Service designed to cut down worker payment times as global health crisis deepens.
With frontline NHS staff facing the biggest crisis in the healthcare service’s history, lender Greensill is fast-tracking work with Trusts around the country to introduce a pay-as-you-earn service.
Called Earnd, the new division of Greensill is aimed at the healthcare sector for nurses, in particular, to draw down their salaries on a daily basis if needed.
Currently Greensill is working with Salford, Northumbria and a leading London Trust to introduce the service which could be extended to shift-based cleaners, nurses and porters to “access the pay they have earned when they have earned it.”
“Allowing nurses and vital NHS workers to access their pay when they have earned it at no cost to them will hopefully ease one source of stress and allow them to focus on the vital work they are doing,” said CEO and founder Lex Greensill.
“We are very proud to provide Earnd for free as a service to help the NHS at a time it needs it most.”
At present Greensill says shift workers on the frontline often take out short term loans to cover gaps while they wait for their salaries, which could be covered by Earnd which “will save them thousands of pounds in interest and fees”.
Greensill was founded by Lex Greensill, a former Morgan Stanley and Citigroup banker, in 2011 and SoftBank has invested more than $1.4bn in the company to-date.
Earnd is actually a recent Greensill acquisition, the Australian fintech already has 10,000 employees using its service and was bought by Greensill only earlier this month.