights smaller. While other payments apps have international aspirations, Sumeria will focus on the French, German, and Spanish markets where the company is firmly established. Lydia believes the local focus will attract and engage users who want a personalized banking solution.

Even if the scope is smaller, Lydia has strong ambitions for Sumeria. It will reportedly invest €100 million in the digital bank and hire 400 employees in the next few years. Lydia hopes the digital banking app will have five million users by 2027.

The post French P2P App Lydia Spins Off Digital Banking appeared first on PaymentsJournal.

Mobile-first banks offer consumers a lot of convenience and accessibility, and according to a recent article by Finance Magnates, mobile-first banks are reshaping the banking landscape and have a leg up over legacy banks who haven’t been as quick to adopt and offer digital tools.  

A Mobile-First Digital Transformation 

Although many banks are adopting mobile-centric technology, it should not be confused with having a mobile-only focus. What a mobile-first digital transformation entails is developing a product, delivery, and customer experience with mobile in mind. Because consumers want speed, security, and simplicity, incorporating these new mobile technologies within the banking system is what will enable banks to stay relevant.  

Mobile app analytic tools open a whole new world of key insights that banks can use to provide tailored solutions and experiences for customers. This would drive customer acquisition, customer engagement, and customer loyalty. Additionally, mobile devices have the ability to enhance efficiency by integrating location data, biometrics, robotic process automation, and artificial intelligence.  

Mobile-First Platforms Can Be Cost-Efficient

According to Finance Magnates, by having operations take place exclusively online, banks can save a considerable amount in terms of employee wages, rent, and utilities. With these savings, banks and financial services can charge less costs and commissions as seen typically seen in traditional banks and brokerages.  

By incorporating “intelligent operations,” which involves incorporating an “advanced, data-driven, digital operating model,” banks can begin to see costs lower, freeing up resources to focus more on customer-centric strategies.   

Since the pandemic, mobile banking has seen a dramatic uptick in adoption, with new registrations for mobile banking reaching a 200% increase among 50 of the largest banks, globally.  

Mobile-First Banking Is the Future 

With legacy banking still in operation among many banks, the key to staying competitive is adopting digital banking transformation, and fast. Although the cost for this transformation is daunting, the returns will be substantial.  

The post Mobile-First Banks Can Potentially Disrupt Legacy Banks  appeared first on PaymentsJournal.

A consortium of leading banks including Wells Fargo, JPMorgan Chase and Bank of America in conjunction with Early Warning Services, their partner and operator of Zelle, are developing a new digital wallet to compete with major third-party wallets such as Apple Wallet and PayPal. Jesse Pound adds details at CNBC.com, including feedback from Bernstein analyst Harshita Rawat: 

“Rawat said in a note to clients on Monday that the major banks have ‘likely always had PayPal envy’ but that it would take time for the new wallet to be a serious risk to incumbents. 

‘It simply takes a very long time, a killer customer experience (which needs to be better than incumbents, not just similar), and a compelling merchant value proposition to build the two-sided network effects in payments to achieve scale,’ Rawat said in the note.” 

As noted from Rawat, the uphill climb to displace existing wallets would be an immense challenge. Mercator Advisory Group’s recent North American PaymentsInsights survey indicates several data points that highlight how Apple Pay, Google Pay, and PayPal are already embedded into the daily patters of American consumers. Our data shows that of consumers using a digital wallet in the past 12 months, PayPal is used by 62% of American consumers, followed by Apple Pay at 41% and Google Pay at 34%. Current iterations of bank wallets show usage from just 7% of those responding. In addition, consumers are most likely to use current wallets at the point-of-sale, with 74% using at a physical location followed by another 32% using online.  

This level of consumer behavior indicates a lot of moving parts required for banks to successfully penetrate the market. As a first step consumers need to be convinced that a new wallet, already late to enter the market, would be a preferable choice to replace the wallets already embedded in their daily use patterns. This would also require the bank-supported wallets to move beyond credit and debit cards, but also support closed-loop stored value and gift card payments, loyalty cards, identification, tickets, and other wallet items that are already linked to major third-party applications. Additionally, the banks would require buy-in from retailers, other technology vendors in payment processing and point-of-sale systems as examples, as well as non-payment vendors and agencies. 

While it’s possible for banks to create a complementary product, the late start and broadening scope of digital wallets makes it a difficult road to climb to truly impact the already established marketplace. An open-loop focused wallet would likely be of little interest to consumers who have already implemented their digital wallets to truly replace their entire wallet, as described in my report last summer and further linked recently by my colleague Christopher Miller when describing the specifics of implementing digital identification. 

Overview by Jordan Hirschfield, Director of the Prepaid Advisory Service at Mercator Advisory Group.

The post Banks and Early Warning Developing Competing Digital Wallet  appeared first on PaymentsJournal.

Over the last few years, mobile banking with financial institutions across the country has soared as consumers happily embrace the shift to digital. It is important for both banks and credits unions to continue to grow their accountholders’ adoption of digital payment methods – specifically mobile check deposits – to not only drive greater end-user satisfaction, but also to address the massive shift to remote and digital transactions. 

To learn more about mobile check deposits, best practices to drive greater accountholder adoption, and the challenges financial institutions face as they continue to search for ways to mitigate risk, PaymentsJournal sat down with Chuck Doherty, Director of Client Relations for Deposit Solutions from Fiserv, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group. 

Checks are still relevant 

For 40 years people have been saying that checks would disappear – and yet they are still in use. Billions of checks were written last year in the U.S. alone, and although check use is steadily declining, checks still account for 7% of all consumer transactions.  

Typically, check users write about three checks per month and the average dollar value of each check is about $300, versus the $87 average across other payment types. Checks are often used for household phone or cable bills, as well as payments for tradespeople such as plumbers or landscapers.  

“Even if a consumer may use a digital interface [for bill pay],” noted Grotta, “on the back end, that actual payment may still go by check.” 

Businesses tend to write even more checks than consumers, in large part because many accounts payables systems are based on paper and those departments are comfortable with checks. Between consumer and business use cases, financial institutions must continue to address the traditional payment form of paper checks. 

“Somebody once referred to payments as a superhighway,” said Doherty. “You don’t necessarily take away lanes… you add another lane, then another lane, as the traffic keeps increasing.”  

Moving towards digital deposits 

Alternatives to depositing paper checks at a branch, such as electronic images and scanning, have been around for years, but financial institutions have been slow to drive customers toward adoption. That is changing as accountholders are asking for easy, quick, and convenient deposit transactions such as mobile deposit.  

Mobile deposit is most prevalent among 18-24-year-olds. It seems the instinct among younger generations is to rid themselves of any physical funds as fast as possible. 

It is not only Gen Z preferences that are shifting towards mobile deposit; the second largest group is ages 45-54, for whom 50% prefer mobile as the most frequent check deposit method. Even among ages 55-64, 32% use mobile deposit most often. Regardless of age, the COVID-19 pandemic caused people to start seeing the convenience of mobile deposit solutions. 

“We used to talk a lot about the digital divide, where the young folks were digital and the rest of us were just kind of lagging behind,” Grotta pointed out. “We’re certainly seeing that change quite a lot. It’s what I call the blurring of the digital divide.” 

Best practices for mobile deposits 

Once upon a time, most bank customers and credit union members preferred to deal with their financial institutions one-on-one and in person, but all signs point in the opposite direction these days. Doherty recommended several ways financial institutions can match current consumer expectations: 

• Raise the deposit limit –  A higher dollar limit increases the likelihood that accountholders will use mobile deposit more often. And the opposite is also true – accountholders have indicated that low limits are a main reason they don’t deposit this way.   
• Increase deposit review thresholds – Financial institutions may initially claim they want their staff to review every mobile deposit that they receive but will quickly realize it consumes too much time. Picking a comfortably high review threshold value and giving clear guidance to staff can make reviews much more efficient. 
• Deploy risk mitigation tools – This technology is key to assuage any charge-off fears that come with higher deposit values. Financial institutions should use tools to verify digital signatures, check for identity alterations and counterfeits, and monitor consumer or member behavioral patterns, deposit velocity, number of deposits, and more. 
• Adjust funds availability policy – Slower access to funds is one of the main reasons people avoid mobile deposits; if someone deposits a $5,000 check and only sees a $100 credit that day, they might be more likely to visit the branch in person, which may provide full same-day credit. 
• Eliminate online banking enrollment – Automatically enable mobile deposits through mobile apps for new customers or members, rather than adding an extra hurdle to the process. 
• Promote mobile deposits – Market the mobile deposit feature through promotions to encourage customers and members to use the mobile deposit channel, regularly. 
• Train and incent staff – Progressive banks and credit unions often have “Digital Ambassadors” who help customers or members figure out how to make mobile deposits, use mobile banking and more. Ensuring consumer-facing staff understand the value and benefits of mobile deposit turns them into advocates for the service. 

Impactful for branches and financial institutions at large 

Mobile check deposits can make a significant difference to banks and credit unions. “It really can lessen the burden on branches and allow the staff to focus on sales or on other things – what a lot of institutions call universal banking,” Doherty explained.  

In addition to driving greater deposit volume, increased mobile deposits can also reduce branch expenses. “There’s been a lot of talk about the Great Resignation… a lot of banks and credit unions have experienced that,” mentioned Doherty. “We’re in a very tough period for hiring and retaining employees. This might be one way of addressing that, since having more deposits coming in digitally would reduce the need to have as many people in the branches.” 

Finally, mobile deposit solutions help banks and credit unions remain competitive. Moreover, these solutions align with broad digital transaction benchmarks that financial institutions might set. At the end of the day, the move towards digital depositing is all about enhancing the accountholder’s experience and driving deposit growth at the financial institution.  

“Bank and credit union customers and members want these products,” concluded Doherty. “They want to be able to make mobile deposits, they want to make other digital deposits, because it just makes their lives so much easier.” 

The post Driving Accountholder Adoption of Mobile Check Deposits  appeared first on PaymentsJournal.

The Neobanking Market is set to grow from its current market value of more than USD 45 billion to over USD 600 billion, as reported in the latest study by Global Market Insights Inc.

With COVID-19 bringing the use of mobile and online banking to the forefront, the global neobanking market is slated to register momentous gains through the forthcoming years. While these services were witnessing rapid adoption even before news of the virus broke, their uptake has picked up significant momentum since the pandemic took hold.

In fact, according to Fidelity National Information Services, an American multinational financial corporation that works with more than 50 of the largest banks in the world, an unprecedented 200% increase in new registrations for mobile banking was reported in early April 2020, with mobile banking traffic jumping 85%.

A plethora of neobanks have successfully leveraged these conducive industry conditions to foray into the sector, so much so that prominent industry players, namely Brazil’s Nubank S.A., Germany’s N26 GmbH, and USA’s Chime Financial, successfully accrued valuations of $10 billion, $3.5 billion, and $14.5 billion respectively by Q4 of 2020.

Explosive growth of industry players

Since the meteoric rise of neobanks, including those aforementioned, during the pandemic, their growth trajectory has consistently risen. In fact, the three players mentioned above have gone ahead to raise their respective valuations in the two-year span of 2020, and 2022.

Nubank’s total valuation hit the $41.5 billion mark, higher than the nation’s biggest bank, as it made its Wall Street debut via an initial public offering in December 2021. The number made Nubank the most valuable publicly listed financial institution across the entirety of South America. In December 2021, the company also raised more than $2.6 billion through a minority stake sale.

Meanwhile, earlier in 2021, Chime raised more than $750 million through a Series G funding round in August, bringing its valuation up to $25 billion. The company managed to effectively raise its valuation by approximately $10 billion within the span of a year, showcasing an incredibly strong investor and consume appetite for neobanking.

The global financial inclusion imperative

A determinant that would be playing a major role in further proliferating industry revenue would be the global financial inclusion imperative. According to the World Bank, being excluded from a formal financial system is recognized as one of the biggest barriers to a society without poverty.

As per the most recent World Bank estimates, more than 1.7 billion people across the world do not have a bank account. The ratio of those banked against the unbanked is particularly more skewed in emerging economies, particularly ones in MEA and the Asia Pacific.

However, this does not necessarily translate to the unbanked leading an inactive financial life. In fact, the so-called gap in the system has made way for an informal financial ecosystem to prop up in such regions, one that heavily relied on physical transactions and did not give way to formal system inclusion for many years.

This scenario changed when COVID-19 spread across the world and crippled the physical transaction-heavy informal system. Neobanks have seen great success in bringing in the unbanked demographic to the fold through mobile money. Service providers and regional governments have both worked in tandem to eliminate hesitancy through favourable policies and offers, laying down the groundwork for neobanks to make the financial inclusion imperative a reality.

Final thoughts

Unlike conventional banking systems, neobanks have shown promise and are being hailed as tools for global financial inclusion. With such ambitious horizons to chase, and the strong investor-consumer appetite they are already witnessing, the neobanking market is ripe to experience a period of distinguished growth in coming years.

The post Growing Popularity of Mobile Banking Platforms to Foster Neobanking Market Outlook Through 2028 appeared first on PaymentsJournal.

Cashless gambling has arrived big time in Las Vegas. That would be at Resorts World, the first mega-resort soon to open in more than a decade on the Strip. The new complex, owned by Malaysian firm, Gentling Group, is partnering with payments vendor Sightline to make the casino floor a totally digital experience. Casino patrons can use a Resorts World mobile app to load a digital wallet, then hunker down at slots and table games hoping to hit it big.

Additionally, the hotel and related dining and entertainment venues are all digital as well. Cashless gambling has been emerging in the past few years with other developers including Everi and Scientific Games getting in on the action, too. Resorts World timing is lucky as post-pandemic demand has brought leisure travelers back to the Strip for that elusive jackpot. But digital or not, keep one thing in mind—the house always wins.

The following excerpt from a Fox5 Vegas article reports more on the topic:

Resorts World, the first ground-up resort development on the Strip in more than a decade, will be the first Las Vegas casino to feature cashless wagering when it debuts on June 24. According to a news release, Resorts World “will be the first Las Vegas casino where consumers can utilize a digital login and cashless wagering experience at both slots and table games.”

According to the release, as part of GamingPlay, guests will have three ways to load their digital wallet: by depositing cash at one of the NEO Kiosks provided by NRT Technology, a global leader in enterprise payment systems for casinos, or at the player services desk, or by enrolling in Sightline’s Play+.

In addition, guests also have three different ways to input and present their loyalty card on the casino floor, including a physical loyalty card, digital loyalty card, or entering their phone number at any slot machine, according to the release.

“Launching cashless gaming solutions at the first major Las Vegas casino opening in a decade presents a tremendous opportunity for Sightline to further the digital transformation of the consumer experience in gaming,” said Joe Pappano, CEO of Sightline Payments.

Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group

The post Resorts World and Sightline Payments Bet On Cashless Casino appeared first on PaymentsJournal.

The American Banker released the results of a survey conducted earlier this year with 494 adults who have used an on-demand earned wage access product within the last year.  For the uninitiated, on-demand earned wage access (EWA) is the ability for a worker to gain access, often immediately, to a portion of their wages before they are credited on the traditional payday.  This is not a payroll advance, not a loan, but an opportunity to receive wages as they are earned to help make ends meet.

There are two points that I thought were interesting coming from this study.  The first is that EWA is not just a solution for those making low wages, albeit those making more money who use EWA services use the funds for different purposes:

The most noticeable contrast in use of EWA funds was demonstrated by the fact that lower income

respondents first used the funds to pay rent while more affluent users did not. One third (33%) of lower-income users (under $50,000 HHI) said that they would use EWA funds to pay their rent or mortgage compared to 21% of middle-income ($50,000-$99,000 HHI) and 16% of higher-income ($100,000+ HHI) users.

The second finding to highlight is that users of EWA would like to receive this option through their financial institution.  Perhaps this will lead to partnerships between the fintechs that are currently spearheading the development of EWA solutions and banks and credit unions:

Overall, 77% of respondents reported that they would be very likely or likely to use an EWA service if it were offered by their bank or credit union, with the highest level among millennials (79%) and the lowest level among Gen Z (64%).

This positive reception to a bank-offered service is a possible indication of an untapped opportunity for financial institutions. Currently, the EWA market is serviced largely by fintechs, many of whom are startups relying on venture funding. Square is one of the sole exceptions, being a public company, but it is not a traditional mainstream bank.

One of the factors behind interest in a bank-offered service is that most EWA users find that their bank is helpful in assisting them with managing their finances. Both millennials and Gen X users scored helpful ratings at 80% while boomers at 70% and Gen Z at 67% were slightly lower.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

The post Earned Wage Access Users Would Like Their Financial Institution to Offer This Service appeared first on PaymentsJournal.

Ever been to a game and missed the big play because you were standing in a long concession stand line? American Express is helping sports fans get back to the action as fast as possible.

The card company is launching its own self-checkout shop at Brooklyn’s Barclay Center, home of the New York Nets. Similar to an Amazon Go type store, customers will find grab-and-go shopping with a seamless payment transaction. There’s only one requirement—only American Express cardholders can enter, so don’t leave home without it.

The following excerpt from a The Points Guy article reports more on the topic:

Following in the footsteps of Amazon’s contactless stores, American Express has opened up its own check-out free store in the Barclay Center arena in Brooklyn. The store, exclusive to Amex cardholders, offers concessions and merchandise to help fans avoid long lines and get back to the action faster. The store is a partnership between Amex and the sports arena to keep fans safe from COVID-19.

According to the American Express Trendex: Experiences Survey, nearly two-thirds of live-entertainment consumers agree that because of COVID-19, contactless payment options have never been more important to them. And 70% say that having a contactless payment option available would make them feel more comfortable returning to live sports, music and entertainment events.

Card members can tap their contactless Amex card, mobile wallet or insert their card to enter the shop. There may be a $1.00 hold on the card, which will be updated after purchases are completed. Technology tracks movements in the store, with each item having a unique weight that is tracked through weight-sensitive shelf sensors.

Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group

The post American Express Sets Up Autonomous Checkout At Barclays Center appeared first on PaymentsJournal.

Modern customers expect service providers to have a strong digital presence and banks are no exception. According to Business Insider, about 89% of bank account holders in America use mobile banking to manage their accounts. Moreover, only 20% of clients would prefer to visit a physical branch of their bank in order to complete a certain transaction or obtain information while the remaining 80% would prefer digital banking.

These numbers make it clear that online banking has become an essential part of the industry. Hence, in order to retain your clients and keep a competitive advantage, one has to have a mobile banking application. And some of the most important things to keep in mind about it is the functionality of such an app and its most essential features. 

Secure authentication and login

The top priority of any banking application is its security since there is a great amount of sensitive data being processed. Hence, one of the most important features of a banking app is secure login and high-level authentication.

In general, a banking application usually requires a password from a user in order to log in but you can also add biometric authentication. Note though that even biometric authentication can be bypassed by hackers. So in order to enhance the security, you can do the following:

• Store all passwords and PINs either encrypted or hashed. Also, it is highly recommended not to store them in the source code but on a server instead.
• For biometric authentication, store PINs in the verified storage of a specific platform (either Keychain for iOS or Keystore for Android).
• Add SMS confirmation to the log-in.
• Limit the number of login attempts.
• Always make sure to start a new session every time.

Chatbots and customer support

Even though customers prefer digital banking over traditional one, they still need customer support. In a banking app, you can implement it with the help of chatbots.

Chatbots have become immensely popular and are being used across all industries. The main benefit of chatbots is speed and quality of services: when a customer makes an inquiry, the chatbot immediately provides the needed information. This greatly contributes to user satisfaction as customers do not have to wait for a long time to obtain necessary information. Another advantage of having a chatbot implemented in your banking app is that it can be capable of performing simple operations and thus will serve as a personal assistant.

Note though that chatbots are recommended but not obligatory. Either you decide to implement one or not, it is essential to have a few ways to provide support service to your clients. It may be an option to dial the bank right from the app or integration with messengers, depending on what method of contact your customers prefer. Just don’t underestimate the importance of providing efficient customer service and support to your clients, especially if your application is feature-rich and has complex navigation.

Account management

The main idea behind a banking app is to enable users to manage their accounts from any place and any time – hence, it is essential to provide efficient account management.

A user’s account is usually the core of a banking app and its management includes the following options:

• Display of all active and inactive accounts;
• Balance check;
• Display of transaction history;
• Funds transfer;
• Saved payments and “quick payments”;
• Display of available transactions.

Of course, this is not the whole list and there may be many more functions available. Just remember that the main idea is to let a user fully control their bank account from an app without the need to contact bank representatives for assistance.

An integrated map

One more important feature of any banking application is an integrated map. This map usually shows ATMs and bank offices within a chosen area and a user can filter his search by choosing specific filters.

Why is an integrated map so important? First, it allows users to quickly identify what’s the nearest ATM or a bank office and it takes a few seconds only. Second, it usually shows not only the ATMs and offices but also their working hours and other important information that a user might need. In this way, an integrated map saves a lot of user’s time and allows to quickly find all needed information without the need to contact a bank representative.

QR code payments

As stated above, the main idea behind a banking app is convenience and speed. And QR code payments perfectly fit into this description by allowing users to perform financial transactions by simply scanning the code.

While the QR code technology has been around for quite a while, quite a few banking apps have this feature implemented. However, QR code payments are highly efficient due to their speed and simplicity. Plus, this technology does not require a massive investment of resources and finances so every bank should consider implementing it.

Summing up

When working on a banking application, it is important to keep in mind that its main focus should be usability, simplicity, and accessibility of operations. Unlike traditional banking, mobile banking is all about speed and user-friendliness so make sure your application can be easily navigated and managed. And don’t forget to invest some time into finding a good service provider as the future success and performance of an application will depend solely on how well developers will carry out the project.

The post The Essential Features Of A Banking App appeared first on PaymentsJournal.

Earned Wage Access (EWA) solutions that offer payroll to workers on-demand has been the hot new employee benefit in the Human Capital Management market.  In Visa’s quarterly financial announcement on Tuesday (April 27^th), the growth of Visa Direct was attributed, in part, to EWA transactions, so this is also important to the payments industry. 

Today, Fiserv’s Money Network announced that they are partnering with Instant Financial to offer their free EWA solution.   It is free to the employer and free to workers too.  This means that Money Network clients will now have the option to offer workers access to their pay before payday to help bridge the gap that can occur between the time when expenses are due and pay day arrives. 

This is an alternative to avoid costly credit card interest payments and overdraft fees that some workers use to make ends meet.  Employees can request access to earned wages through a mobile app and have funds delivered in near real-time onto a Money Network prepaid card. With the tight labor market that some employers face as activity gets back to pre-pandemic levels, EWA will be an important tool to retain and attract employees.

Here’s an excerpt from the press release:

Earned wage access gives employees the ability to access their wages as they are earned, rather than waiting for a weekly, bi-weekly or monthly payday. Businesses can empower participating employees—especially the millions of unbanked and underbanked Americans—with immediate access to hard-earned income at no cost, giving them the flexibility to access their own money for emergencies or daily expenses.

“The ability to provide faster access to wages and tips can be a significant differentiator for corporations, franchises, governments, and other types of employers challenged with attracting and retaining talent in today’s digital-first world,” said Dom Morea, senior vice president and Head of Prepaid at Fiserv. “Pairing earned wage access with the flexibility of a prepaid payroll program that incorporates budgeting tools and spending insights is a powerful example of how employers’ can help further the financial wellbeing of their employees.”

Employees that are paid via Money Network may monitor budgeting and spending online or via a mobile app, leverage a prepaid debit card to make purchases, access in-network ATMs, transfer funds, and enable a digital wallet. Employers that integrate Money Network with EWA into their time, attendance and payroll systems can easily onboard employees, calculate their on-demand pay, and disburse funds onto a Money Network card.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

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