Emerald Finance Ltd has announced a strategic partnership with EBIX Vayam Technologies to roll out an Early-Wage-Access program for its employees. This initiative is designed to offer instant financial relief by allowing employees to access a portion of their earned salaries before payday. The move reflects Emerald Finance’s commitment to employee welfare and financial innovation.
Partnership Overview
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Emerald Finance Ltd collaborates with EBIX Vayam Technologies Private Limited, based in Noida.
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The partnership aims to deliver a tech-enabled Early-Wage-Access program for employees.
Program Features
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Employees can access a portion of their salaries throughout the month.
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Salary advances are treated as short-term loans, repaid via automatic salary deductions.
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The system ensures seamless, secure, and fast transactions using EBIX’s digital platform.
Strategic Goals
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Enhances Emerald Finance’s retail financial offerings.
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Strengthens its position in employee-centric financial services.
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Aligns with the company’s broader vision of financial inclusion and wellness.
Employee Benefits
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Provides instant access to funds for unexpected expenses.
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Reduces dependence on high-interest credit options or payday loans.
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Promotes responsible financial management with structured repayment.
Market Impact
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Positions Emerald Finance as a forward-thinking player in fintech and HR finance.
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Sets a precedent for corporate-led financial wellness initiatives in India.
Sources: Finance Saathi, Scanx Trade, MoneyWorks4Me