We were named a finalist in the “Human Capital” category for the prestigious 11th Annual 2021 BAI Global Innovation Awards.
And that’s almost enough for us — to be recognized for our tireless efforts to promote such a beautiful and limitless phrase, human capital.
After all, our mission at Payactiv is to build stability for low-wage workers so that they have space to reach their potential.
The BAI Global Innovation Award is one of the financial service industry’s biggest honors. BAI recognizes companies that possess out-of-the-box thinking, outstanding design, and an outsized impact on their users and the industry.
The category we’re named to, “Human Capital,” recognizes tools and services that positively shape the experience of working people and bring a “significant cultural or change-management shift.”
This is all about Intention + Execution.
Our intention is to improve the plight of millions of low-income workers. Our execution is the Payactiv Lively app, an all-in-one digital wallet that supports more than 1,500 businesses and millions of eligible users.
Since debuting the revamped app in spring 2021, we’ve been on a winning streak. We won the Aite-Novarica Group’s “Grand Prize for Digital Wallet Innovation,” the American Business Awards’ “2021 Company of the Year,” and the B Corps “2021 Best for the World” award for excellence beyond profit.
And now the BAI Global Innovation Award finalist distinction. It comes a week after we announced a ground-breaking partnership with HCM leader, UKG, and won it’s Collaborator of the Year award.
BAI winners will be announced in December. Read on to learn about our app.
Since the beginning, Payactiv’s goal has been to provide hope and security to millions of hourly workers disproportionately suffering from discriminatory lending practices and a lack of access to financial services. Payactiv invented Earned Wage Access (EWA) to provide employees their earned but unpaid wages on-demand and decrease wage disparity to create a fairer, more equitable, and inclusive society.
Our new app combines EWA with a digital wallet, saving and budgeting tools, a discount marketplace, and a groundbreaking communication tool for deskless employees. This helps employees avoid unnecessary high-interest lending traps, provides unprecedented flexibility for their lives, and allows them to be included in the economy they helped to create.
Our technology enables companies of all sizes to help their employees reduce financial stress and build a path toward financial stability and growth.
Since Payactiv has API integrations with HCM and HR management platforms such as UKG, ADP, Paycor, Paychex and others, it is very easy to implement. Even without the API integration, we have the flexibility to connect with companies’ existing payroll and time and attendance platforms through secure file transfers.
Businesses that partner with Payactiv see significant cost reductions through increased recruitment and engagement and have reported a 36% spike in employee retention. We serve clients across multiple industries who experience a 98% employee satisfaction rate, up to 80% adoption rates, and have cumulatively saved $1 billion in turnover costs.
Payactiv is a Public Benefit Corporation and Certified B Corp that ranks in the top 5% out of 4,000 Certified B Corporations worldwide for positive impact on customers.
Unlike competitors’ solutions, Payactiv has safeguards in place to make sure users’ accounts don’t experience overdrafts and have unlimited access to our services for a nominal program fee. Our card also meets the highest standards of security and usability with sought-after features like real-time money loads, digital cards, tap-to-pay, compatibility with Apple and Google Wallets, peer-to-peer payments, and access to over 37,000 surcharge-free MoneyPass® ATMs.
Payactiv’s Livelihood platform and app are unique because it is a one-stop solution to save, spend, plan, and budget. Instead of using multiple apps – which can be expensive and clunky – Payactiv combined EWA, linking your bank account, getting a card, and exclusive discounts all in one trailblazing solution.
We envision our app to go way beyond just access to on-demand pay and basic financial management. By giving more people access to the latest financial services, the Payactiv app is the perfect vehicle for combining all livelihood services in one place. It enhances the way people think about and experience earning, spending, and saving and improves overall quality of life.
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