ADP, LLC issued the following announcement on May 22.
ADP's latest payment solutions expand employers' payroll capabilities and place financial wellness tools directly in the hands of employees. Wisely Now™, the latest offering from Wisely by ADP™, enhances the availability of instant pay while providing key employer protections. Additionally, myWisely™, the companion mobile application for Wisely by ADP, empowers employees with new tools for financial wellness.
Enhanced Compliance with Wisely Now
Wisely Now helps organizations address compliance risks by bringing automation to instant payments such as off-cycle and termination pay. The solution offers a single-instance, electronically funded, employer-authenticated paper check issued by one of several U.S. major banks which enables employees to cash checks without fees.
"Employers are challenged by the complex compliance requirements of instant termination pay, which can vary state-by-state," said Doug Politi, president of compliance solutions at ADP. "As a result, organizations often scramble across payroll, finance, and accounting to courier a check to meet these requirements. With Wisely Now, organizations can leverage ADP's security and compliance expertise to pay unscheduled or off-cycle employee wages, without the fear of compliance issues."
myWisely App Supports Financial Wellness
The myWisely companion app is a single solution that unifies cardholder capabilities, including resources for tracking spending and saving, finding locations to access cash, paying bills and engaging cardholder services. Through myWisely, users have the ability to monitor spending, making it an important tool for improving financial wellness, an area that 98% of employers agree has a direct impact on employee productivity and engagement.1
"Clients tell us they are very interested in the financial well-being of their workforce," said Don Weinstein, corporate vice president of global product and technology at ADP. "As the next step in ADP's mission to provide personal, trusted, effortless and secure access to personal financial accounts we designed myWisely. The app offers a set of tools employees can use to better manage their financial needs."
The myWisely app is available for download on phones and tablets through the Apple® App Store® for iOS devices and Google Play® for Android® devices at www.myWisely.com. To learn more about myWisely and Wisely Now, visit www.adp.com.
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