Imagine receiving your pay within one minute of the customer approving your invoice. From April, ABN AMRO’s Payday will make this possible for all flexi-workers registered with partner freelance platform YoungOnes.
The gig economy continues to grow significantly, despite the uncertainty caused by the pandemic. People are looking for new jobs on platforms and want, or need, greater flexibility. Many are drawn to the flexibility of being able to decide where, when and how they work. But having to wait to be paid until long after they’ve completed a job is a problem for many flexi-workers. It can take several weeks for them to receive their pay, while most of them are young people who want to use their earnings sooner rather than later. That’s why ABN AMRO has developed Payday.
Ultra-fast payment method
Payday is a unique, ultra-fast payment method developed by ABN AMRO Group Innovation. It enables flexi-workers to get paid immediately after their invoices have been approved by their customers, and is now in the test phase on several gig work platforms. Following a successful pilot with YoungOnes, this company will be the first to make Payday available to all its users. YoungOnes is a fast-growing start-up that matches supply and demand for temporary work by connecting freelancers and customers through its platform. Some 490,000 matches have been made since it started operating in 2017.