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