Scotiabank Partners with ZayZoon to Revolutionize Payroll in Canada by Offering Earned Wage Access Solution
Many households face challenges when balancing budgets, managing unexpected expenses, and attempting to avoid high-interest debt. ZayZoon's recent
Through this partnership, Scotiabank business clients can now add EWA to their employee benefits package, supporting employee financial stability, improving job satisfaction, and reducing turnover, all aimed at boosting overall business performance.
"We are thrilled to be the only bank in the country to partner with this Canadian fintech to extend EWA across
This partnership allows Scotiabank's corporate and commercial clients to offer EWA without the costs and complexities of an internal wage advance program. Employees can deposit funds directly to their bank accounts through desktop and mobile devices, requiring no financial advance from employers. ZayZoon's technology integrates seamlessly into existing employers' payroll systems, providing a low-risk solution for Scotiabank's business clients. The security and scalability of this technology ensure a seamless experience for employers and employees alike.
By offering this flexible benefit, Scotiabank's business clients can support their employees' financial health, leading to a more engaged and resilient workforce. ZayZoon's pulse survey discovered that 61% of respondents declared that access to
"As the financial landscape evolves, so must the benefits we provide. The Scotiabank and ZayZoon partnership marks a pivotal moment in advancing financial wellness and represents a significant step forward in our mission to save 1 million working Canadians
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About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately
About ZayZoon
With ZayZoon, payday finally comes with the push of a button. Employees can use ZayZoon to get paid part of their earned wages when they need. The platform also offers educational resources and tools to help workers break the paycheck-to-paycheck cycle. And it works. 74% of employees who use ZayZoon report less financial stress and employers who offer ZayZoon boast a 29% reduction in turnover. To learn more, visit ZayZoon at: https://www.zayzoon.com/canada
SOURCE Scotiabank