Citizens Program Enables Corporate Clients to Offer Employees Early Access to Earned Wages

By: Citizens Financial Group, Inc. via Business Wire

March 29, 2022 at 09:01 AM EDT

Earned Wage Access solution can help companies attract and retain talent

Citizens today announced a solution that enables corporate clients to give employees on-demand access to their earned pay, along with financial health tools designed to help them feel more financially secure.

“Acquiring and retaining strong talent is more important than ever, and this program enables our clients to offer their employees a valuable benefit,” said Michael Cummins, head of treasury solutions, Citizens. “This solution also offers employees tools that can help reduce their financial anxiety.”

According to a 2019 Visa survey of 1,000 workers nationwide, 95 percent said they would be interested in working for an employer that provides Earned Wage Access. Citizens’ 2022 Payments Pulse survey of 200 middle-market treasury executives found 70 percent were already offering some form of earned-wage access and another 24 percent are expecting to offer it soon.

The Citizens solution funds the earned wages and then is reimbursed by companies during the traditional payroll cycle, which means employers can use it at no additional cost and with no impact to their working capital. Earned Wage Access connects with nearly all major enterprise human resource information and payroll systems, creating a seamless process that can be up and running in as little as 30 days.

Separately, Citizens plans to launch a new account feature, Citizens Paid Early™, in the second quarter of 2022 allowing customers to receive their direct deposits up to two days early.

Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

For more information, please go to the Citizens website.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of nearly 3,000 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.