Hancock Whitney Bank offers business customers the PayActiv EWA program
SAN JOSE, California., March 2, 2021 / PRNewswire / – PayActiv, the only EWA program to receive an order for approval from the Consumer Financial Protection Board (CFPB), welcomes Hancock Whitney, the first bank to offer PayActiv’s financial wellness solution to its banking customers.
Hancock Whitney will now include PayActiv as an additional banking solution for its business customers. “We are pleased to be able to offer PayActiv to our business customers with 100 or more employees. This solution fits perfectly with our goal of helping customers achieve holistic financial well-being,” says John Hairston, the CEO of Hancock Whitney.
With PayActiv in the workplace, companies help their employees avoid costly service fees and fees associated with short-term payday loans. By accessing a portion of their earned but unpaid wages, a PayActiv user can save up to hundreds of dollars in fees and charges. According to CFPB, “the PayActiv EWA program is an innovative alternative to credit”.
“Hancock Whitney has shown leadership and lived his dedication to helping hardworking Americans. Your clients can now attract, retain and recruit talent with a strong and innovative advantage, ”said Safwan Shah, CEO of PayActiv.
“Companies that choose Hancock Whitney can now help their workers live the lives they deserve, navigate the ups, downs, and unknowns of life, and be able to participate more fully in the economy that they helped shape, ”concluded Shah.
PayActiv’s EWA program is the only one that has received an approval order from the CFPB and is available in 50 states. PayActiv saved users $ 572 million for payday loans, overdraft and default interest and reduces sales by up to 50 percent.
About Hancock Whitney
Since the late 19th century, Hancock Whitney has embodied the core values of honor and integrity, strength and stability, commitment, teamwork and personal responsibility. Part of the Hancock Whitney Corporation, Hancock Whitney Offices and Financial Centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; Commercial and small business banking; private banking; Fiduciary and investment services; Healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee. BauerFinancial, Inc., the nation’s leading independent rating and analysis company for banks, has consistently recommended Hancock Whitney as one of America’s most financially sound banks. Further information is available at www.hancockwhitney.com.
PayActiv Inc., a Public Benefit Corporation and Certified B-Corp, provides holistic financial wellness services that include on-demand access to earned but unpaid wages, savings and budgeting, billing, and financial health measurement tools. Companies that partner with PayActiv see significant cost savings through increased hiring, engagement and retention. Payactiv is the winner of the Consumer Champion Award 2020 from the Innovative Payments Association and winner of the Finovate 2020 sustainability award. Payactiv has also won best-in-class awards in both FinTech and HRTech and is the EWA provider of Walmart. in the August 2020, PayActiv released a short film entitled We heard you. Find out more at, visit www.payactiv.com.