Employment management company, Rision, has inked a new partnership with US mobile payment specialist, Global Payout, to provide shift workers with access to their pay the instant employers approve their timesheet.
This new mobile wallet and Cloud technology being developed by Rision, which is set to list on the ASX next month, is said to be a game-changer for contingent worker payroll.
The solution will see its comprehensive HR and recruitment platform enabled with mobile payment technology that allows employees to be paid directly to an e-wallet linked to a direct-debit card that can be used at ATMs, points of sale or online retailers.
Rision managing director and CEO, Kate Cornick, said this not only gives workers easy access to employment and instant access to their wages, but can also provide a central record of income and work history that is vital to earning a credit score, accessing loans or achieving full-time employment in underbanked regions.
Cornick also claimed that by bypassing banks, the 'paycheck to pocket' technology could launch in Australia as early as Q4 if local employers saw an opportunity to attract and retain shift workers through faster payroll and instant access to mobile payments. "Having unbanked or underbanked households mean they must rely on alternative financial providers, such as costly check cashiers to access their income.
"This partnership with Global Payout helps achieve our mission to disrupt recruitment and employee management by creating an end-to-end solution that empowers shift-workers, makes life easier for employers and offers wider social benefits," she mentioned.
Global Payout CEO, Jim Hancock, said the partnership will also provide Rision users with broader benefits such as loyalty rewards, and in the USA shift workers will receive discounted healthcare through Global Payout's partnerships with WellCard Health Discount Plan.
"Our joint venture with Rision allows Global Payout to provide payroll services to a broader network of clients. We are excited to be working with Rision to develop a product that will help unbanked people in the USA and beyond," he added.
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