Revolut and IRIS partner to bring early salary access to thousands

Revolut and IRIS, a human resources software giant, have struck a partnership to bring early salary access to thousands more Brits.

In a move that comes over a year after Revolut first introduced an early salary feature for users, the partnership will allow companies using the HR system IRIS Cascade to access ‘on-demand pay’.

It will also give Revolut Business customers access to IRIS’s instant payroll system Staffology Payroll.

“With up to 20 per cent of working adults in the UK having less than £100 in savings, many are extremely vulnerable to financial changes or unforeseen costs - which has been exacerbated by the pandemic,” Product Owner and CEO Office at Revolut Emil Urmanshin said. 

“Salary advance is the logical solution in giving our customers the flexibility they need to reduce debt, manage sudden financial surprises and access money they have already earned without huge interest rates which can quickly spiral out of control.”

Revolut joined the likes of Monzo’s ‘get paid early’ feature when it introduced ‘on-demand pay’ over a year ago, allowing customers who meet set requirements to receive their pay cheque one working day early.

Monzo’s similar feature, introduced in 2019, allows users to access their salary at 4PM the previous day. 

The collaboration will bring the feature to the more than 1,200 companies that use IRIS Cascade, allowing employees more control over their personal finances.

“Employees increasingly want access to their earned wages on demand, and most employers want to give them that flexibility,” Chief Marketing Officer at IRIS David Turner said. “That’s why we are pleased to help our clients improve financial wellbeing through Revolut’s On-Demand Pay product.”

“At the same time, HR and payroll professionals want the right technology to support flexible working – HR software that provides powerful, connected insight so they can focus on people, not processes,” he added.