In light of the Covid-19 outbreak, working capital provider Greensill has united with seven NHS Trusts in the UK to accelerate staff payments.
The collaboration, free-of-charge to the NHS, utilises an app provided by the firm’s recently acquired Earnd division that assists companies with daily payments for employees.
A statement by Greensill read: “Greensill has recognised that the technology it developed to change the way businesses are paid for the goods and services they offer can also be used to change the way workers are paid for the work they do.
“From that idea it has developed a new division of Greensill called Earnd, which provides an app that allows anyone who signs up to it to get paid instantly for the work they have done as soon as they have done it. So no more waiting for payday and no more having to take payday loans or short term capital at outrageous rates.
“Greensill is working with the NHS to ensure that nurses and the key NHS staff who are on the front line fighting the Coronavirus everyday will be able to use Earnd for daily, free-to-get payment for the work they are doing and never again have to wait until the end of the month to get paid. That alone will save them thousands of pounds in interest and fees for loans they are forced to take out to make ends meet.”
It added: “The NHS will not be charged for Earnd either as the firm believes it is the right thing to do to make this technology available to public sector employers and employees absolutely free of charge, especially at a time like this.”
Greensill developed this product with the British healthcare sector in mind, and nurses in particular. Nurses are among the most vital workers in this country, but they are also amongst the financially most vulnerable. As a group they are one of the biggest users of short-term high interest loans between pay days.
The frontline in fighting this pandemic are the cleaners, nurses and porters alongside every nurse. With these key UK workers putting in so many extra shifts and considering all the hours there are to work, plus cover for sick colleagues, it is vital that the burden of fees and interest is removed to allow them access to pay as they earn it.