KeyBank will later this month roll out Early Pay, a tool that allows clients with direct deposits access to wages up to two days early.

Early Pay will follow other digitally enhanced solutions and products the $188 billion bank began launching in May, according to a release. These include the Immediate Funds tool, Key Select Checking rewards program and the Relationship program, which offers higher rates and cash back on the Key Cashback credit card.

“Over the last year, Key has revamped its online banking and mobile experience based on client feedback,” Jeannie Fanning, director of relationship growth at KeyBank, told Bank Automation News. “This has included work to redesign visuals and navigation, enhance content and information availability and focus on behind-the-scenes core improvements to increase speed.”

Early Pay will be available to clients automatically, Fanning told BAN.

According to Fanning, eligible direct deposit account holders must have the following to qualify for Early Pay:

• The employer must send the direct deposit to the client’s checking or savings account;
• The employer must send KeyBank information about the direct deposit at least one day before the pay date; and
• The direct deposit must not indicate ineligible transactions including tax refunds, bill payments, rent or bank-to-bank transfers.

Early Pay and EWA

KeyBank joins Fifth Third Bank, Santander Bank and TD in offering early payment options.

Fifth Third rolled out its own early pay offering in January and Santander and TD use earned wage access tool DailyPay to offer on-demand payment to clients.

KeyBank’s latest tool is an answer to client needs, Fanning said. “Some of the best innovative ideas come directly from our clients and we work hard to keep them at the center of all we do. Our clients have voiced a desire for services like Early Pay.”