Railsr enables Wagestream to scale its service, providing financial wellbeing for frontline workers
Wagestream is a financial wellbeing app founded with charities and designed for frontline workers. Easily integrated into payroll and HRM software, Wagestream makes work more inclusive and rewarding. It allows people to choose fairer and more flexible financial tools, and services built around their pay.
Wagestream is offered through hundreds of caring employers including Bupa, Burger King, Co-op, Pizza Hut, Next, Greene King and many NHS Trusts, helping over two million people globally to develop better money management behaviours and reduce financial stress.
Not only do workers use Wagestream to choose their own pay cycle, but it also helps them manage their budgeting, save for a rainy day, chat to a personal money coach and get fairer deals on financial products. This all happens in the one app, with no change to payroll.
Wagestream is driven by a social charter – every service it provides must measurably improve financial wellbeing. Research shows that over 70% of people using Wagestream feel more in control of their money, leading to a happier, healthier and more productive workforce.
Railsr and Wagestream are working together to consistently enhance and expand the customer offering. Wagestream leverages the new features and capabilities of the Railsr platform.
“We were looking for a partner whose business values and culture aligned with ours… Railsr stood out as one of the few contenders that could match these requirements''.
Over 2 million end users
Over 500 5* app store reviews
When employees struggle with financial stress their whole organisation can suffer.
A fixed cycle of being paid on a specific day each month can be a key barrier to improving financial wellbeing. Whether it’s a cycle of monthly borrowing and repayment, or the trap of a debt cycle, the lack of flexibility built into legacy pay models and software has contributed to financial stress and poor money habits.
Nick Rogers, VP of Engineering at Wagestream, said: “Today, almost three-quarters of the UK workforce is affected every week because people are distracted by money worries. This in turn can increase financial exclusion and stress for workers, leading to lower recruitment, retention and productivity results for their employers.”
The main objective of the Wagestream team is to deliver financial wellbeing for every frontline worker. They want every working person to have complete financial freedom by giving them power over their pay. So they needed a partner who could understand their vision, and help bring it to life.
Nick added: “We were looking for a partner whose business values and culture aligned with ours. That meant choosing a partner whose team worked at a fast pace and could join us in translating complex technology into simple customer solutions and experiences. Railsr stood out as one of the few contenders that could match these requirements.”
“We’re delighted to be part of Wagestream’s journey,” commented Louisa Murray, SVP, Global Head of Key Accounts at Railsr. “Wagestream’s mission of financial wellbeing is critical in making a work environment more inclusive. We’re looking forward to working with them in the future to enhance their offering even more”.
“Wagestream’s core platform is built on payment rails provided by partners like Railsr. Without that technology, Wagestream simply wouldn’t be able to exist, nor deliver on its mission of providing value to its customers and stakeholders - by improving financial wellbeing for frontline workers,” added Nick.
Railsr makes embedding finance into apps and customer journeys as simple as drag and drop. Its platform technology moves past legacy issues by bringing together banks and businesses to transact digitally.
“Payments providers like Railsr are critical to our business model and so without them Wagestream would not be the success that it is'' explained Nick. “It provides simple and reliable APIs that allow us to process significantly high volumes of payments very quickly with a low failure rate. This has allowed us to run a very lean, reliable and cost-effective operation.”
“We hope to continue working with Railsr for years to come so we can consistently enhance and expand our customer offering by leveraging the new features and capabilities of their platform as they become available.” added Nick.
For more information on Wagestream’s Financial Wellbeing app click here.