A new collaboration enables Scotiabank business clients to add Earned Wage Access to employee benefits
Scotiabank and ZayZoon have announced a strategic partnership to expand Earned Wage Access (EWA) in Canada.
EWA allows employees to access earned wages before payday through a solution that integrates into employers' payroll systems. This partnership is set to bring EWA into employee benefits, offering more financial flexibility for Canadian workers.
ZayZoon's Canadian Employee Pulse Survey shows that 94 percent of employees want financial flexibility without needing difficult conversations, while 81 percent support employers prioritising financial wellness.
These findings suggest that employers can improve job satisfaction and loyalty by offering benefits that support financial health.
Scotiabank’s business clients can now include EWA in their employee benefits package. This is expected to improve employee financial stability, job satisfaction, and reduce turnover, ultimately enhancing business performance.
Matthew Parker-Jones, SVP of Global Transaction Banking, said, “We are the only bank in the country to partner with this Canadian fintech to extend EWA across Canada.”
He added that the partnership aligns with Scotiabank’s commitment to addressing clients' needs and promoting financial wellness for Canadian employers and employees.
The partnership enables Scotiabank's corporate clients to offer EWA without internal wage advance program costs. ZayZoon’s technology integrates seamlessly with payroll systems, offering a low-risk solution for Scotiabank's clients.
Employees can access their wages through desktop and mobile devices, with direct deposit into their accounts, ensuring ease and security.
The ZayZoon survey revealed that 61 percent of respondents believe access to EWA would improve financial well-being, while 74 percent of ZayZoon users report reduced financial stress. Employers offering EWA also report a 29 percent reduction in turnover and reduced absenteeism.
ZayZoon’s Co-Founder and CEO, Darcy Tuer, said, “The Scotiabank and ZayZoon partnership addresses the need for solutions like EWA. We’re working with Scotiabank to bring this solution to Canadian businesses, giving them greater control over their financial lives.”
