Revolut has partnered with IRIS Software Group to offer an on-demand pay service to thousands of new employees, in the latest example of UK fintechs providing salary advance services.
The partnership allows companies using IRIS’ Cascade HR system to access Revolut’s on-demand pay product, launched in August last year to give employees access to their earned salaries at any point in the month.
The partnership applies to the more than 1,200 companies using IRIS Cascade.
On-demand pay has become an increasingly popular employee remuneration model amid rising inflation and the soaring cost of living.
The service means employees can be paid as regularly as they decide, instead of exclusively relying on a pre-arranged payday.
For fintech companies, it is another service to attract customers in a competitive UK landscape and has become a staple service from several companies looking to innovate in the world of finance.
UK companies including Revolut, Openwage, CloudPay and GoCardless have started to offer the on-demand model to clients looking to attract and retain workers at a time when thousands are leaving jobs in the so-called Great Resignation.
A 2019 survey of workers across several industries, conducted by the Workforce Institute at Kronos, showed that 61% said that they should not have to wait until scheduled paydays to access wages they have already earned.
Chief marketing officer at IRIS Software Group, David Turner said: “Employees increasingly want access to their earned wages on demand, and most employers want to give them that flexibility.
“That’s why we are pleased to help our clients improve financial wellbeing through Revolut’s On-Demand Pay product.”