Santander makes the wage advance accessible to SMEs

CloudPay, a company specializing in employee compensation processes, has just formalized its partnership with the Spanish bank Santander. This reconciliation involves the launch of a new pay-as-you-go solution for Spanish bank clients.

FACTS

• Santander has therefore just integrated the Cloudpay : Salary on Demand.

• The Spanish bank will now offer it to its SME clients with more than 100 employees.

• The Cloudpay principle: Salary and Demand is simple. It will allow Santander's client companies and subscribing to the offer to offer their employees an advance payment of part of their salary.

• Employees themselves will be able to use a dedicated mobile application to request payments at other deadlines than those defined by contract.

• Each Santander customer company with Cloudpay: Salary and Demand will be able to configure the service according to its own rules.

• The service will include CloudPay NOW, CloudPay's digital payment solution on demand. CloudPay is also responsible for the deployment of the service and its support management.

ISSUES

• Sign an innovation in its market: This type of services related to salary advances was previously offered by alternative actors. Santander is thus one of the first traditional banks to settle in this market.

• Offer value-added service By getting closer to CloudPay, Santander also becomes able to offer a new value-added service to its business customers. It provides them with a new HR tool while also ensuring the deployment of a model to improve the management of their employees' budgets.

• Meeting a need and loyalty : According to a CloudPay survey, 44% of employees report that access to Pay On-Demand would increase their loyalty to the company. With the deployment of Cloudpay: Salary and Demand, Santander ensures the loyalty of its client companies. And they also have the opportunity to retain their own employees, in a critical period marked by competition in the market for the recruitment of qualified employees.

PERSPECTIVE

• CloudPay has been investing in the salary advance market for years now. Moreover, before Santander, the company specialized in the processes of compensation of employees close Visa also tried to deploy its service in 2022.

• Many other players are also mobilizing in this market, offering their vision of service. Revolut in 2021, QuickBooks in 2022, Rosaly the same or Spayr in 2023.

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