Earned Wage Access (EWA) is a financial technology service that allows employees to access their earned wages ahead of their regular payday. This means that instead of having to wait for their paycheck to arrive, employees can access their earned wages instantly, often through a mobile app.
EWA services are becoming increasingly popular as a way to help employees manage unexpected expenses or avoid costly payday loans, thus providing them with greater financial flexibility and stability.
77% of Indian employees have a favourable perception of earned wage access (EWA), and 59% view it as a crucial factor in their decision-making for future employment opportunities.
This emphasises the potential of Early Wage Access (EWA) to reduce financial stress, especially for low-income households facing difficulty in managing financial responsibilities.
A study found that over 80% of the surveyed white-collar workforce depletes their salaries before the end of the month, with more than a third of them running out of funds by mid-month.
We are thrilled to unveil the Earned Wage Access Infrastructure Stack, which represents the future of earned wage access (EWA). It offers a robust platform that provides reliable data and insights, enabling us to offer EWA to customers at scale.
The EWA Infrastructure Stack seamlessly creates an EWA product by leveraging its exceptional connectivity to over 50 payroll providers and more than 10 work platforms. This results in a precise calculation of actual earned wages based on users' clock-in and clock-out times, ensuring accurate and transparent financial solutions.
Tartan EWA Infrastructure Stack is the only provider in the market capable of delivering a precise calculation of actual earned wages, encompassing a vast number of hourly employees, and has extensive experience in supporting EWA solutions at scale.
This enables financial institutions to provide EWA services to their customers without investing large sums of money in research, development, and design.
EWA benefits employees, consumers, employers, and financial service providers by avoiding debt and offering an easy way to pay for essential expenses. Tartan's EWA stack simplifies financial institutions' entry into the EWA market by providing real-time payroll data through a single API, allowing providers to advance funds and recoup them via direct deposit.
Our fully validated and packaged earnings stream product empowers financial freedom among your customer base, leading to increased customer lifetime value, profitability, and improved sentiment towards your business.
Tartan is a full-stack verification API and payroll connectivity company that provides real-time identity, address, and income verification. It automates consumer verification and KYC to evaluate their financial health. The company uses 150+ accurate and verified data points for accurate risk assessments to expedite customer verification for lending companies.
If you would like to discuss more on how we can help you improve your verification process, Sign up for a free demo with Tartan and experience an immediate boost in productivity!
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