When a salaried executive needs instant access to funds, they can don’t wait for their paycheck, they draw on savings, use a credit card, or take an advance against other lines of credit. Often, hourly workers do not have access to such sources of cash when unexpected needs arise. Until now…

Earned wage access (EWA) is gaining popularity among businesses in practically every industry. EWA, the financial wellness benefit that allows workers to access earned wages instantly, has helped employees address short-term financial needs or emergencies that arise before payday. Since the payment is money that's already earned, there's no interest to repay or extensive forms to fill out.

Earned wage access comes from a third party provider at no cost to the employer or employee. Instead of complicated requirements, interest costs, and potential compliance issues, employees can access the advance directly from an app on their smartphones. This removes the stigma from asking for an advance and employees can get the funds they need to address their financial issue.