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Start-up MyWage accelerates salary advance payments with fino

Berlin/Kassel. MyWage GmbH offers employees a simple and fast way to receive a salary advance (so-called “Early Wage Access”) without involving the employer. To do this, the Berlin-based start-up has integrated the solution of established fintech fino for multi-account connectivity, known as Universal Bank Access, (UBA). The technology identifies whether regular salary receipts exist as a prerequisite for the advance. The approval process from application to payment is shortened to about three minutes. Employees can clear payment bottlenecks unbureaucratically, pay urgent bills or finance unplanned purchases without drawing on an expensive loan or their overdraft facility.

“According to a study by ING-DiBa, almost 43 percent of employees in Germany run out of money before payday. Although employees have already earned part of their salary in the current month, they cannot access it,” explains Dr. Gamal Moukabary, one of the founders of MyWage. “This is exactly what we offer with our service, and we do it without requesting information from SCHUFA or involving the employer.”

The way to get a salary advance from MyWage is straightforward: The interested party registers free of charge on the company’s website, enters the salary account data in addition to personal information, and thus enables the transactions made on it to be analyzed. This is where fino’s UBA multi-account connection comes into play, enabling automatic analysis of existing transactions. Dr. Moukabary explains: “In order for employees to benefit from a salary advance via MyWage, they must, among other things, prove a regular net income of at least €500 per month and must not have any returned direct debits in the last three months. This represents a clear added value for the customer and simplifies uncomplicated support by means of a salary advance.” After the automated verification has taken place, the customer is paid the desired partial amount of his already earned salary for a small service fee. At the end of the month, this amount is then transferred back to MyWage by direct debit without interest.

MyWage selected BaFin-certified fintech fino as part of an evaluation process because their solution accurately recognizes salary payments and the company offers flexible and comprehensive support. Aleksandar Jeremic, Managing Director of fino digital, says: “We are very pleased that MyWage has chosen our solution for multi-account connectivity and that we can support the company in its market entry. The combination of our two solutions paves the way for employees to easily receive a salary advance in just a few steps.”

About MyWage: 
MyWage – a Berlin-based FinTech company – was founded in 2021 to improve the financial situation of employees. We believe that employees should have access to their earned salary at any time. Now it’s becoming a reality: we allow workers to access their already earned salary (advance payments) at any time. We also offer other personalized features to ensure easy support of our customers. Further information: www.mywage.de/home/en/ 

About fino:

The fintech company fino was founded in 2015 and develops products and services that optimize business processes in the area of finance. More than 100 employees work every day to ensure that the fino motto “Less finance – more you” becomes a reality for more and more companies and private individuals. Among other things, companies benefit from easier provision and management of their invoices, account information and payment flows. The analysis of these also helps them to make well-founded business decisions. Financial institutions, in turn, can offer their customers modern, fast solutions with fino’s products. Reference customers and partners include savings banks, VR banks, DATEV, Miles & More and Schufa. Further information: www.fino.group

Your editorial contacts:
fino run GmbH
Björn Kahle
Universitätsplatz 12
D-34127 Kassel
Tel.: +49 561 4745240-0
Email: press@fino.run

good news! GmbH
Nicole Gauger
Kolberger Straße 36
D-23617 Stockelsdorf
Tel.: +49 451 88199-12
Email: nicole@goodnews.de

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