Santander Bank tapped earned wage access fintech DailyPay to offer its commercial banking clients an on-demand payment method.

Earned wage access (EWA) is a benefit that Santander commercial clients can offer their employees, specifically in the state of today’s economy and inflation, Rob Nardelli, director of commercial banking and business development at DailyPay, told Bank Automation News.

“Providing transparency and access to earned pay through this offering with DailyPay will serve as an impactful tool for our business clients who can now offer employees a simple and convenient way to manage their finances,” Joe Abruzzo, head of commercial banking for Santander, said in a release.

DailyPay plugs in to the employer’s back-office payroll and time and attendance systems — no matter the system — and can be up and running within four to- eight weeks, Nardelli said. After several weeks in operation, the fintech’s AI has enough data from up to eight weeks of paychecks to determine the net available balance for employees.

“Some banks, like those that we’ve partnered with, and namely Santander, recognize that value of helping low- to middle-income workers access to their pay as they earn it,” Nardelli said.

DailyPay also offers EWA capabilities to TD Bank commercial clients, a partnership that launched in September 2022.

Partners 1st FCU selects Fiserv as core provider

Partners 1st Federal Credit Union selected Fiserv as its core provider in the first quarter of 2023.

The Fort Wayne, Indiana-based credit union moved to Fiserv’s DNA core platform in February to improve its technology capabilities for its members, according to a Fiserv release.

“With Fiserv and DNA, we will have an operating system that provides a holistic view of the member and enables our staff to provide targeted, well-informed offerings that deepen the member’s relationship with our credit union,” Carla Bienz, president and chief executive of the credit union, said in the release.

Additionally, during the quarter the tech provider extended contracts with Thailand-based Bangkok Bank to expand its mobility digital banking platform, and with Philippines-based financial institution BDO Unibank to bring Fiserv’s signature banking microservices to the bank, Chief Executive Frank Bisignano said Tuesday during the bank’s Q1 2023 earnings call.

Visa Q2 2023 wins

Visa renewed contracts with TD, Canadian Imperial Bank of Commerce (CIBC) and two fintechs in its fiscal Q2 2023, Chief Executive Ryan McInerney said Tuesday during Visa’s earnings call.

The payments giant renewed its multiyear agreement with TD for continued use of credit and debit issuance in Canada and in the United States, McInerney said.

Visa will also continue credit issuance for CIBC and will provide cross-border money movement for fintechs Marqeta and MoneyGram, McInerny said, noting that these accounted for “significant client wins in the quarter.”