i2c Agile Processing Platform Drives Financial Inclusion and Empowerment for Gig Economy
REDWOOD CITY, Calif. – January 30, 2018 – i2c, a global provider of smarter payments and integrated commerce solutions, today announced that Payfare, a leading provider of mobile banking and micro-lending solutions for next-generation earners in the cashless, on-demand economy, has selected i2c’s Agile Processing payments platform to deliver prepaid solutions in the United States, Canada, and globally.
“The payments industry is being driven by forward-thinking FinTech players like Payfare, and the flexibility of our single payments processing platform enables them to roll out truly innovative products to markets around the world,” said Peg Johnson, EVP of Global Client Success at i2c. “We are proud to team with Payfare to deliver innovative, highly-differentiated solutions that drive financial inclusion and empowerment.”
Leveraging i2c’s payments processing platform, Payfare enables transportation and ridesharing companies to pay drivers by loading their earnings onto a prepaid Mastercard. Drivers can shop in-store or online anywhere Mastercard is accepted. They can also withdraw cash at any ATM, transfer money, and pay bills. For added convenience, drivers can access their account 24/7 online or in-app via their iOS or Android device. The Payfare service will be available in the United States in the first quarter of 2018.
An estimated 34% of the US workforce is now part of the “gig economy”, working as short-term and freelance employees, according to a recent study by Intuit. Paying part-time workers promptly and efficiently can be a difficult problem for companies in this new economy. Powered by i2c’s platform, Payfare’s disruptive solution allows transportation providers to pay drivers daily or after each ride, providing quick access to much-needed cash flow and creating a driver benefit that differentiates them from the competition.
i2c’s Agile Processing platform makes it easy for FinTech companies to customize and launch payroll programs in any currency and language. It also offers tools that help employers communicate more effectively with employees, such as mobile apps, account access websites, and real-time account alerts.
“Our partnership with i2c will allow Payfare to deliver a flexible and cost-effective solution with a dynamic user experience for workers in today’s gig economy,” said Ron Hynes acting CEO of Payfare. “As we expand our offering in the US and Canada and plan for rapid expansion around the world, we are excited to have i2c as our strategic partner to provide the payments processing services to meet the unique needs of our customers around the world.”
About i2c Inc.
i2c is a global provider of highly-configurable banking and payment solutions. Using i2c's proprietary building block technology, clients can easily create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively. i2c delivers unparalleled flexibility, agility, security and reliability from a single, global SaaS platform. Founded in 2001, and headquartered in Silicon Valley, i2c's next-generation technology supports millions of users in more than 200 countries/ territories and across all time zones.
For more information, visit i2cinc.com and follow us at @i2cinc.
About Payfare
Payfare is a financial technology company providing cloud-based, disruptive solutions to help today’s on-demand work force gain access to their earned pay; faster and more efficiently than ever before. With mobile banking and micro-lending at the core of our offering, we have built a suite of products to meet the dynamic banking needs of an emerging global work-force.
Media Inquiries:
Marilyn Schaffer
Payfare
+1 (616) 400-5629
mschaffer@xtminc.com