PayTV is designed to offer payroll professionals real-time confirmation when workers can access their pay, the FinTech said in a Tuesday (May 13) press release.
“Whether employees use Chime or another financial institution, PayTV offers users visibility and predictive insights into their employees’ payment status, eliminating the black box that’s traditionally kept payroll teams in the dark and helping prevent potentially costly payroll errors,” the company said.
In addition to letting payroll teams track when funds arrive, the company says PayTV helps businesses quickly spot delays or errors without back-and-forth between processors and banks, while also letting them answer employee questions using real-time, data-driven information.
Chime notes that the offering comes at the end of a 10-year span that has seen a surge in workers turning to technologies such as direct deposit and earned wage access (EWA).
Research in the PYMNTS Intelligence report “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction” shows that 83% of workers want to have more frequent pay schedules.
Faster access to funds matters, too, as two-thirds of people in the U.S. live paycheck to paycheck. In an additional report, “Measuring Consumer Satisfaction With Instant Payouts,” 77% of consumers said they wanted instant payments for income and earnings disbursements.
Chime argues these trends show why payroll teams need to have access to greater transparency and insights.
“Payroll professionals are asked to guarantee something they can’t see,” Chime Enterprise Head of Product Konstantin Getmanchuk said in the release.
“When someone says, ‘I didn’t get paid’ or ‘My amount is wrong,’ payroll teams are stuck in the middle, without the insight they need to address their employees with confidence. PayTV finally gives them the power to see what’s actually happening, in real time.”
The new offering comes at a time when, as PYMNTS wrote last week, payroll technology has lagged on an international scale because of a “web of jurisdictional landmines, compliance headaches and siloed systems.”
For international organizations, the stakes are high: regulatory mistakes, payment delays, and a lack of real-time visibility into labor costs can lead to financial and reputational damage.
“If you think of the standard payroll controller, they’re on their toes,” Amit Levi, chief product officer at Papaya Global, told PYMNTS.
“They’re always worried. Because something’s going to happen, somebody’s not going to get paid, or they’re going to miss some regulations.”
