DailyPay goes live with digital wallet, gives users access to pre-payday funds
New solution offers real-time payments via PNC Bank and The Clearing House
Payroll fintech DailyPay has gone live with its digital wallet solution, which provides users access to earned wages before payday, as well as the ability to make payments and perform real-time transfers between cards, accounts and connected institutions.
The digital wallet, formerly known as DailyPay PayEX, is built on a data exchange framework with thousands of banks, payroll and capital management partners, including Wells Fargo, Paycor and Netspend. This provides secure and instant fund routing between companies and employees, while keeping the wallet filled with earned wages before payday. Users can access their wages for a $2.99 fee.
“The DailyPay wallet automatically fills itself as the user works, reflecting their pay balance in real time,” Jeanniey Walden, DailyPay chief innovation and marketing officer, told Bank Automation News. “As long as the user works for a company partnering with DailyPay, their usable balance is always growing.”
The wallet uses machine learning to process data with more than 6,000 system endpoints before migrating the wages over to partnered institutions.
“We run machine learning algorithms to determine a user’s pay balance, including finding bad data using anomaly detection,” Walden said. “We also have payment technology that connects to a dozen different payment rails to help employees move and spend their money.”
The digital wallet offers real-time payment (RTP) solutions in conjunction with PNC Bank and The Clearing House, utilizing the latter’s RTP rail to fulfill payment needs instantly. Most of the platform’s users view and access their wages eight times a week, Walden said.
DailyPay has secured its status as a fintech unicorn with a valuation of more than $1 billion. It raised $175 million in its most recent series D funding round in May 2021, according to Crunchbase.
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