Symatrix and Wagestream Partner to Scale Financial Wellbeing Offering to UK Workers
Agreement will enable more organisations to provide employees with access to earned wages, instantly in line with need
ERP, HCM and Outsourced Payroll Services provider, Symatrix, has announced it has signed a partnership agreement with Wagestream, market leading Earned Wage Access platform. Under the agreement’s terms, Symatrix will integrate Wagestream’s financial wellbeing solution, which provides colleagues with a percentage access to their earned wages, together with a range of other tools to support their financial resilience, into the Oracle and XCD payroll packages. This will enable Symatrix’ customers to provide every colleague with access to Wagestream’s wellbeing tools as part of their solutions.
To support this, Symatrix will provide their managed service to enable the seamless exchange and integration of people data between the HCM and colleague wellbeing solutions. This capability removes any IT burden and need to carry out costly and time-consuming ‘work-arounds’ from clients.
Wagestream was attracted to working with Symatrix because of its reputation as a centre of excellence for payroll in the UK and its capability to deliver and support Oracle and XCD payroll implementations. For its part, Symatrix was quick to see that partnering with Wagestream would enable it to play a key role in helping to transform payroll from a functional department to a value-added player within organisations and empower financial autonomy in their employees.
The agreement comes in the context of an environment where many employees are experiencing greater financial difficulties than ever before, due to wage freezes, job uncertainty and losses; salary cuts and being placed on furlough.
Chris Brooks, Managing Director, Symatrix said: “We are delighted to have this opportunity to work closely in partnership with Wagestream. Employee well-being is an increasingly important topic in the marketplace today and we are confident that many of our customers and prospects will be excited by this opportunity to deliver enhanced employee financial resilience and improved staff engagement, while improving productivity and retention at the same time.”
Peter Briffett, CEO and Co-Founder, Wagestream said: “As the European market leader in earned wage access, we partner with best in class technology companies and Symatrix are an established payroll specialist working at the frontline of payroll innovation. This partnership will enable our companies to share a joint vision of building technology that can be a force for good, and boost the financial resilience of 100’s or 1000’s of UK workers
The two companies plan to work closely together to introduce the concept and then sell it into existing Symatrix customers in the first instance, before broadening out the focus to encompass prospective customers across a wide range of vertical sectors.
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