TD Bank Business Customers Can Now Pay their Employees in Real Time

Rhea-AI Summary

TD Bank has announced a collaboration with DailyPay to launch a real-time wage access solution for employees. This innovative service allows clients to offer employees immediate access to earned wages, addressing the challenges posed by delayed pay periods. With inflation impacting finances, this tool aims to provide relief for workers facing unforeseen expenses. The solution integrates with existing payroll systems, ensuring funds are deposited promptly and can be accessed via various banking methods. This initiative is particularly beneficial for independent contractors seeking faster payment options.

Positive

• Launch of a real-time wage access solution through collaboration with DailyPay.
• Addresses financial pressures faced by employees during inflation.
• Integration with existing payroll systems for seamless fund access.

Negative

• None.

Collaboration with DailyPay delivers wages as they're earned, instead of paying per time period

CHERRY HILL, N.J., Sept. 13, 2022 /PRNewswire/ -- TD Bank, America's Most Convenient Bank^®, announced today the launch of a collaboration with DailyPay, a leading fintech with an innovative on-demand pay solution. This capability enables clients to give employees real-time access to earned pay prior to a scheduled payday.

"This service is especially helpful to independent contractors looking for more immediate access to their pay."

"Many employees wait two weeks, or even a month, for payday to come around," said 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."

Powered by DailyPay, the solution will empower TD clients to offer employees access to their earned pay ― whereby their funds can be deposited in their direct-deposit account and available almost as soon as they clock out of a shift.

Behind the scenes, the 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," said 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."

About TD Bank, America's Most Convenient Bank^®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth^®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.  

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us. 

About DailyPay
DailyPay, powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees so they feel more engaged, work harder, and stay longer. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers. DailyPay is headquartered in New York City, with operations based in Minneapolis. For more information, visit www.dailypay.com/press.

 

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SOURCE TD Bank

FAQ

What is the new service launched by TD Bank in collaboration with DailyPay?

TD Bank has launched a real-time wage access solution that allows employees to access their earned wages before the scheduled payday.

When was the collaboration between TD Bank and DailyPay announced?

The collaboration was announced on September 13, 2022.

How does the wage access solution from TD Bank benefit employees?

It enables employees to access their earned wages immediately, helping them manage unforeseen expenses and financial pressures.

What stock symbol represents TD Bank?

TD Bank trades under the ticker symbol 'TD' on the New York and Toronto stock exchanges.

Who can benefit from TD Bank's new wage access service?

The service is especially beneficial for independent contractors seeking immediate access to their pay.