Payday: Revolut & Spectrum.Life Partner in the Fight for Financial Wellbeing

Payday: Revolut & Spectrum.Life Partner in the Fight for Financial Wellbeing

We know how much pressure the last 18 months have put people under mentally, physically, and financially, and managing personal finances has been challenging. More and more individuals are finding their salaries stretched to the limit, sometimes to the point of real financial difficulty. Employees need more than just their salaries; they need control over what they’ve already earned. Revolut and Spectrum.Life are working together to deliver that kind of freedom.

As part of an ongoing effort to enhance employee wellbeing, and provide financial visibility and control for everyone, Revolut is launching a new earned wage access product called ‘Payday’, which will be available to businesses who can provide this benefit to their employees without any additional cost. The partnership will also offer businesses using the Revolut Business platform with exclusive rates for Spectrum.Life services including a market leading Employee Assistance Programme (EAP), digital wellbeing platform, digital gym classes, digital wellbeing seminars and mental health training.

Spectrum.Life, a leading provider of employee mental health and wellbeing services in the UK and Ireland, and Revolut have partnered to offer this product to employers as an additional means of supporting the financial wellbeing of their staff. Collaboratively, the Revolut & Spectrum.Life proposition covers all areas of employee wellbeing, including mental health, physical health, nutritional health and financial wellbeing.

Support your employees’ financial wellbeing

It has never been easier to give your employees the flexibility they need to have more control over their finances. All employees working for businesses that join the Payday product will be able to connect directly through the Revolut retail app to track their earned wages in real-time. They’ll get a clearer assessment of their financial situation before payday and have the ability to access what they need, when they need it.

Anytime throughout the month, employees will have the option to withdraw up to 50% of their accrued earnings at a fixed, market leading flat fee per transaction, an alternative which is cheaper than payday loans and overdrafts. Withdrawn funds will appear in
seconds in the employee’s Revolut account for immediate use.

As Revolut integrates with payroll providers in the back-end, businesses themselves do not need to agree to any additional administration, cost or effort to provide this functionality to their people.

Retain talents and empower your employees to be financially resilient

In addition to the obvious health and wellbeing impact caused by short term financial distress, the current economic climate has increased employees’ reliance on high cost credit and payday loans, throwing nearly nine million people across the UK into serious
debt. At work, difficulties in making ends meet translate to distraction and absenteeism – believed to cause 20% of employee turnover.1 Through Revolut’s Payday product, businesses can now help their employees manage and tackle these issues directly without having to worry about any fees or liabilities, further complimenting the range of mental, emotional and physical health support offered by Spectrum.Life.