ABN AMRO’s Payday offers unique solution for paying gig workers instantly

Announcement

Imagine receiving your pay within one minute of the customer approving your invoice. ABN AMRO’s Payday will make this possible for all gig workers. Read more about Payday below.

The gig economy continues to grow significantly, despite the uncertainty caused by the pandemic. People are looking for new jobs on platforms and want, or need greater flexibility. Many are drawn to the flexibility of being able to decide where, when, and how they work. But having to wait to be paid until long after they’ve completed a job is a problem for many gig workers. It can take several weeks for them to receive their pay, while most of them are young people who want to use their earnings sooner rather than later. That’s why ABN AMRO has developed Payday.

The gig economy continues to grow significantly, despite the uncertainty caused by the pandemic. People are looking for new jobs on platforms and want, or need greater flexibility. Many are drawn to the flexibility of being able to decide where, when, and how they work. But having to wait to be paid until long after they’ve completed a job is a problem for many gig workers. It can take several weeks for them to receive their pay, while most of them are young people who want to use their earnings sooner rather than later. That’s why ABN AMRO has developed Payday.

Payday is a unique, ultra-fast payment method developed by ABN AMRO Group Innovation. It enables gig workers to get paid immediately after their invoices have been approved by their customers, and is now in the test phase on several gig work platforms. Following a successful pilot with YoungOnes, this company will be the first to make Payday available to all its users. YoungOnes is a fast-growing start-up that matches supply and demand for temporary work by connecting freelancers and customers through its platform. Some 490,000 matches have been made since it started operating in 2017.

More info

For more info on PayDay click here to go to the ABN AMRO website (Dutch page). Interested? Request a noncommital demo here.