Staff are charged a flat fee to access their pay earlier than payday.
Seven more NHS Trusts in England have rolled out a new system giving all staff access to their pay earlier than payday.
Allocate Software’s InstantPay solution powered by Wagestream allows staff to receive a percentage of their accrued pay any day of the month
Staff are charged a simple flat fee of £1.75 per transaction.
Chelsea and Westminster Hospital, Gloucestershire Hospitals, United Lincolnshire Hospitals, Liverpool Women’s NHS Foundation Trust, Liverpool Heart and Chest Hospital, Sheffield Health and Social Care NHS Foundation Trust and the James Paget University Hospitals are the latest trusts to join the scheme.
The new additions mean over 100,000 NHS staff now have access to the scheme.
Wagestream have previous claimed that their scheme reduces the dependence of staff on “predatory lenders” and payday loan systems and now say their own research shows 77% of their users feel less stressed about financial burdens.
Research undertaken by NursingNotes shows that around 10% of NHS workers rely on short-term loans to pay their bills.
Virginia Massaro, Chief Financial Officer of Chelsea and Westminster Hospital NHS Foundation Trust, said: “We rely on agency staff to support our continued efforts in keeping staffing levels safe especially during these unprecedented times, the costs are significant for all NHS trusts, and any innovation which increases the use of bank staff is to be encouraged.
“We’re excited about the impact that InstantPay is going to have. Giving staff the chance to access their bank pay immediately is a win-win situation for both them and the Trust, and it’s great to be able to give members of the team more control over their money.”
Peter Briffett, CEO and Co-Founder of Wagestream, added; “More and more NHS trusts are launching InstantPay because they know that reducing financial stress for staff and incentivising greater take up of overtime shifts is mutually beneficial.
“We are very proud to partner with Allocate to power the InstantPay solution, and bring better financial health to critical frontline workers’”