U.S. Bank and Payactiv reveals new Earned Wage Access solution

With more than 90% of employees interested in working for a company that offers EWA, according to a 2019 study by Visa, providing them with on-demand pay is a benefit for employers who want to increase job applicants and reduce employee turnover. U.S. Bank is one of the first to collaborate with Payactiv to bring this payroll card solution.

Employees at organisations that use the prepaid U.S. Bank Focus Card for payroll disbursements can access a portion of their earned wages on-demand through an immediate direct deposit to their U.S. Bank Focus Card. The collaboration also involves other payment options, including an instant deposit into an employee’s checking account via real-time payments (RTP).

Payactiv representatives stated that they provide timely access to liquidity, so people have access to money between paychecks. The RTP EWA disbursement option created by U.S. Bank and Payactiv avoids up to two business days of delay from a traditional ACH transfer.