PayActiv to Demo “Save in Units of Time” Financial Wellness Solution at FinovateSpring 2016
May 10, 2016 10:30 AM Eastern Daylight Time
SAN JOSE, Calif.--(BUSINESS WIRE)--PayActiv is one of the 72 companies selected to demo at FinovateSpring 2016, a two-day showcase of the newest financial and banking technology innovations from both leading established companies and young startups.
@PayActiv selected to demo #financialwellness solution FinovateSpring 2016 #Finovate #StopTheDebtTrap #EndFinStress
PayActiv will demo its turnkey, employer-sponsored financial wellness solution that reduces the time lag between earning income and allocating it to daily necessities. Offered directly to businesses or through financial institutions to their business banking customers, PayActiv empowers working people with debt-free access to up to $500 of earned – but as of yet, unpaid – income instantly, promoting financial resiliency.
This year, PayActiv is launching 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 an intuitive, time-based way by allocating funds they’ve already earned – save at the source.
“At Finovate, we are looking for the latest technologies that help financial institutions solve problems, and financial institutions will likely soon be tasked with providing short-term, small dollar loans to U.S. consumers over payday lenders,” said Eric Mattson, CEO of Finovate. “PayActiv’s model reimagines what this can look like, helping financial institutions successfully navigate this unchartered territory while eliminating financial stress for potentially millions of American workers.”
The most recent data reports that as many as 90 million U.S. workers are living paycheck-to-paycheck. This financial stress, in turn, costs businesses more than $300 billion a year in the form of lost productivity, increased absenteeism, accidents and turnover, not to mention skyrocketing worker compensation, medical, legal and insurance costs. PayActiv presents an opportunity for businesses to play a larger role in improving the financial wellness of their most valuable asset – their workers.
“We live in an on-demand world, where consumers have access to what they want, when they want it – except when it comes to their earned income,” said Safwan Shah, CEO and Founder of PayActiv. “More than $100 billion in wages is earned every week but remains stuck in transit, waiting for payday – PayActiv bridges that gap by giving working people debt-free access to their own earned money. It is a relatively simple concept that can have a profound impact on the overall financial health of an individual, and we look forward to sharing this concept at FinovateSpring.”
FinovateSpring will take place May 10 – 11, 2016 at City National Civic in San Jose, Calif. For more information, visit spring2016.finovate.com.
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. For more information, visit www.payactiv.com.
David Jones, 678-781-7238
Haleigh Tomasek, 678-781-7208