Payroll solutions company CloudPay has partnered with Santander to offer new solutions in how its employees are paid.
Small business Santander customers can now leverage CloudPay’s on-demand payment solution, CloudPay NOW, to gain access to their wages in real-time to help them gain financial flexibility and wellness.
By partnering with Santander, its small business customers can now offer a service typically accessible only to larger enterprises, addressing a globally growing need for financial wellness solutions by providing employees with real-time access to earned wages, and greater engagement and productivity.
Alberto Fernández Tomé, Head of New Revenue Streams and Partnerships at Banco Santander, said: “We’re thrilled to partner with CloudPay to bring CloudPay NOW to employees across Spain, offering them an innovative way to manage their finances with greater flexibility.
“By providing instant access to earned wages, we’re enhancing the employee experience and supporting financial wellness for our clients’ workforces. This partnership enables us to give businesses of all sizes the tools to attract and retain talent while fostering a positive and financially empowered workplace culture.”
According to research carried out by CloudPay, 44% of employees stated that having access to wages on-demand would increase their loyalty to their company.
CloudPay NOW seeks to help employees gain financial flexibility to handle unexpected expenses, promoting financial well-being and easing the stress associated with traditional monthly pay cycles.
Furthermore, for businesses, offering on-demand, real-time transparency over employee wages helps position them as attractive entities to work for, enhancing engagement, loyalty, and overall employer brand appeal.
Timo Weber, Chief Strategy Officer at CloudPay, added: “Our partnership with Banco Santander represents a major step forward in transforming the pay experience and providing employees with flexible, real-time access to their wages.
“CloudPay’s commitment to empowering individuals with tools that support financial stability and reduce the stress of monthly pay cycles is key. We’re proud to work with Banco Santander to make financial wellness an accessible reality for employees across Spain.”
