Dayforce selects Green Dot as BaaS partner for on-demand pay solution
Canadian payroll software firm Dayforce, formerly known as Ceridian, has selected US-based digital bank and fintech Green Dot as its Banking-as-a-Service (BaaS) partner for its new on-demand pay offering.
Green Dot forms BaaS partnership with Dayforce
Dayforce will leverage Green Dot’s BaaS platform and embedded finance solutions for its Dayforce Wallet offering, a tool that enables companies to pay their employees as they earn.
The solution sees paycheques deposited directly into a prepaid Mastercard, issued by the Central Bank of Kansas City, which can be managed through the Dayforce app.
As its new BaaS partner, Green Dot will facilitate all banking services for Dayforce Wallet customers in the US, which according to the firm’s fourth quarter results published this month, currently consists of 1,150 active users.
The company states that the average user of the Dayforce Wallet transacts 24 times per month on average throughout the calendar year.
Commenting on the partnership, Deepa Chatterjee, COO of customer services at Dayforce, describes access to on-demand pay as “a critical benefit…at a time when employees crave more wellness support from employers”.
Data from Dayforce suggests that 65% of workers surveyed in December 2023 regard the employee benefit of on-demand pay as “very or extremely” important.
“Today’s workers want flexible, seamless access to their earned wages along with tools that can help with understanding and managing cash flow,” adds Simran Singh, head of enterprise business development, embedded finance at Green Dot.
