Sutton Bank in “old fashioned innovation” with new paytech product launch
Ohio-based Sutton Bank says it has “married old-fashioned wisdom with cutting-edge fintech” for US businesses and their employees. The resulting product is particularly relevant in today’s “gig economy”.
The bank has introduced a real-time pay access service that “allows businesses to be highly competitive in their ability to recruit and keep employees who may want or need access to their already-earned pay prior to a weekly or bi-weekly payroll period”.
Jeff Lewis, SVP, Sutton Prepaid division, explains: “With the simple installation of a smartphone app, employees who are in need of a portion of that payroll period’s income – for, say, a utility bill, a car repair or a doctor visit – can safely and securely access that amount instead of potentially missing work or asking their employer for an advance.
“When we look at the recent natural disasters that have affected millions of American workers, the benefit of a product like this becomes quickly obvious and is the smart, cost-effective alternative to what employees might otherwise turn to in the way of payday or title loans.”
Sutton Bank has been around since 1878 and has weathered “critical and tumultuous periods in America’s history: the settling of the Midwest by pioneers, two World Wars and the Great Depression”. This longevity, the bank says, “has created unparalleled trust within its consumer and business customer base”.
Lewis emphasises that Sutton Bank “keeps in mind that we’re servicing two critical audiences and modern catalysts to the American economy: the company or individual who owns a business and the employee who shows up each day to help make that business succeed”.
Technology plays a big part in this, he states. “When most people hear the words fintech or financial technology, they think of Silicon Valley or New York,” he observes.
“Sutton Bank takes its motto ‘old fashioned innovation’ seriously and we’ve strategically partnered with some of the top names in financial technology.”