Payfare, Stride Bank joining forces to expand real-time payment options for the U.S. gig economy workforce
TORONTO, Sept. 28, 2021
TORONTO, Sept. 28, 2021 /PRNewswire/ -- Payfare (TSX: PAY) is pleased to announce that it is expanding its partnership with Stride Bank to offer additional real-time payment options to gig platforms and their workforces. Payfare, a leading fintech powering instant payout and digital banking solutions for contract workers, and Stride Bank will leverage The Clearing House's RTP® network to deliver fast, secure payments to U.S.-based gig economy workers 24 hours a day, seven days a week.
Payfare, who works with some of the world's largest on-demand platforms, will be among the first to use the RTP network to support gig worker payouts. By connecting to the RTP network through Stride Bank, Payfare has the ability to support payments to bank accounts immediately with enhanced speed and security, providing more choice for its corporate clients and users. Payments over the RTP network settle within seconds, providing immediate confirmation and funds availability. Further, because the RTP network is always operating, payments can be sent and received after banking hours, on weekends and during bank holidays.
"We are thrilled to be adding real-time payment capabilities to Payfare's existing payout and digital banking solutions," said Marco Margiotta, CEO and Founding Partner of Payfare. "Our mission is to empower financial security for every gig worker. As the gig economy continues to grow, the RTP network's broad reach will help us to further scale our solution while providing fast, secure options to our partners and the gig workers we support."
"While workers increasingly want more autonomy to decide how, when and where they work, they also want more control and flexibility over how they're paid," said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. "The RTP network is designed to be a platform to support innovation, and Payfare and Stride Bank will offer our nation's growing gig economy more choice and convenience across the earned wage industry."
About Stride Bank
Founded in 1913, Stride Bank is an Oklahoma-based financial institution that holds over $1.17 billion in assets. Offering a full range of financial services such as consumer and commercial banking, mortgage, wealth management, and treasury management, we have also developed and currently manage highly specialized payment solutions for several national fintech companies. While we are unwavering in our pursuit to continue innovating and offering new financial solutions, we will always remain loyal to our community banking roots in Oklahoma. We have branches throughout Oklahoma in Enid, Tulsa, Oklahoma City, Bartlesville, Blackwell, Woodward, and Mooreland. Member FDIC. Equal Housing Lender. Learn more at www.stridebank.com.
About The Clearing House
The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation's most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.
Payfare (TSX: PAY) is a global financial technology company powering digital banking and instant payout solutions for today's gig economy. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusion for their workforce.
For further information please visit www.payfare.com or contact:
Su Chun, Chief Compliance & Legal Officer
1 (888) 850-2713