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More Businesses Are Powering Their Employees with Innovative Payroll Solutions from rapid!

By: Green Dot Corporation via Business Wire

May 29, 2024 at 08:00 AM EDT

New companies join rapid!’s growing list of employer customers enabling their workforces with more seamless and convenient payroll solutions

rapid!, a leading payment solutions provider and the wage and disbursements arm of Green Dot Corporation (NYSE: GDOT), is growing its list of more than 7,000 employer customers. Today rapid! announced the addition of new companies in the staffing, human capital management (HCM) and professional services industries – serving an estimated combined four million employees with more seamless and convenient payroll solutions – through expanded channel partnerships with Elevanta, TempWorks and isolved.

“Today’s employers are turning to financial technology leaders to help improve the way employees get paid and manage and access their earned wages,” said Alex Bartels, GM of rapid! and SVP, Wage and Disbursement at Green Dot. “Providing employers more accessible payment solutions for the benefit of their employees is core to our mission to give all people the power to bank seamlessly, affordably and with confidence, and we’re proud to continue growing our relationships with these partners.”

Supporting more than 7,000 employers, including nearly 1,300 new businesses added in 2023, rapid! has expanded its relationships with channel partners including:

Elevanta, an employer services company offering business owners and franchisees a full suite of services that includes everything from payroll and accounting services to insurance programs, administrative support and more. Elevanta counts more than 46,000 employers (franchisees owning more than 121,000 businesses collectively) and over 2.6 million employees among its customers.
TempWorks, which serves more than 500 temporary staffing agencies of all sizes across the nation through its staffing software solutions, which feature everything from online application portals to mobile front office and onboarding tools to employee engagement mobile apps and more.
isolved, an HCM technology leader providing software and services to nearly seven million employees and over 168,000 employers across all 50 states, increasing productivity, accelerating decision-making and ensuring performance, while reducing risk.

rapid! is the wage and disbursements arm of Green Dot and supports employers in a wide variety of industries by offering wage payment solutions that give employees easier access to their earned wages. rapid! offers a single disbursements platform for all an employer’s payout needs, backed by powerful management tools, risk controls and robust money processing systems that allow employers to remain compliant with all relevant labor laws and regulations.

rapid!’s innovative payment solutions can help businesses improve recruitment and retention while boosting the financial wellness and productivity of employees. One such innovation is earned wage access (EWA), which has had positive impacts for both employers and their employees according to recent survey data:¹

Employee respondents say EWA is nearly as important to them as retirement/401(k) (83 percent) and life insurance (79 percent).
Ninety percent of employee respondents say having access to money quickly in an emergency is very important to them.
Respondents say EWA helps them pay most of their bills on time (84 percent), pay off some credit card debt (67 percent), and put money into savings monthly (57 percent).
Employers report a 15 percent reduction in time-to-hire and a 21 percent reduction in 90-day turnover following the implementation of EWA benefits.

"Employers are rightfully concerned with providing financial wellness offerings that make the most impact for their employees," said Pragya Gupta, Chief Product Officer at isolved. "We're proud to partner with rapid! to provide solutions that create real-world impact for employees to access their pay when they need it."

For more information on rapid!’s innovative wage payment solutions, including its EWA solution rapid! OnDemand, visit: www.rapidpaycard.com.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology and bank holding company committed to giving all people the power to bank seamlessly, affordably and with confidence. Green Dot's technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.

Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its digital bank GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services (or “BaaS”) business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.

Founded in 1999, Green Dot has powered more than 33 million accounts directly, and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a “branchless bank.” Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC². For more information about Green Dot’s products and services, please visit www.greendot.com.

¹ Dayforce: On-demand pay: The benefit that helps both employees and organizations. December 2023

² Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.