App allowing employees to access part of their salary before the launch of payday in Ireland
A new personal finance app that allows employees to access an interest-free portion of their income each month before payday has been launched after receiving approval from the Central Bank.
The Azucko app, which is operated by Prima Finance, gives employees flexibility based on the hours they have already worked. However, the payroll debit service requires employers to register.
The group said the service “helps eliminate the need for high-cost credit, such as credit cards, personal loans and overdraft fees if employees run out of money or face an unexpected expense before their next repair”.
Azucko works by integrating with employers’ payroll or time and attendance systems, allowing workers to see what they have earned and how much they can withdraw during each month.
Azucko Managing Director Brian Leslie said: “We are increasingly concerned about our physical and mental financial well-being, but financial stress is also common and has a serious impact on 62% of all employees. today.
“Azucko allows employers to help their employees better manage and understand their finances. Unique, it allows employees to deduct part of their income that they have already earned but have not yet been paid by their employer.
“It gives employees more control and flexibility over when they get paid and how they manage their money and deal with sudden, unexpected expenses.
“From an employer’s perspective, when staff feel more secure in their finances, they are likely to be more productive and motivated, which means everyone benefits.”
Although employers must register for their staff to benefit from the access service, they can “do it easily”, without registration fees and without interrupting normal payroll processes.
The app is also designed to help users get a clearer picture of their future finances, income, and expenses.
This includes connecting all bank accounts in the app, tracking spending habits, paying monthly bills, starting a savings plan, identifying monthly savings on utility bills and tracking financial scores.
Users can also assess their borrowing capacity for a personal or car loan, or a mortgage.
“Now more than ever, it is vital that people have full access to their financial information so that they are able to take control of their finances,” Mr. Leslie said.