Winner In:
Best Human Capital or Talent Management Solution
CloudPay NOW represents the next wave of disruption in payroll, HR, and employee financial wellbeing. Uniquely positioned to help global companies, CloudPay NOW seamlessly integrates with CloudPay’s core treasury and payroll services. CloudPay NOW provides an intuitive mobile application for employer setup/administration employee self-services of on-demand pay. By providing CloudPay NOW through CloudPay’s payroll and treasury services, organizations can build targeted financial wellness programs to help employees that struggle with finances the most. CloudPay NOW offers employees access to earned wages in advance of payday through a global technology platform. Different from conventional payday loans and other consumer credit products, CloudPay NOW does not charge interest or penalties and is based on accessing funds earned rather than anticipated future wages. Moreover, unlike other on-demand pay solutions, CloudPay NOW makes this benefit available globally, to all employee populations of a company’s workforce. The ultimate opportunity of CloudPay NOW is the enablement of on-demand access to earned wages for all employees without increasing burden for employers and no requirement to run payroll more frequently. CloudPay NOW includes an ROI model that anticipates a year one reduction in absenteeism by 15 percent, a 5 percent increase in employee productivity, and an expected decline in turnover by 20 percent across all employee populations where this benefit is made availa.