TD Bank launched a partnership Tuesday with fintech DailyPay to offer its commercial clients a real-time pay solution.

The bank’s business clients can now offer their employees real-time access to their earned wages, according to a TD Bank release.

“The technology is typically API integration,” Paul Margarites, head of commercial digital platforms at Cherry Hill, N.J.-based TD Bank, told Bank Automation News. “DailyPay integrates with the client payroll and time and attendance systems. This allows the employee who leverages the product to have real-time or near real-time visibility to their earnings and what they have access to.”

The technology connects with clients’ existing payroll systems to convert employees’ time worked into net earnings, according to the release.

Bank clients that have leveraged DailyPay have seen positive results, including reduced turnover and extended average tenure for employees that use the benefit, Margarites said. New position openings “witnessed increased applicants when the earned wage access (EWA) benefit is listed on the job description,” he said.

The partnership, which has been in the works since early 2022, allows TD Bank to enter the EWA space, which the bank had been looking into “for some time,” Margarites said, noting, “When we have an opportunity to help our clients and improve the community in which we operate, that’s a space we want to be in.”

Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. TD Bank’s Paul Margarites, head of U.S. commercial digital platforms will speak at the event.  Learn more and register for Bank Automation Summit Fall 2022.