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        Brightside, a financial coaching and debt management support platform for employees, has selected Helix by Q2's banking-as-a-service solutions to power its savings, checking, and business operations accounts.
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        This partnership enables Brightside to scale its offerings beyond those of the previous vendor and establish a direct relationship with its banking partner, eliminating the need for FBO accounts or middleware.
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    <a href="https://investors.q2.com/investor-relations/news/investor-news/investor-news-details/2024/Brightside-Selects-Helix-by-Q2-to-Migrate-BaaS-Program/default.aspx">
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Financial Wellness Tools

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<p>Brightside, a financial coaching and debt management support platform for employees, has chosen Helix by Q2's banking-as-a-service solutions for its savings, checking, and business operations accounts.</p>
<p>The collaboration with Helix allows Brightside to expand its services beyond its previous vendor, and directly liaise with its banking partner, negating the requirement for FBO accounts or intermediary software.</p>

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Brightside selects Helix by Q2 to power financial solutions

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 <p>DailyPay, a platform for earned-wage access (EWA), has introduced a new product feature named International Remittances. Financial technology solution ReadyRemit by Brightwell and Visa Direct power this feature. </p>
 <p>This feature of International Remittances enables users to readily access and transfer their earnings to their friends and family globally. This transfer is possible through a single app and doesn't require users to wait for a scheduled payday.&nbsp;</p>
 <p>In collaboration with Visa, this feature will allow DailyPay to extend its money transfer service to cards and bank accounts in over 70 countries. This new feature will supplement its existing work tech platform, offering an EWA solution, the DailyPay Visa Prepaid Card, and Credit Health. </p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The new feature offers a one-stop solution for workers to easily access wages and transfer funds across borders and follows the company's announcement last month of its <a href="https:<br>
//www.dailypay.com/press-center/press-releases/dailypay-announces-international-expansion-into-the-united-kingdom/"> international expansion to the UK </a> .</p>

DailyPay expands services with new International Remittances feature

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 <p>DailyPay, an earned-wage access (EWA) platform for employees, has secured an additional USD 100 million commitment to its credit facility from Citi, doubling its existing credit facility from Citi to USD 200 million.&nbsp;</p>
 <p>The secured credit facility will fuel DailyPay's services and support its expanding list of client businesses.</p>
 <p>DailyPay currently partners with leading employers across various industries, from Fortune 500 companies to small businesses, to offer their workers earned wage access and other products and services.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> <a href="https:<br>
//sp-edge.com/updates/25685"> In January 2024, </a> the company raised USD 175 million in funding, comprising USD 100 million via an incremental credit facility from Citi and USD 75 million in equity funding led by Carrick Capital Partners . The funds were earmarked for product innovation and expansion into adjacent business segments and new markets.</p>

DailyPay secures additional USD 100 million commitment to credit facility from Citi

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 <p>The Biden-Harris Administration has given the go-ahead for an additional USD 4.5 billion in student debt cancellation. This decision affects over 60,000 borrowers and is part of the Public Service Loan Forgiveness (PSLF) program. With this new addition, over 1 million public service workers have now received debt relief.</p>
 <p>The total student debt relief approved by the Biden-Harris Administration has now reached an impressive USD 175 billion. This has had a direct impact on nearly 5 million Americans, with an average of USD 35,000 in debt cancellation for each borrower.</p>
 <p>With a view to encouraging more public servants to enroll in the PSLF program, the Department of Education is launching new initiatives. These will range from outreach to governors and mayors, to partnerships with public sector unions, helping to provide education and support for their union members.</p>
 
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Biden announces student debt relief for 1 million public service workers

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 <p>Instant Financial, a provider of fee-free on-demand pay solutions, has introduced Instant Direct. This new tool permits employees to access their earned wages ahead of the conventional payday cycles. They can transfer these funds to their bank account or use the Instant Card.</p>
 <p>Instant Direct offers an earned wage access (EWA) functionality which allows employees to receive their wages beforehand. It makes the implementation process easier for employers through simple communication about employee eligibility and by providing various EWA models.</p>
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Instant Financial launches Instant Direct for on-demand pay access

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 <p>Retailer Destination XL (DXL) has collaborated with earned wage access solutions provider, DailyPay. This association will allow DXL's employees across its 250+ stores to have access to their earned wages at their convenience. It aims at empowering the employees to manage their expenses, save, spend, and invest at their chosen pace.</p>
 <p>An Arizent study has shown that DailyPay's solution has led to substantial positive effects in the retail sector. The study indicates that 65% of users keep track of their earnings daily which has resulted in improved financial confidence (70%), increased work motivation (46%), as well as higher job satisfaction (56%).</p>
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Destination XL partners with DailyPay to offer earned wage access to employees

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 <p>EarnIn, a pay-as-you-go platform, has introduced new features for its Balance Shield product to aid users in regulating their bank balances and circumventing overdraft charges. The program interacts with the users' existing bank accounts and doesn't mandate a bank change.</p>
 <p>The Balance Shield provides free immediate alerts when bank balances dip below a client-defined threshold from USD 0–500. It also offers customizable transfers up to USD 100 from the available balance to bank accounts and the option to manage alerts and transfers. The service comes with no subscription or commitment obligations.</p>
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EarnIn launches enhanced Balance Shield feature to prevent overdraft fees

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 <p>Sunny Day Fund, an emergency savings account provider for workplaces, has formed a partnership with Manifest, a service provider that consolidates retirement accounts. This partnership is intended to expand financial wellness services for employees.</p>
 <p>This collaboration allows clients of Sunny Day Fund to use Manifest's retirement consolidation services for free. The services offered by Manifest include finding and merging old retirement accounts into the current employer's plan. The primary objective of this partnership is to offer support to employees during job changes, granting them access to emergency savings and safeguarding their retirement wealth in the process.</p>
 
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Sunny Day Fund partners with Manifest to offer 401(k) consolidation and emergency savings services

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 <p>Medallion Bank is collaborating with Kashable, a platform offering financial coaching and wellness support, to create employee-focused lending products. This collaboration combines Medallion Bank's lending and partnership expertise with Kashable's unique borrower evaluation methods which extend beyond just credit scores. Kashable plans to widen its accessibility by offering affordable credit and integrating with HRIS and payroll systems for automated repayments.</p>
 <p>The objective of this partnership is to increase Medallion Bank's reach in consumer finance and provide Kashable a bigger platform to offer its economical personal loans to more working Americans. Medallion Bank plans to offer personal loans through Kashable's platform. This will allow it to introduce its services to different audiences, including employers, benefit administration platforms, marketplaces, and industry brokers.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Kashable’s <a href="https:<br>
//sp-edge.com/updates/29463"> recent partnership </a> with BrightDime nearly five months ago was also focused on expanding its product reach by offering free personalized financial coaching and money management tools to over 170,000 employees. These collaborations align with Kashable’s expansion plans and product development roadmap of providing new financial wellness services and enhancing its capabilities to extend affordable credit to employees across the credit spectrum through its <a href="https:<br>
//sp-edge.com/updates/25686"> Series B funding </a> of USD 25.6 million raised early this year.</p>

Medallion Bank collaborates with Kashable to offer lending products and expand Kashable's reach

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 <p>DailyPay, an earned-wage access (EWA) platform, has introduced "DailyPay Built In," a human capital management (HCM) solution. This solution can be integrated into current payroll systems, enabling them to offer worker's access to their earned wages and other DailyPay services within the platforms.</p>
 <p>The integration of DailyPay Built In allows employees to access their earned wages either through the DailyPay mobile app or directly within the HCM's user interface. This is achieved without any alterations to existing payroll procedures.</p>
 <p>WorkWave's TEAM Software will be one of the first HCM companies to leverage DailyPay Built In in its operations.</p>
 
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All Updates

Brightside selects Helix by Q2 to power financial solutions

DailyPay expands services with new International Remittances feature

DailyPay secures additional USD 100 million commitment to credit facility from Citi

Biden announces student debt relief for 1 million public service workers

Instant Financial launches Instant Direct for on-demand pay access

Destination XL partners with DailyPay to offer earned wage access to employees

EarnIn launches enhanced Balance Shield feature to prevent overdraft fees

Sunny Day Fund partners with Manifest to offer 401(k) consolidation and emergency savings services

Medallion Bank collaborates with Kashable to offer lending products and expand Kashable's reach

DailyPay launches 'DailyPay Built In' for human capital management providers

Financial Wellness Tools

Brightside selects Helix by Q2 to power financial solutions

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