CHARLESTON, S.C., Sept. 17, 2020 /PRNewswire/ — Benefitfocus, Inc. (NASDAQ: BNFT), a expertise platform supplier enabling speedy innovation for employers, well being plans and customers, introduced at present it has added PayActiv to the ever-growing vary of services and products in its Profit Catalog. PayActiv is a monetary wellness resolution providing on-demand entry to earned wages for hourly staff.
PayActiv is an business main earned wage entry (“EWA”) resolution. With PayActiv, workers are capable of keep away from overdrafts and different penalties by utilizing their already earned however unpaid wages. This helps staff break freed from predatory lending practices and offers further value throughout monetary hardship between paychecks.
“Benefitfocus connects individuals to the advantages options that enhance their lives. PayActiv is a superb resolution that builds hourly staff’ confidence and monetary safety with out loans,” mentioned Annmarie Fini, Government Vice President, Buyer Success Group, Benefitfocus. “Employers may help their staff overcome anxious moments of their lives and construct a steady financial basis for the long run.”
The PayActiv app offers a holistic monetary wellness method that features options for invoice pay, financial savings, monetary counseling and literacy. Extra, highly effective options may be unlocked with the PayActiv Visa card.
PayActiv CEO Safwan Shah provides, “We’re delighted to affix Benefitfocus in bringing essentially the most modern advantages to the American workforce. Households are going through extra monetary stress than they’ve in generations,” mentioned Safwan Shah, CEO and founding father of PayActiv. “Our holistic method in direction of monetary wellness is a win for each workers and employers. Firms can save as a lot as $50,000 yearly due to diminished turnover for as few as 100 workers enrolled in PayActiv.”
PayActiv serves greater than 3,000 companies at over 20,000 areas. Over four million staff have entry to PayActiv. In accordance with its 2019 Affect Report, an evaluation of buyer utilization of its service, within the final 12 months, PayActiv has saved customers $240 million in payday loan, overdraft, and late charges, and diminished worker turnover by over 30%.
Benefitfocus’ Profit Catalog offers employers, brokers and well being plans the power to supply prospects greater than 85 market-leading specialty advantages merchandise from greater than 45 main manufacturers. This product catalog offers an optimized and interesting enrollment expertise that brings all classes of advantages collectively in a single place.
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Benefitfocus (NASDAQ: BNFT) unifies the complete advantages business on a single expertise platform to guard customers for all times. Our highly effective cloud-based software program, data-driven insights and thoughtfully designed providers allow employers, insurance coverage brokers, well being plans and suppliers to simplify the complexity of advantages administration and ship well being, wealth, property and way of life merchandise by a world-class advantages expertise. Our mission is straightforward: to enhance lives with advantages. Study extra at www.benefitfocus.com, LinkedIn and Twitter.
PayActiv, a Public Profit Company and Licensed B-Corp, is a holistic monetary wellness platform that offers workers on-demand entry to earned however unpaid wages. Companies that accomplice with PayActiv see important value reductions by elevated recruitment, engagement and retention. Staff love PayActiv as a result of it eliminates the costly between-paychecks tolls of payday loans, bank overdrafts and late charges. PayActiv additionally gives a set of monetary providers that embrace financial savings and budgeting instruments, invoice fee and monetary well being measurement. PayActiv is the winner of the Revolutionary Funds Affiliation’s Shopper Champion Award for 2020, and finalist of Finovate 2020. PayActiv has additionally received greatest in school awards in each FinTech & HRTech, and is the supplier of Earned Wage Entry to Walmart.
In August 2020, PayActiv launched a brief movie titled We Heard You. Study extra at, go to www.payactiv.com.
Sure merchandise obtainable on the BENEFITFOCUS BENEFITPLACE™ platform may be regulated by numerous state companies as insurance coverage merchandise. Regulated insurance coverage merchandise are supplied by brokers affiliated with BenefitStore, Inc. (doing enterprise as 627 Advantages Insurance coverage Company in California and 627 Insurance coverage Dealer Company in New York), a licensed insurance coverage company and wholly owned subsidiary of Benefitfocus, or by your, your affiliation’s, or your employer’s appointed dealer as relevant. Any insurance coverage protection is topic to the issuer’s underwriting requirements, charges and different phrases and situations related to particular providing or providers as decided by the issuer or supplier.
DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS
Aside from historic data, all the statements, expectations, and assumptions contained on this press launch are forward-looking statements. Precise outcomes or efficiency would possibly differ materially from these specific or implicit within the forward-looking statements. Essential components that might trigger precise outcomes to vary materially embrace: the necessity to innovate and supply helpful services and products; our skill to compete successfully; dangers associated to altering healthcare and different relevant rules; the immature and risky nature of the marketplace for our services and products; our skill to keep up our tradition and recruit and retain certified personnel; privateness; safety and different dangers related to our enterprise; administration of progress; and the opposite danger components set forth once in a while in our SEC filings, copies of which can be found freed from cost throughout the Investor Relations part of the Benefitfocus web site at http://investor.benefitfocus.com/sec-filings or upon request from our investor relations division. Benefitfocus assumes no obligation and doesn’t intend to replace these forward-looking statements, besides as required by regulation.
SOURCE Benefitfocus, Inc.