Scotiabank and ZayZoon, a financial empowerment platform, announced today a strategic partnership to expand Earned Wage Access (EWA) in the Canadian market.
EWA allows employees to access their earned wages before payday through an innovative solution that seamlessly integrates into employers’ payroll systems. This initiative positions EWA as a cutting-edge employee benefit, enhancing financial flexibility and control for workers across Canada.
The reason for the partnership is to address the challenges many households face with budgeting, unexpected expenses, and the risk of high-interest debt. The collaboration aims to leverage ZayZoon’s technology and Scotiabank’s extensive client network to promote financial wellness and bolster employee satisfaction nationwide.
Scotiabank, a leading international bank headquartered in Canada, offers a broad range of products and services including personal and commercial banking, wealth management, and corporate and investment banking. ZayZoon specialises in providing innovative financial solutions that improve employee access to earned wages, thereby enhancing their financial well-being and reducing workplace stress.
This partnership allows Scotiabank’s corporate and commercial clients to offer EWA without the costs and complexities associated with internal wage advance programs. It utilizes ZayZoon’s technology that integrates directly into existing payroll systems, offering a secure and scalable solution that deposits funds directly into employees’ bank accounts through both desktop and mobile platforms.
Scotiabank SVP of Global Transaction Banking Matthew Parker-Jones said, “We are thrilled to be the only bank in the country to partner with this Canadian fintech to extend EWA across Canada.
“This initiative aligns with Scotiabank’s commitment to delivering solutions tailored to our clients’ evolving needs and promoting financial wellness and innovation for Canadian employers and employees.”
ZayZoon Co-Founder and CEO Darcy Tuer said, “As the financial landscape evolves, so must the benefits we provide. The Scotiabank and ZayZoon partnership marks a pivotal moment in advancing financial wellness and represents a significant step forward in our mission to save 1 million working Canadians 1 billion dollars.
“Our recent pulse survey revealed that 42% of Canadian workers experience significant financial stress multiple times a day or daily, and 66% say this stress impacts their work performance. This partnership addresses the urgent need for solutions like EWA. We’re excited to work with Scotiabank to bring this innovative solution to Canadian businesses and their employees, giving them greater control and flexibility over their financial lives.”
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