OneSource Virtual (OSV) has launched myFlexWallet, a comprehensive digital wallet designed to improve employee financial well-being. The app integrates with OSV’s myFlexSpend, allowing employees to manage their consumer-directed health accounts alongside other financial solutions. The company plans to add more features to the app in the future.
According to Michael Roseman, OSV’s chief operating officer, digital, on-demand finance services are changing employee expectations and myFlexWallet aims to meet those evolving needs. Not only does the app give employees more flexibility and control over their finances, but it also provides employers with a valuable tool for recruitment and retention. Valerie Van Gorp, vice president of Customer Operations for OSV, adds that myFlexWallet offers employees more freedom and control over accessing their wages and can help them avoid late payment fees. Additionally, unbanked or underbanked employees can gain access to banking features they may not have had before.
Financial stress can negatively impact productivity and engagement, costing companies an estimated $200 billion per year. MyFlexWallet aims to reduce that stress, benefiting both employers and employees.
OSV has already seen positive results with myFlexPay, another payroll solution. Companies that offer myFlexPay have reported an 11% increase in hours worked by employees and a 16% reduction in turnover. Furthermore, 90% of employees who have used myFlexPay say that their financial situation has improved. Since 2021, OSV has distributed nearly $100 million in earned wages for Workday customers through myFlexPay.
MyFlexWallet builds on these capabilities by providing users with a single hub to access all of OSV’s payroll and benefits solutions. It empowers employees at all levels of an organization and has the potential to make a significant difference for employees, regardless of their role or access to traditional banking solutions.
About OneSource Virtual
OneSource Virtual provides co-sourced HR, Finance, and Accounting solutions to help customers thrive and grow. Their teams offer expertise and deliver comprehensive solutions and services to over 850 BPaaS customers in North America and EMEA.
Media Contact
Alec Woodward, OneSource Virtual, 1 (972) 916-9847, [email protected], onesourcevirtual.com
SOURCE OneSource Virtual
