New direct to bank capabilities allows on-demand pay to personal bank accounts
MINNEAPOLIS and TORONTO, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced two major milestones in the award-winning Dayforce on-demand pay experience, reinforcing Dayforce Wallet’s momentum in market and the value it delivers to employees.
Dayforce Wallet, the company’s flagship on-demand pay solution, has delivered over $5 billion USD through on-demand pay, early direct deposit, and paycard to employees. This achievement highlights the platform’s growing adoption and its critical role in providing employees with greater financial flexibility.
Additionally, Dayforce is expanding on-demand pay with new direct to bank capabilities, enabling employees to route their pay directly to any personal bank account – anytime during a pay cycle – simply and securely. With Dayforce’s differentiated direct to bank capabilities, eligible employees can take charge of their finances in a way that’s easy and tailored to their individual needs.
In today’s challenging economic climate, providing employees with easy access to available pay in between traditional pay periods is more important than ever, particularly as more than three quarters of American workers report they are living paycheck to paycheck. On-demand pay is a powerful financial tool that enables employees to tap into their available pay instantly, and as needed. In fact, 80 percent of Dayforce Wallet users surveyed in a recent SSRS Research Study¹ report feeling financially empowered through access to on-demand pay.
“As an industry leader, we’re continuously innovating to better address the needs of our customers and their people and truly make work life better,” said Erik Zimmer, EVP Corporate Development and Strategic Ventures, Dayforce, Inc. “Dayforce Wallet has already been a game changing product, and this new direct to bank offering will give individuals another way to access their available pay, expanding our ground-breaking innovation and enhancing the financial empowerment of even more employees.”
Dayforce Wallet’s direct to bank capabilities will enable customers to:
- Expand visibility to available pay: Employees can view their available pay balances from the Dayforce mobile app, which will offer a dynamic snapshot of their earnings every time they log in.
- Empower employees with choice: Employees can select their preferred method of access by routing funds free to the Dayforce Wallet Mastercard®, or instantly to another personal bank account for a flat fee per transaction.
- Provide simple and convenient access: With on-demand pay enabled in the Dayforce mobile app, employees will be able to route available pay with ease using the trusted Dayforce platform.
Dayforce’s direct to bank capabilities will be available to eligible U.S. employees in Q1 2025.
Additional information
About Dayforce
Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding the availability of Dayforce Wallet capabilities, and our expectations, hopes, intentions, or strategies regarding the future or functionalities of direct to bank capabilities are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to the future and are not statements of fact, actual results may differ materially from those projected. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with the risks detailed in the “Cautionary Note Regarding Forward-Looking Statements”, “Forward-Looking Statements”, “Risk Factors”, and other sections of Dayforce’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other reports we file with the Securities and Exchange Commission. Copies of reports filed with the Securities and Exchange Commission are posted on our website and are available from us without charge.
Media Contact
Allison Hacker
+1 425-785-8276
allison.hacker@dayforce.com
¹ Source: SSRS Research Study on U.S. Dayforce Wallet users conducted on behalf of Dayforce, September 2024.
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