CloudPay Announces Global Earned Wage Access Offering, Elevating the Modern Pay Experience
- Payments , Cloud
- 14.07.2021 01:25 pm
Leading global pay provider CloudPay today announced the public launch of CloudPay NOW. The newest solution in CloudPay's extensive offerings, CloudPay NOW, addresses the financial wellness pressures of today's employee pay experiences. CloudPay NOW enables multinational organizations to offer earned wage access in advance of payday through a global technology solution. As the first earned wage access solution that can be deployed globally, CloudPay NOW has already won a prestigious CODiE™ award and was field-tested across 12 countries by one of the world's leading premium lifestyle brands.
Global industry analyst Josh Bersin highlighted the growing need for more flexible pay options in a recent research report. On-demand pay – also known as earned wage access – enables workers to tap into their own pay balance as early as the day it is earned. In direct contrast to existing credit card debt and payday loans that charge steep fees, this real-time pay system reduces financial stress for employees. With CloudPay NOW, employers can better retain workers, increase engagement and improve employees' financial wellbeing.
"Workers in every country face increasing pressure from financial stress. That's why CloudPay is expanding its offerings to help employers better position themselves to attract global talent in a competitive job market," said Josep Elias, CloudPay's chief strategy officer. "Employee pay is more than just a paycheck — it's about access, control and most importantly, flexibility. CloudPay NOW enables companies to deploy on-demand earned wage access as a global benefit to support employee wellbeing and retention."
Bersin refers to earned wage access as "The ATM for your pay." CloudPay NOW allows employees to access their wages on any device as needed, with complete data privacy. CloudPay NOW is fully integrated with CloudPay's global payroll and treasury solutions, allowing CloudPay to deploy this new earned wage access product across 130+ countries.
For employees, the CloudPay NOW mobile app includes real-time multi-language support and resources to empower them to take control of their finances, reduce financial stress and make informed decisions about their pay.
"As a leader in global pay, it was important that we take the time necessary to deliver an earned wage access solution with the same robust qualities our clients expect," said Paul Bartlett, CloudPay's chief executive officer. "The expectations of workers have changed significantly in the last year, making CloudPay NOW a benefit that every global employer needs to offer."