XTM Rolls Out Certified Earned Wage Access in Canada and US – First Vertically Integrated Solution – Free to Employees and Employers

Rhea-AI Summary

XTM, Inc. (XTMIF / PAID / 7XT) introduces AnyDay™ brand through QRails acquisition, replacing Today and Tipstoday brands. The official roll out of SAP-certified Earned Wage Access solution in Canada aims to provide financial flexibility to thousands of workers. The acquisition of QRails has led to a 328% YOY increase in revenue for EWA in the U.S. AnyDay's solution addresses financial challenges faced by employees and offers flexibility and control over pay cycles. XTM plans to onboard hundreds of thousands of active employees in 2024.

The Official EWA Offering Also Marks the Introduction of the AnyDay™ Brand Through the QRails Acquisition, Sunsetting Today and Tipstoday Brands.

MIAMI & TORONTO--(BUSINESS WIRE)-- XTM, Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto, Denver and London-based Fintech creator of payment innovations including fully certified Earned Wage Access (EWA) through its QRails AnyDay™ product, is pleased to announce, further to its announcement in June 2023 XTM to Launch EWA in Canada, the official roll out of its SAP-certified and fully-complaint Earned Wage Access solution in Canada through its AnyDay™ product currently in use to deploy earnings to thousands of hospitality, personal care and soon to be added, health care workers.

(Photo: Business Wire)

Further to the recent acquisition of issuer-processor QRails in August 2023, the Company’s Today/Tipstoday brands are evolving to the new name with a visual identity and website that aligns with XTM’s vision for the future. The AnyDay brand will replace the Today brand, formerly Tipstoday.

“Through our QRails acquisition, XTM became the first vertically integrated, fully SAP-certified provider of on-demand pay, which is a game-changer for employers who want to offer impactful, retention-focused benefits to their employees at scale,” said Marilyn Schaffer, CEO, XTM. “Since the acquisition of QRails in August of last year, we have seen significant momentum for EWA within the U.S., including a 328% YOY increase in revenue. We are excited to bring this innovative payroll enhancement to Canadian employers and payroll partners.”

“Today is an important milestone for XTM, as our app, used daily by thousands of hospitality, personal care and soon to come, health care workers, reflects a new name and brand identity mirroring the Company’s revitalized trajectory as a global contender in the Earned Wage Access movement,” Marilyn added.

While employers continue to struggle with high turnover rates across healthcare, retail and hospitality, employees continue face financial challenges amid the seemingly ongoing financial crisis. In a recently published white paper, The Era of On-Demand Pay, XTM cites that nearly 80% of workers in North America are living paycheck to paycheck, making it “the main financial lifestyle.” AnyDay’s Earned Wage Access solution solves for both challenges and is fully optional and free to employees, and free to businesses that make their payroll accessible mid-pay-cycle. By giving employees flexibility and control over when and how they get paid, employers can offer an automated and impactful financial wellness benefit that does not affect their bottom line. This is not a new concept, but a growing payroll movement. Millions of workers across North America have access to their earned wages, on-demand, any day during their pay cycle.

AnyDay’s Earned Wage Access is designed to easily implement and execute at scale. Through leading Payroll and Time & Attendance integrations and leading HR technology partners, XTM will continue to onboard employees within North America aiming for hundreds of thousands of active employees in 2024.

For more information and to access The Era of On-Demand Pay white paper, visit paidanyday.com.

About XTM

XTM is a Miami and Toronto, Denver and London-based Fintech creator of payment innovations including fully certified and vertically integrated Earned Wage Access through its QRails AnyDay™ product. Founded in the cloud-banking space to further support businesses to inspire their workforce in the hospitality, personal care and services staffing industries, XTM provides on-demand pay for many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation. XTM continues to innovate with further digital featurization to support businesses to inspire workers to want to work more with shift scheduling and call-outs, staff management, expense management, in-app health and financial wellness; and gamified loyalty programs. XTM's Today Financial™ is in use through POS and Payroll integrations and directly through web-portals by thousands of businesses and their workers across Canada and the United States.

About QRails / AnyDay

QRails Inc. (“QRails”) is a fully owned subsidiary of XTM. A cloud-based, API-driven issuer-processor QRails enables payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees. QRails helps companies modernize and leverage payroll as a differentiator in attracting and retaining talent all at low to no cost for the employee and employer. QRails’ flagship solution, AnyDay™, is the first provider to own their full tech stack that powers their Earned Wage Access solution.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, the success of XTM’s intended geographic and business expansions, the success of XTM’s new market relationships, and the general conditions and revenues of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240111938473/en/

For further information please visit xtminc.com or contact:

Marilyn Schaffer, CEO

finance@xtminc.com

416-260-1641

Source: XTM, Inc.

FAQ

What is the company name and ticker symbol of the Fintech creator behind the introduction of the AnyDay™ brand through the QRails acquisition?

The company behind the introduction of the AnyDay™ brand through the QRails acquisition is XTM, Inc. The ticker symbols are XTMIF, PAID, and 7XT.

What is the purpose of the official roll out of the SAP-certified Earned Wage Access solution in Canada?

The official roll out of the SAP-certified Earned Wage Access solution in Canada aims to provide financial flexibility to thousands of hospitality, personal care, and soon to be added, health care workers.

What has been the impact of the acquisition of QRails on the revenue of EWA in the U.S.?

The acquisition of QRails has led to a 328% year-over-year increase in revenue for EWA in the U.S.

How does AnyDay's Earned Wage Access solution address financial challenges faced by employees?

AnyDay's Earned Wage Access solution offers flexibility and control over pay cycles, providing employees with an automated and impactful financial wellness benefit that does not affect their bottom line.

What are XTM's plans for onboarding employees in 2024?

XTM plans to onboard hundreds of thousands of active employees in 2024 through leading Payroll and Time & Attendance integrations and leading HR technology partners.