Why On-Demand Pay is the Fintech Industry’s
Answer to the Future of Work
Presentation Date & Time:
Date: May 17th
Time: 10:00 AM to 10:50 AM
Presenter Information:
Name: Aaron Fox
Organization: Ceridian
Presenter Information:
Name: George Siter
Organization: Mastercard
Presentation Description:
This session will discuss the evolution of the payroll, why on-demand pay is the future and how it fits into the fintech ecosystem, and why the financial services industry should care. Payroll is the point a consumer’s financial journey begins – without a steady inflow of funds, consumers simply cannot pay for items, let alone utilize the millions of fintech services available today. And, for most people, they rely on a paycheck as their main source of income.
However, on any given day, EY estimates that $1 trillion of employees’ wages are locked up in payroll systems across OECD countries. Meanwhile, millions of people live paycheck to paycheck, with little to no financial buffer in between the 2-4 week pay cycle. In fact, according to Ceridian’s latest research, one in two North American workers tapped into their savings account to pay for necessities in 2022.
As a result, they succumb to credit card debt or even payday loans to make ends meet. With financial stress at all-time highs, imagine what freeing up that $1T in capital would do for workers’ financial well-being. Over the past several years, on-demand pay has revolutionized the payroll experience by eliminating the need to wait for payday. Leading employers have successfully implemented on-demand pay solutions like Ceridian’s Dayforce Wallet to empower workers with instant access to their paychecks.
Most Important Points?
Presentation Date & Time:
Date: May 17th
Time: 10:00 AM to 10:50 AM
Presenter Information:
Name: Aaron Fox
Organization: Ceridian
Presenter Information:
Name: George Siter
Organization: Mastercard
Presentation Description:
This session will discuss the evolution of the payroll, why on-demand pay is the future and how it fits into the fintech ecosystem, and why the financial services industry should care. Payroll is the point a consumer’s financial journey begins – without a steady inflow of funds, consumers simply cannot pay for items, let alone utilize the millions of fintech services available today. And, for most people, they rely on a paycheck as their main source of income.
However, on any given day, EY estimates that $1 trillion of employees’ wages are locked up in payroll systems across OECD countries. Meanwhile, millions of people live paycheck to paycheck, with little to no financial buffer in between the 2-4 week pay cycle. In fact, according to Ceridian’s latest research, one in two North American workers tapped into their savings account to pay for necessities in 2022.
As a result, they succumb to credit card debt or even payday loans to make ends meet. With financial stress at all-time highs, imagine what freeing up that $1T in capital would do for workers’ financial well-being. Over the past several years, on-demand pay has revolutionized the payroll experience by eliminating the need to wait for payday. Leading employers have successfully implemented on-demand pay solutions like Ceridian’s Dayforce Wallet to empower workers with instant access to their paychecks.
Most Important Points?
- As more employers recognize the importance of on-demand pay, it will open the doors for millions of people to access their paychecks on any day of the month. Plus, it will act as a as a financial bridge for those lacking access to credit. This presentation will highlight how this will impact a consumer’s financial journey, and why it matters to the fintech industry
- Explore how the fintech ecosystem can take advantage of a massive opportunity to provide every employee (a potential customer) with more sophisticated financial tools like robust budgeting options, lending products, credit building, investments, and more.
- What’s next after on-demand pay? What types of innovations will bridge the gap between the traditional two-to-four-week pay cycle and employees’ financial needs? Enter streaming pay, a technology pioneered by Ceridian that will automatically “stream” workers’ earned wages into their wallets in real-time.
- As workers face macroeconomic challenges like inflation, many are barely making ends meet, with little to no financial buffer to pay for unexpected expenses like a car repair or a medical emergency. Explore how employers like Danone North America and OTG Management have implemented on-demand pay to help alleviate this stress for their people, leading to increased retention and productivity at work.
Aaron Fox Biography
Aaron Fox is the Commercial Vice President of Ceridian’s Dayforce Wallet division.
Aaron is responsible for the sales and go-to-market strategy of Dayforce Wallet in North America and the United Kingdom, an on-demand pay solution that empowers employees with accelerated access to their earned wages. Aaron regularly engages with Ceridian’s largest enterprise partners to connect Dayforce Wallet’s unique solution for on-demand pay to critical business objectives that include talent attraction, retention and financial wellness.
Before joining Ceridian, Aaron was Vice President, Data & Analytics Solutions at Wells Fargo. Previous to Wells Fargo, he held three roles at American Express, overseeing client engagement activities across several products and services.
Aaron earned an MBA from Georgetown University and a Bachelor of Science in Management from Tulane University. He lives in Fairfield, Connecticut with his wife and two sons.
Aaron is responsible for the sales and go-to-market strategy of Dayforce Wallet in North America and the United Kingdom, an on-demand pay solution that empowers employees with accelerated access to their earned wages. Aaron regularly engages with Ceridian’s largest enterprise partners to connect Dayforce Wallet’s unique solution for on-demand pay to critical business objectives that include talent attraction, retention and financial wellness.
Before joining Ceridian, Aaron was Vice President, Data & Analytics Solutions at Wells Fargo. Previous to Wells Fargo, he held three roles at American Express, overseeing client engagement activities across several products and services.
Aaron earned an MBA from Georgetown University and a Bachelor of Science in Management from Tulane University. He lives in Fairfield, Connecticut with his wife and two sons.
George Siter Biography
George Siter is currently serving as Vice President, Account Management for Mastercard. George has spent the last 15 years working in the Payments & Technology industry and joined Mastercard in 2018.
At Mastercard, George’s team is responsible for providing comprehensive consulting support and customized solutions that leverage MasterCard's strong brand, technology, operations, franchise, and risk platforms to expand financial inclusion while enabling partners to achieve desired results.
Prior to joining Mastercard, George spent 10 years at DFC Global Corp., primarily focused on developing card payment and remittance solutions for the prepaid & fintech banking segment in the US, Canada, UK and select European countries with an emphasis on financial inclusion, technology and the enhancement of the overall customer experience. In 2016 while at DFC, George spearheaded the launch of one of the first General Purpose Reloadable Prepaid Cards with EMV and contactless payment technology in both the US and Canadian markets.
George has a bachelor’s degree in Communications from Widener University and an MBA from Widener University. George and his wife Nicole reside in the Philadelphia suburbs and have three children.
At Mastercard, George’s team is responsible for providing comprehensive consulting support and customized solutions that leverage MasterCard's strong brand, technology, operations, franchise, and risk platforms to expand financial inclusion while enabling partners to achieve desired results.
Prior to joining Mastercard, George spent 10 years at DFC Global Corp., primarily focused on developing card payment and remittance solutions for the prepaid & fintech banking segment in the US, Canada, UK and select European countries with an emphasis on financial inclusion, technology and the enhancement of the overall customer experience. In 2016 while at DFC, George spearheaded the launch of one of the first General Purpose Reloadable Prepaid Cards with EMV and contactless payment technology in both the US and Canadian markets.
George has a bachelor’s degree in Communications from Widener University and an MBA from Widener University. George and his wife Nicole reside in the Philadelphia suburbs and have three children.
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