A Digital Wallet for '365Werk': Payday by ABN AMRO

Very soon, Payday by ABN AMRO will introduce the Wallet for temp workers in pilot to a selected group of flex workers from the online employment agency '365Werk'. Shortly, these workers will be allowed to collect their income directly after they have worked. Not a week later, not a day later, but immediately after they leave their workplace. In this article an overview of what Payday is offering, how this flexworker Wallet chances its portfolio and an interview with Wies van 't Slot about the collaboration.

With this digital wallet, Payday is expanding its portfolio. The initiative started in 2020 within ABN AMRO Group Innovation and has been active in paying out freelancers (from e.g., YoungOnes) immediately after their worked hours are approved, without a Wallet in between. Last month, Payday published the Payday Freelancer Wallet on both the AppStore and Google Play store, enabling freelancers of, amongst others, Younited to pay invoices early. Now, with the new Wallet for temp workers, it will be possible for flex workers to pay out part of their employed worker income straightaway after entering their hours worked. The temporary worker then decides on the amount he or she wants to receive from their income via the Wallet.

In regular pay cycles, the hours worked by flex workers are provided by flex workers themselves or their employers file them for them. These hours must be checked, approved, and then booked for payment processing. It is quite common for job-providing platforms to pay out weekly, in which the worker is being paid each week for their services of the previous week. Payday puts an end to that. "At Payday, we believe that 'flex workers' (read: students, flex workers and freelancers) should not have to wait for their income, especially in this digital age." says Pamela Asberg (Innovation Manager at ABN AMRO). Immediately upon registration of working hours in the portal, the employees will receive a notification from the Payday app that part of their income is already available for early withdrawal. The flex worker's income can then be easily managed from this app.

The ABN AMRO Payday Wallet for employed workers was developed in 12 months in collaboration with the online temp worker agency 365Werk. We are proud to inform you that the pilot is successfully started: a major milestone in the temporary employment industry.

"365Werk is an online employment agency that started from the idea that temporary employment can be done better and must be more transparent. Clients and temporary workers must be given more control, and by listening carefully to our clients and workers we continue to improve (the right things). For example, through a well-functioning and transparent portal. The software we make is made in-house by our development team."

"Properly automating our process. From day one, we started to fill as many vacancies as possible in a scarce labour market and to bind temporary workers to us for as long as possible through good service.

Temporary workers need to have the right type of work at the right time. We do so by making it possible for them to combine different employers to best match when they want to work (and how much). Over time, we see that the clients determine the work schedule less, while the temporary worker is given more and more control".

"Our app in which we offer separate shifts to potentially interested parties. This allows us to quickly offer and fulfil larger numbers of jobs. At the same time, temporary workers can easily combine different clients."

"The Wallet gives temporary workers control. They determine. The core of Payday's product, the possibility for people to get paid immediately after their service, fits perfectly with what we say: "Work the way you want to". It was previously possible to pay out per week or 4 weeks, but with Payday, it will soon be possible to pay out on the working day itself.

To be honest, we would not have entered this project with a small startup. We are talking about real people and their income, so the product [payouts] must be 100% right. It is a great factor that ABN AMRO is a large and reliable player."

"Very good. This is innovation so you come across unexpected things - as an innovative employment agency, we know all about this ourselves. Thinking along with each other, learning from unexpected bumps, and adjusting them will ultimately lead to a great result."

"We expect to use the Payday service for years to come. We see it as an extra service for our temporary workers; we do not plan to make this into a pricing model for the temporary workers. We think that this product is especially desirable for those who work very flexibly on individual shifts. We are looking forward to the start of the pilot and initial feedback."

Please contact PayDay.