Digital banking platform Clair has joined forces with human capital management (HCM) software company Criterion to offer free on-demand pay to Criterion’s employees and clients.
“Criterion empowers organizations to streamline their critical HR, payroll, talent engagement, and workforce management processes,” the companies said in a news release Thursday (July 14). “By partnering with Clair, they extend that mission to help empower employees to take control of their finances.”
Connecticut-based Criterion will launch the partnership by rolling out Clair On-Demand Pay to all its users later this year. Employees will get access to fee-free wage advances along with other digital banking features, such as the Clair Debit Mastercard, spending and savings accounts, fee-free cash withdrawals and free domestic ACH transfers.
“We know that one-size-fits-all doesn’t work anymore, and that includes when people get paid for their work,” Criterion CEO Sunil Reddy said in the release. “This partnership with Clair allows us to give workers greater control over their financial wellness without compromising on great service and security.”
The companies said the partnership will allow Criterion clients to offer employees more flexibility in accessing their earnings, with neither the business nor the worker incurring costs. The release noted that for many Americans, unexpected expenses can lead to financial hardship.
Read more: Unexpected Expenses Could Hobble Inflation-Weary Paycheck-to-Paycheck Consumers
Recent research by PYMNTS found that a majority of Americans live paycheck to paycheck, with nearly a quarter of them struggling to pay their bills each month.
The study also found that in the last three years, 38% of U.S. consumers have experienced a major life event that disrupted their finances, like retiring or moving, with 33% facing a serious setback event like job loss or major health problem.
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