[US] Chime gives payroll professionals a real-time look at payments with PayTV

In the US, Chime Enterprise has announced the introduction of a tool to provide payroll teams with better data, PYMNTS reports.

PayTV is designed to offer payroll professionals real-time confirmation of when workers can access their pay, the company announced in a May 13 press release.

“Whether employees use Chime or another financial institution, PayTV offers users visibility and predictive insights into their employees’ payment status, eliminating the black box that’s traditionally kept payroll teams in the dark and helping prevent potentially costly payroll errors,” its statement said.

In addition to letting payroll teams track when funds arrive, Chime said that PayTV helps businesses quickly spot delays or errors without back-and-forth between processors and banks, while also letting them answer employee questions using real-time, data-driven information.

The tech company added that the offering comes at the end of a 10-year period, which has seen a surge in workers turning to technologies such as direct deposit and earned wage access (EWA).

The PYMNTS Intelligence report “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction” revealed that 83 per cent of workers want to have more frequent pay schedules.

Faster access to funds is another priority with two-thirds of people in the US living paycheque to paycheque. In an additional report, “Measuring Consumer Satisfaction With Instant Payouts,” 77 per cent of consumers reportedly said they wanted instant payments for income and earnings disbursements.

Chime contends that such trends show why payroll teams need access to greater transparency and insights.

“Payroll professionals are asked to guarantee something they can’t see,” Konstantin Getmanchuk - Chime Enterprise Head of Product - said in the press release.

“When someone says, ‘I didn’t get paid’ or ‘My amount is wrong,’ payroll teams are stuck in the middle, without the insight they need to address their employees with confidence. PayTV finally gives them the power to see what’s actually happening, in real time.”

Source: PYMNTS

(Links and quotes via original reporting)

In the US, Chime Enterprise has announced the introduction of a tool to provide payroll teams with better data, PYMNTS reports.

PayTV is designed to offer payroll professionals real-time confirmation of when workers can access their pay, the company announced in a May 13 press release.

“Whether employees use Chime or another financial institution, PayTV offers users visibility and predictive insights into their employees’ payment status, eliminating the black box that’s traditionally kept payroll teams in the dark and helping prevent potentially costly payroll errors,” its statement said.

In addition to letting payroll teams track when funds arrive, Chime said that PayTV helps businesses quickly spot delays or errors without back-and-forth between processors and banks, while also letting them answer employee questions using real-time, data-driven information.

The tech company added that the offering comes at the end of a 10-year period, which has seen a surge in workers turning to technologies such as direct deposit and earned wage access (EWA).

The PYMNTS Intelligence report “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction” revealed that 83 per cent of workers want to have more frequent pay schedules.

Faster access to funds is another priority with two-thirds of people in the US living paycheque to paycheque. In an additional report, “Measuring Consumer Satisfaction With Instant Payouts,” 77 per cent of consumers reportedly said they wanted instant payments for income and earnings disbursements.

Chime contends that such trends show why payroll teams need access to greater transparency and insights.

“Payroll professionals are asked to guarantee something they can’t see,” Konstantin Getmanchuk - Chime Enterprise Head of Product - said in the press release.

“When someone says, ‘I didn’t get paid’ or ‘My amount is wrong,’ payroll teams are stuck in the middle, without the insight they need to address their employees with confidence. PayTV finally gives them the power to see what’s actually happening, in real time.”

Source: PYMNTS

(Links and quotes via original reporting)