BOSTON – (BUSINESS WIRE) – November 9, 2021–
Salary Finance, the world’s leading provider of socially responsible workplace financial products, today announced a partnership with Corestream, the leading platform for connecting employees with personalized lifestyle benefits. The full range of Salary Finance products will now be available on the Corestream platform, enabling employees of Corestream client organizations to subscribe to voluntary benefits that can improve their financial well-being.
Salary-linked financial welfare benefits have become a popular option that large employers can offer their employees, especially as the percentage of workers facing financial stress increases. The most recent Salary Finance study found that over 40 percent of American workers are financially stressed. Corestream customers will now have access to the Salary Finance product suite, which includes a low cost loan product deducted from salary and an emergency savings product.
“Salary Finance offers the most holistic financial wellness program on the market, and Coresteam, with its platform to deliver a seamless voluntary benefits experience to employers and employees, is a perfect partner for us,” Dan Macklin , CEO, Salary Finance, Inc.. noted. “Through our partnership, we will be able to help more people and provide another impactful advantage in Corestream’s arsenal.”
Borrowing, Salary Finance’s loan product, offers employees of Corestream corporate clients lower fixed interest rates – from 5.9 to 19.9 Annual Percentage Rate (APR) * – than other options such as credit cards and payday loans. Since Salary Finance is able to underwrite based on employment data, not primarily credit history, a higher percentage of applicants are accepted. The company recently introduced Save, which allows employees to open a savings account, connect their direct deposit, and be rewarded for their savings. Save is designed to entice American workers to accumulate up to $ 500 in emergency savings and receive a bonus of up to $ 50 paid by Salary Finance.
“The battle to attract and retain talent is real. Now more than ever, the benefits must extend beyond traditional healthcare, vision and dental care, which means HR teams need more options available to them, ”said said Sharon Broadway, senior vice president of partnerships. “Our partnership with Salary Finance provides a holistic financial solution. benefiting the well-being of our clients to help employees achieve financial stability by avoiding high-cost debt and building up their savings.
The cloud-based Corestream platform is an employer-branded solution that delivers a seamless voluntary benefits experience that improves employee engagement, health, and financial well-being. With Corestream dramatically simplifying the way personalized lifestyle benefits are delivered and administered by HR, and the way these benefits are understood and selected by employees, the variety of benefits and employee participation rates continue to grow. ‘to augment.
* Individual fixed rate and maximum loan eligibility may vary depending on creditworthiness and employer.
About salary funding
Salary Finance’s mission is to improve the financial health of American workers by providing them with access to socially responsible financial products in the workplace. When employees can access affordable credit, reduce bad debt, and increase their savings, they are happier and more productive at work, and more likely to achieve long-term financial stability. Employers benefit from improved retention and engagement at no additional cost. Our award-winning technology platform enables us to deliver better inclusive financial products such as high interest savings accounts, access to affordable credit, and personalized financial education. Salary Finance is a United Way Worldwide business partner and works with over 600 of the world’s leading employers. Salary Finance is a founding member of the Senior Executives Network of Conscious Capitalism, a member of the American FinTech Council and winner of the Finovate Award for Best Consumer Lending Solution for 2021. For more information, please visit www.salaryfinance.com / us.
About Corestream
Corestream is a leading provider of voluntary employee benefits technology that believes that the success of any organization depends on the overall well-being of its workforce, from physical and mental health to financial well-being. Corestream’s revolutionary SaaS platform adapts the delivery and adoption of voluntary benefits to become an integral part of protecting and enhancing employee livelihoods. By removing barriers and streamlining administration, Corestream has become a powerful tool in the arsenal of HR teams, brokers, vendors and employees. For more information, visit Corestream.com.
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SOURCE: Financing of salaries
Copyright Business Wire 2021.
PUB: 09/11/2021 09: 00 / DISC: 09/11/2021 09:02
http://www.businesswire.com/news/home/20211109005837/en
Copyright Business Wire 2021.
