Users of Immediate’s earned wage access app will be able to use deposited funds even faster with The Bancorp’s Rapid Funds Transfer platform
BIRMINGHAM, Ala. – Oct. 27, 2020 – Immediate, a financial wellness company, today announced it is working with The Bancorp, Inc. (TBBK) and its subsidiary, The Bancorp Bank, by utilizing their Rapid Funds Transfer platform to enable real-time funds disbursements to users of Immediate’s ImmediatePay earned wage access app. The platform offers faster payment experiences to its corporate customers, enabling fast, same-day[1] wage access to ImmediatePay users. The partnership is a first step in developing turnkey multi-channel payment solutions for Immediate’s employer client base.
“The Bancorp is extremely forward-thinking in how they’ve reimagined real-time corporate disbursements with their Rapid Funds Transfer platform,” said Matt Pierce, Immediate’s founder and CEO. “Their intuitive and customizable platform will help us meet our users’ needs even faster than before. When an emergency happens and you need access to your earned but not yet paid wages, Immediate ensures you have what you need when you need it – without having to turn to alternative sources, like predatory payday lenders.”
Immediate aims to improve the financial well-being of millions of Americans by providing on-demand access to earned wages. Immediate works directly with employers to make this benefit available to employees, reducing employees’ financial stress, increasing engagement and motivation, building loyalty, and helping attract top talent. Immediate’s software platform integrates directly with employers’ time tracking and payroll software, making integration and onboarding seamless. Employees can easily download the ImmediatePay app to start accessing earned wages on day one. Employers can customize how frequently and how much employees can access early, with nominal fees set up like ATM convenience charges, which employers can elect to cover.
“The Bancorp is proud to be working with Immediate to help their users improve their financial wellness with easier access to earned pay,” shared Matt Carberry, Executive Vice President and Head of Payment Acceptance at The Bancorp. “Our Rapid Funds Transfer offering integrates seamlessly into Immediate’s mission to help their customers and their employees access their money in real-time.”
“This partnership will allow us to competitively increase Immediate’s market share in earned wage access, while furthering The Bancorp’s footprint in the faster payments space,” continued Pierce. “It’s another step for us in our goal of developing real-time, multi-channel payment solutions for our users.”
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About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include SBA National Preferred Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information, please visit www.thebancorp.com.
[1] Actual fund availability depends on receiving financial institution and region.
