Swift Wellness offers a platform that integrates with payroll systems to provide employees in Canada and China with early access to their earned wages. This service aims to improve employee financial well-being by reducing reliance on high-interest loans and overdraft fees.
Funding
Funding not disclosed
Founders
Product
Problem
Many employees experience financial stress due to infrequent pay cycles, leading to reliance on high-interest loans and overdraft fees to cover expenses between paychecks. This can negatively impact productivity, morale, and employee retention for businesses.
Solution
Swift Wellness offers an earned wage access (EWA) platform that integrates with existing payroll systems, providing employees with on-demand access to a portion of their earned wages before their scheduled payday. This helps employees manage unexpected expenses and avoid costly financial products, while also improving employee financial well-being and reducing financial stress. Employers can implement Swift Wellness at no additional cost, enhancing their benefits package and attracting talent in a competitive hiring market. The platform automates the approval process based on employer-defined eligibility and withdrawal parameters, and provides detailed reports for tracking usage and direct transfers to employees.
Target Audience
Swift Wellness targets employers in Canada and China looking to enhance their employee benefits package, improve employee financial wellness, and reduce turnover.
Features
- Seamless integration with major payroll systems for effortless setup
- Customizable employee eligibility and withdrawal parameters to align with wage regulations
- Automated approval process for streamlined advance requests
- Real-time tracking and direct transfer of earned wages to employees
- Employee access to up to 50% of earned wages per pay period
- 24/7 customer support for both employers and employees
- Detailed reporting on platform usage