Sibos 2023: BMO taps DailyPay to offer earned wage access to commercial clients
BMO has partnered up with DailyPay to provide earned wage access to employees of its commercial customers.
DailyPay will integrate into the payroll systems of BMO’s commercial clients, allowing their employees to access their earned but unpaid income as and when they wish. Earned wages can be accessed in real-time and available for immediate use.
According to DailyPay’s commissioned research, when employees gain control over their earned pay, they tend to “worry less about money and manage their finances better” which ultimately translates to retainment, allowing employers to gain a “competitive edge in a tight labour market”.
Additional research also shows that employee tenure increased by an average of 35% when they have the option for earned wage access.
“More than ever before, businesses require flexible digital payment solutions that reflect the changing economy and new expectations surrounding employees’ payment preferences,” says Andrew Harrison, head of US digital partners at BMO.
“Partnering with DailyPay is one of the many ways we’re empowering our clients to help their employees by providing innovative and convenient payment solutions.”
The news was announced at the ongoing Sibos conference being held in Toronto, Canada.