Clockout provides embedded Earned Wage Access (EWA) infrastructure for banks and credit unions to offer on-demand pay to account holders. This solution integrates seamlessly with existing core banking systems to drive direct deposits, increase customer retention, and generate new non-interest fee income. Financial institutions use this service to enhance their digital banking offerings and compete effectively in the modern financial landscape.
Funding
$600K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face challenges in attracting new direct deposits and retaining customers in a competitive market, while many consumers struggle with financial stress due to limited access to their earned wages before payday. Traditional banking services often fail to provide immediate access to funds, leading individuals to rely on high-interest loans or overdraft fees.
Solution
Clockout offers a white-labeled, embedded earned wage access (EWA) solution that integrates directly into existing banking platforms via APIs and SDKs, enabling account holders to access their earned wages before their scheduled payday. This integration allows financial institutions to incentivize direct deposit switching, increase customer loyalty, and generate new revenue streams through transaction fees and cross-selling opportunities. The platform connects to over 1,600 payroll systems, ensuring broad coverage for customers. Clockout's modular SDKs allow banks to customize the user experience to match their brand, providing a seamless and intuitive EWA journey across all digital channels. The system automates advance repayment when the paycheck hits the customer's bank account.
Target Audience
Clockout primarily targets financial institutions, including banks and credit unions, seeking to enhance their service offerings, attract new customers, and improve customer retention by providing access to earned wage access.
Features
- Seamless integration with existing mobile and online banking platforms via APIs and SDKs
- Connection to over 1,600 payroll systems, covering a significant portion of the US workforce
- Customizable user experience with modular SDK components for intuitive UX/UI design
- Automated advance repayment upon paycheck deposit
- Real-time access to earned wages for account holders
- Direct deposit switch functionality to incentivize customers to move their payroll
- Data security and compliance measures to protect user information