Industry-first solution enables employees to access earned wages on-demand with no direct fees to employers or employees
TORONTO and MINNEAPOLIS, May 11, 2020 (GLOBE NEWSWIRE) -- Ceridian (NYSE: CDAY; TSX: CDAY), a global human capital management (HCM) company, announced today the availability of Dayforce Wallet – an on-demand pay solution. Dayforce Wallet leverages the Dayforce platform’s unique continuous calculation capabilities for an accurate, on-demand payment, instead of an approximation of earnings. It disrupts the antiquated concept of a fixed pay period – allowing people to be paid in real-time, at any time.
The launch comes at a time when making ends meet is of heightened concern, with many individuals across income levels and employment types living paycheck to paycheck. Using the Dayforce Wallet app, employees can request a payout of their earnings whenever they need it. They can also manage their finances, check their balance, and track their transaction history.
“Now more than ever, organizations need to embrace modern technologies to create experiences that drive engagement and provide quantifiable value to employees,” said David Ossip, Chairman and CEO, Ceridian. “Dayforce Wallet fundamentally changes the concept of the traditional payday as employees can request access to their pay as they earn it and need it, with no direct fees for the employer or employee.”
Ossip added, “Dayforce Wallet is a game-changer and it can play an important role in immediately delivering emergency funds or other forms of financial support to employees whose circumstances may be adversely impacted.”
“With a large base of front-line manufacturing employees, we were looking for an intuitive app-based solution that would resonate with our employees’ needs, and drive value for our people and our business,” said Gavin Flynn, Director, HR Information Systems, HR Technology, Danone North America. “Dayforce Wallet was a perfect match with easy administration, and at no cost to our organization or our employees. Using Dayforce Wallet, our employees can make any day a payday and are empowered to take control of their own financial wellbeing.”
Dayforce Wallet is now available to Dayforce customers in the U.S. as a downloadable app on the Apple App Store and on Google Play.
About Dayforce Wallet
Dayforce Wallet combines a digital wallet with a Dayforce Prepaid Mastercard for an experience that gives workers access to their earned wages on-demand.
Net pay is continuously calculated as an extension of the Dayforce platform. On-demand pay requests are processed as a regular payroll with the appropriate tax remittances for an accurate payment.
There are no direct fees to either the employer or employee to participate.
Dayforce Wallet is compliant with federal, state, and local remittances.
Existing payroll process and funding schedule is maintained, including the funding, timing, and close-out of pay. This means administrators do not have to spend time reconciling at the end of the pay period.
To learn more about Dayforce Wallet, visit: www.dayforcewallet.com.
Ceridian. Makes Work Life Better™.
Ceridian HCM Holding Inc. (“Ceridian” or the “Company”) (CDAY) (CDAY) is a global human capital management software company. Dayforce, our flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. Our platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes. Visit Ceridian.com or follow us @Ceridian.
The Dayforce Prepaid Mastercard® is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Certain fees, terms, and conditions are associated with the approval, maintenance and use of the Card. You should consult your Cardholder Agreement and Fee Schedule. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 1-877-723-7434, 24 hours a day.