DailyPay, PNC Bank and The Clearing House work together to provide real-time access to wages and salaries for millions of American workers

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NEW YORK –

DailyPay, the leading provider of on-demand payments, has partnered with PNC Bank and The Clearing House to offer real-time payments over the RTP® network.

“We are constantly looking for ways to innovate our industry-leading technology platform and build on the gold standard service we provide to our customer partners and their employees,” said Ron Munkittrick, senior vice president, External Operations, DailyPay. “We are excited to partner with PNC Bank and The Clearing House on this breakthrough technology that will improve the payment experience for millions of Americans.”

The RTP network provides DailyPay with a secure and seamless way to instantly transfer funds to its users’ bank accounts, giving users choice and control over their immediate income. Along with the immediate delivery and availability of the money to the recipient, the sender receives a confirmation that the money has been successfully delivered. A key feature of real-time payments for DailyPay users is the ability to receive instant wages when needed, without disrupting the employer’s normal weekly or bi-weekly payroll and processing.

“PNC is committed to instant payments and creating a platform for a real-time digital economy, and we are excited to partner with DailyPay and The Clearing House in this effort,” said Chris Ward, executive vice president and head of digital and innovation for PNC -Finance Management. “Today’s announcement is just one more example of how PNC is exploring and leveraging innovative uses of RTP as the premier payment solution. The versatility of the RTP network enables new business models that allow us to help customers differentiate their business.”

The convergence of mobile technology and digital commerce is driving real-time payments innovations around the world, which will become even more important as businesses reopen after the pandemic. With the growth of digital commerce, the focus has once again shifted to financial inclusion and the challenges faced by paycheck-to-paycheck workers. Real-time payments allow employees to receive funds instantly so they can better manage cash flow and avoid high fees and interest rates on payday loans and bank charges. DailyPay, the leading innovator in the on-demand pay ecosystem, is the first on-demand pay provider to deliver funds over the RTP network, the first new payment infrastructure in the US in more than 40 years.

“Paying workers on demand has taken on a new meaning during the ongoing pandemic, helping to address cash flow concerns that many workers face on a weekly basis,” said Steve Ledford, senior vice president of product strategy and development at The Clearing House. “DailyPay’s use of the RTP network provides a seamless user experience and benefits both the employee and the employer.”

Via the PNC Bank
PNC Bank, National Association, is a member of PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized to provide strong relationships and local delivery of private and commercial banking, including a full range of credit products, to its clients and communities; Specialized services to corporate and government agencies including corporate banking, real estate financing and asset-based lending; Asset management and asset management. Information on PNC can be found at www.pnc.com.

Via the clearing house
The clearing house operates US-based payment networks that clear and process more than $ 2 trillion per day via wire transfer, ACH, check image, and real-time payments. It is the most experienced payments company in the country with a long track record of providing secure and reliable systems, payment innovation and strategic thought leadership to financial institutions. Recently, The Clearing House revolutionized the US payments infrastructure with the RTP® network, which supports instant clearing and processing of payments and the exchange of related payment information over the same secure channel. These RTP capabilities enable all financial institutions to offer their corporate and private customers safer, faster, and smarter digital transaction services. Learn more at www.theclearinghouse.org.

About DailyPay:
DailyPay, powered by its industry leading technology platform, has a mission to build a new financial system. Working with America’s top employers including Dollar Tree, Berkshire Hathaway and Adecco, DailyPay is the recognized gold standard for on-demand payments. Through its vast data network, proprietary financing model, and connections to over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay builds the technology and mindset to rethink the way money moves from the moment work starts. DailyPay is headquartered in New York City with offices in Minneapolis. For more information, visit www.dailypay.com/press

Media contacts:

David Black
E-mail: [email protected]

Ye Bin Kwon
E-mail: [email protected]

Website: dailypay.com

SOURCE DailyPay

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