Mike Giles @ FinTech Business
The best of the bunch from FinovateSpring Read the full article
Philip Ryan @ Bank Innovation
The dissonance between what you have earned and when it is delivered is painful for employees, and built on an antiquated system — the slow and expensive paycheck. PayActiv users can get the money in their accounts in realtime. Read the full article
Mike Lawson @ CU Broadcast
How PayActiv’s Safwan Shah Looks to Eliminate the Vicious Debt Spiral… Read full article and hear the interview
Mike Giles @ Ignition Wealth
PayActiv aims to disrupt the destructive cycle of payday loans by giving workers access to wages they have already earned but have not yet been paid. PayActiv also offers a simple mechanism for savings and very comprehensive end to end tech. A great mission backed up by user friendly technology. Read the full article
David Penn @ Finnovate
FinovateSpring 2016 Best of Show Winners Announced… PayActiv for its real-world alternative to payday loans that gives workers access to earned but unpaid wages. Read the full article
San Jose, Calif. – May 13, 2016 – PayActiv, a provider of turnkey, employer-sponsored financial wellness solutions, was among the six companies selected as Best of Show, out of 72 companies demoing at FinovateSpring 2016.
PayActiv presented its new “Save by Time” service at FinovateSpring. This addition to the financial app allows employees to begin proactively saving in a unique way by focusing on the time needed to save at different levels. Unlike other savings tool models that initiate savings after completing a transaction, PayActiv enables employees to save in a time-based, intuitive way by allocating funds they’ve already earned – save at the source.
“We strive to provide a solution for millions of hardworking people that does not increase their financial distress,” said Safwan Shah, CEO and Founder of PayActiv. “Being awarded Best of Show, inspires us to continue our innovations in offering services to stop the debt trap and promote financial wellness.”
FinovateSpring presents an opportunity for both established companies and startups within the financial technology industry to demo their latest solutions. In addition, those attending are provided insight on banking solutions of the future.
PayActiv’s groundbreaking solutions promote financial wellness to assist the 90 million U.S. workers living paycheck-to-paycheck. With the PayActiv service, employers are presented an opportunity to invest in their most valuable asset – their employees. Not only are employees able to access their earned but currently unpaid income with zero interest rate, they are also able to pay bills, access cash and start saving. With PayActiv employers are able to address turnover, accidents and productivity by easing some of the financial stress of their employees.
FinovateSpring is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Jose, the event offers an insight-packed glimpse into the future of money via a fast-paced, intimate and unique format. FinovateSpring is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit www.finovate.com
Headquartered in Silicon Valley, PayActiv is a financial technology company that offers a comprehensive suite of turnkey, employment-based financial wellness offerings. As a certified B Corp., the company’s mission is to bring viable alternatives to conventional small dollar and expensive lending products that lead individuals into a downward spiral of indebtedness.
*The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.