Members of AFC since 2021, DailyPay, is on a mission to make earned wage access (EWA) available everywhere and create a regulatory structure for the industry

WASHINGTON, D.C. (April 26, 2023) – The American Fintech Council (AFC), the leading industry association representing responsible fintech companies creating critical access to safe and affordable financial services has announced that longtime member DailyPay has joined the board of directors. DailyPay will join a growing group of diverse industry leading fintech companies building the future of financial services with focus on transparency, consumer protection, and regulatory compliance.

“DailyPay is empowering the American worker to live a more responsible financial life with access to their earned pay as they earn it,” said Phil Goldfeder, Chief Executive Officer at the American Fintech Council. “As the first Earned Wage Access company to join our board of directors, DailyPay will add an important voice and even more importantly, help us work with policy makers, regulators, and the wider industry to create a responsible standard for EWA that balances the need for innovation in pay access without compromising on consumer protection.”

EWA is a payroll innovation that enables workers to access wages they have already earned when they need it – without waiting for an arbitrary payday. According to the Financial Health Network, EWA is a rapidly growing and popular employee benefit. In 2020, there were 55 million EWA transactions and $9.5 billion in earned wages facilitated, and about 15 percent of employers offer EWA as a benefit to their employees.

“We applaud the work of the AFC and look forward to joining their board of directors, further aligning our shared-mission of a transparent, inclusive, and customer-centric financial system that works for everyone,” said Ryan Naples, DailyPay’s Director of Public Policy.  

DailyPay delivers the industry’s leading on-demand pay solution with modern, insight-driven pay strategies that help America’s leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions.

DailyPay integrates directly with many of America’s largest employers, human capital management companies, and financial institutions.