PayKey launches EWA solution

ISRAEL-BASED fintech company PayKey introduced the Earned Wage Access (EWA) solution, which provides employees access to their earned income ahead of payday.

In a virtual briefing on Thursday, PayKey chief innovation officer and general manager Roy Gabriel said they offer banks an end-toend white label EWA solution for their corporate clients, which the employers can use for the benefit of their employees.

“They can get our very advanced technology with quite a few patents on it. They can take it as their own to go to their corporate clients and offer this amazing employment benefit to the employees that really need it,” Gabriel said.

The EWA solution allows workers access to their accrued salaries on any given day of the month even before payday.

Gabriel said the Philippines is right for this solution as the country’s pay by the task workforce segment is growing.

He noted that the gig economy in the Philippines is “very advanced” and that the country is the sixth fastest-growing market for freelancers.

PayKey added that they are in talks with some leading banks in the Philippines and look to launch the first EWA app in the country in early 2022.

Gabriel noted that having the EWA solution increases the employees’ financial wellness.

“It really does reduce the financial stress when you, as an employee, can get faster access to the money that you’ve already earned,” he said.

Gabriel added that it also reduces workers’ payday loans reliance and advocates for better financial planning.

PayKey has offices in Tel Aviv, Tokyo, Singapore, New York and Mexico and has 30 clients and partners.