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IPwe Inc., a provider of predictive analytics and blockchain technology, is partnering with Advasa Co. Ltd., a provider of earned wage access solutions. The deal will enable Advasa’s to expand its earned wage access business globally.
Earned wage access provides employees the ability to access a portion of their already earned wages, if needed, outside of a traditional pay cycle. A $12 billion market in in the United States in 2021, according to Dover, Del.-based IPwe, EWA is rapidly becoming a benefit that can give employers a competitive edge for attracting and retaining employees in a tight labor market. Employers providing EWA solutions can reduce turnover by as much as 40%, according to Immediate Financial, a Birmingham, Ala.-based provider of EWA solutions. At the same time, Immediate found that Immediate found that 80% say they would prioritize working for an employer that offers EWA over an employer that does not.
Given the benefits of EWA to employers and employees, Tokyo-based Advasa and IPwe say they believe EWA will become the standard method of payroll, with streaming wage payments that flow into a bank account, card, or e-wallet at the end of each workday or shift. Advasa is an early adopter of IPwe’s platform for EWA in the Japanese market
In addition to expanding its reach, Advasa is looking at services to pay out earned wages in cryptocurrency. Advasa plans to develop tokens utilizing the trusted and proven Casper blockchain technology as a means to paying EWA in cryptocurrency, the company says.
“IPwe works with governments, academic institutions, and enterprise companies around the world to drive innovation in the IP field and build a platform for the world’s patent ecosystem, and it is the best partner for the global expansion of Advasa’s EWA solution and its related patent portfolio,” Advasa chief executive Asamitsu Kosugi says in a prepared statement.
