FlexWage Solutions Named a Finalist In “Core Underbanked Innovation Challenge”
By: Date: June 2 2011
MOUNTAINSIDE, NEW JERSEY – June 2, 2011…Core Innovation Capital announced today that FlexWage® Solutions LLC, the socially responsible alternative to the payday and alternative loan debt trap, has been named a finalist in the “Core Underbanked Innovation Challenge,” earning one of the top spots for the most innovative new financial product serving the unbanked and underbanked in America. As one of the four finalists, FlexWage will present its new solution at the sixth annual Underbanked Financial Service Forum in New Orleans this month. The FlexWage product provides all of the benefits of a payroll card with the added benefit of access to earned wages when they are most needed. FlexWage challenges traditional services provided by payday and auto title lenders, pawnshops and check cashers, and prevents employees from spiraling into debt by eliminating high fees.
Organized by the Center for Financial Services Innovation and American Banker, the conference brings together the best of the underbanked financial services industry. As a finalist chosen for its innovation and cutting edge product, FlexWage will present its friendly, employer-sponsored system that gives employees access to money they have already earned prior to payday, strengthening productivity and retention.
“Companies are recognizing that millions of U.S. workers without access to savings or credit struggle to deal with short term financial emergencies, and are beginning to implement financial wellness benefits for their employees, said Frank Dombroski, President and CEO of FlexWage Solutions LLC. “Increasingly, FlexWage is being recognized as the unique, compelling solution.”
By providing fast and easy access to earned but unpaid wages through its WageBank® product, FlexWage saves employees money while increasing employer’s bottom line through improved employee productivity, satisfaction and retention, and the elimination of costly payroll disbursements via paper check. Employees receive a FlexWage payroll card and via WageBank are able to instantly transfer earned but unpaid wages onto the card. They incur only a nominal flat convenience fee. There is no loan, no interest and nothing to repay since accessed funds are simply deducted during the next payroll cycle.
Core Innovation Capital invests in technology-driven companies that strengthen the American middle class by delivering the highest value to underbanked people, who currently pay an estimated $29 billion a year in fees and interest charges. A venture capital limited partnership based in New York City, Core’s institutional investors are led by Goldman Sachs. For more information about Core Innovation Capital, visit http://www.corevc.com<http://www.corevc.com/>.
Core Innovation Industry Challenge recipients will be formally recognized at the sixth annual Underbanked Financial Services Forum which takes place on June 9 in New Orleans, Louisiana.
FlexWage® Solutions LLC is an innovative financial services company dedicated to providing compelling solutions to employers and employees via its patent pending WageBank product. FlexWage offers the industry’s only solution that provides employees reasonable access to earned wages in advance of their scheduled payday. Through its products, FlexWage helps improve quality of life for employees, enhances employee productivity, and minimizes expense and environmental impact by reducing paper-based payroll delivery. The FlexWage platform was developed by a team of financial services and IT leaders, with 60+ years of combined experience in the commercial credit and debit payments industry. Learn more at www.flexwage.com<http://www.flexwage.com/>.