DALLAS, TX – (Feb. 18, 2021) – Leading Workday Service partner, OneSource Virtual (OSV), today announced that businesses can provide their employees faster access to wages through its new, integrated digital payroll delivery service within myFlexPay. Complementing its existing earned wage access capabilities, OSV is now offering employees 24/7 instant access to their wages through a payroll card. The payroll card is enabled by Money Network® from Fiserv, a leading global provider of payments and financial services technology.
OSV serves nearly 600 Workday payroll customers and processes payroll for nearly two million employees. Over the last two years, OSV has delivered a growing portfolio of payroll services and features to its customers—including a customer-facing real-time payroll dashboard and myFlexPay, a suite of payroll services that includes access to earned wages.
“Providing our customers with the ability to offer a Money Network payroll card means their employees will gain the unrivaled benefits of a world-class payroll solution,” says John Bax, CFO at OSV. “The cardholder’s funds are FDIC insured1, and the Mastercard Liability Policy2 protects the employee’s funds, including zero liability for unauthorized card purchases.”
Nearly half of companies still issue paper paychecks to a percentage of their employees. But paper checks can get lost or damaged, causing employers to spend additional time and money replacing them. Paper paychecks also contain sensitive information about the business issuing them. OSV’s payroll card mitigates the risks of such exposure by providing advanced fraud and identity protection for both employee and employer. Furthermore, when paper checks are lost or damaged, 20% of the American population that is underbanked experience delayed access to their earned wages. OSV’s payroll card enables employees to receive their pay on payday or, by leveraging the full suite of myFlexPay offerings, even before payday using OSV’s earned wage access solution.
“Enhancing the employee experience through digital payroll delivery can be a powerful differentiator for today’s employers,” said Dom Morea, Senior Vice President and Head of Prepaid at Fiserv. “Our Money Network solution will help streamline payroll administration for OneSource Virtual customers while also empowering employees with ease of access to hard-earned wages.”
1Funds will be FDIC insured subject to applicable limitations and restrictions of such insurance. Card must be registered to the name of the primary cardholder. See your Account Holder agreement for additional information.
2Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $0.00 if you notify us promptly upon becoming aware of the loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit transactions not processed by Mastercard or to unregistered cards.
