Empty purse Image credit Pixabay/chronomarchieZellis has launched MyView Pay Now, a financial wellness app powered by Wagestream. The new app has taken the standard Wagestream application and extended it. With new features and information powered by the MyView platform, the self-service portal over 5 million managers and workers already use.

Wagestream already has several companies that leverage the product. This move by Zellis gives access to the employees of more than a third of the FTSE 100 companies. Existing users have already seen the benefits to employees.

Katie Duxbury, Head of Payroll Services at Bupa, said, “We surveyed users within a month of having the system launched, and we noted a reduction in financial stress, a reduction in being distracted at work, and a reduction in people using payday loans or overdraft facilities. It really does cut across demographics, which is fantastic.”

Zellis will enable firms to roll out the well-being application to their employees. Recent studies show that 73% of employees are more concerned about money than before the pandemic, so the move is timely. During the pandemic, organisations focused on mental and physical well-being, the emphasis has shifted to financial well-being. 81% of employers provided financial support to employees over the last year. Myview Pay Now extends that capability much further.

John Petter, CEO Zellis (Image credit Zellis.com)
John Petter, CEO Zellis

John Petter, CEO of Zellis, explained: “Financial well-being is a strategic priority for HR leaders and boardrooms around the country. It’s also one of Zellis’ key ESG commitments, supporting well-being for all through employee experiences which can be a catalyst for change. We’re excited to be building on our existing partnership with Wagestream.

“The new MyView PayNow extension is tailored to measurably improve employee well-being while helping employers see a positive impact on recruitment, retention, and productivity.

“With the addition of MyView PayNow, Zellis’ MyView portal is introducing something truly exciting to the UK market. For the first time, employers can offer managers and teams the ability to view their key financial wellness information directly within Zellis MyView self-service portal.”

What does Myview Pay Now do?

The new app is available from the Apple App Store and the Google Play Store. It provides employees with several useful tools to help them manage their finances. They include the following:

Track. A pay and spend management tool that gives employees visibility over their pay and spending in a single screen. For shift workers, it delivers visibility of upcoming shifts and estimated earnings. Users can connect the Open Banking app to their accounts to track payments and forecast cash flow. Employees can also see when they will next be paid to help avoid overdrawing their accounts and enable them to plan future payments.

Flexible Pay. Employees can choose their own pay frequency. There are fees associated with this, a fixed transaction fee of £1.75 paid to Wagestream. They can draw down up to 50% of the wage they have earned. It enables employees, especially those paid hourly, to access cash early at a much lower rate than loans.

Correction: The above originally, incorrectly stated a 1.75%, it should be £1.75. Wagestream also note that employers increasingly choose to subsidise this as part of their wellbeing programme’

Build. A savings platform that allows employees to automatically save money in small amounts to build up a savings pot of up to £1,000 that becomes an emergency reserve they can draw upon. Note that this does not accrue interest, but with 35% of UK workers having no more than £100 in savings, it is a flexible way to put money aside. Savings are instantly available but do not appear to accrue interest.

Financial Health Tools. The app also has access to information about the hundreds of benefits, grants, and social tariffs. The information is drawn from central, regional and local authorities. The app includes links to additional information found on government websites. The app also includes a financial well-being quiz to benchmark progress and assess improvement areas.

Wagestream

Wagestream was set up with a mission to bring better financial well-being to frontline workers. It achieves that by providing fairer financial services, designed for them through their employer. Its founding backers included Fair by Design, the Joseph Rowntree Foundation, BarrowCadbury Trust and Big Society Capital. It aims to deliver financial services that deliver rather than take.

Its customers include Bupa, Asda, Clipper, Co-op, Halfords, Pizza Express, Next, and the NHS. Three million people already use the app, and employers using the application have key metrics above the average with 26% faster recruitment, 16% reduction in turnover and 11% better shift-fill rates. However, whether this is solely down to Wagestream or whether the employer’s greater emphasis on financial well-being made the difference is unclear.

While Wagestream is not a charity, it is founded on a social charter that investors must agree to. The charter ensures that the firm can only offer financial services that benefit workers. The company reports on its social impact to an advisory board and shareholders.

Peter Briffett, Co-founder and CEO of Wagestream added, “From payslips and expenses to bills and budgeting, all integrated: MyView PayNow represents what workplace finance platforms will look like in the future. By combining our financial inclusion expertise with Zellis’ world-class payroll and HR technology, thousands more employers will be able to improve the financial well-being of millions more workers across the UK.”

Enterprise Times: What does this mean

This is not the first partnership between a software vendor and Wagestream. Sodexo, the employee engagement platform and MHR have also partnered. Wagestream also offers integrations to several applications, including ADP, Kronos, MHR, Dynamics, Oracle, Sage, SAP and Workday. What will be interesting to see is whether other payroll and HR vendors follow to offer Wagestream as an option for employers and employees.

For Zellis, this is a smart move that should help retain customers and could quickly become necessary for firms looking to change payroll providers. It will be interesting to see how the other major payroll providers in the UK react to the move.

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