ADVASA Co., Ltd. (HQ: Tokyo, CEO: Asamitsu Kosugi) will exhibit at Money20/20, the world's largest FinTech conference, in Las Vegas, Nevada, October 23-26, 2022, to accelerate its expansion into the US market, where digital payroll and instant payroll access services are rapidly growing.
TOKYO, Oct. 21, 2022 /PRNewswire/ -- ADVASA is a pioneer in "Earned Wage Access" (EWA), a technology that allows for instant payroll access to employees compared to a biweekly or monthly payroll. Almost all EWA services use Pay In-Advance technology, and ADVASA holds extensive and strong foundational patents for Pay In-Advance technology in the US, Japan, and other countries, enabling complete compliance protection for companies that provide EWA services globally.
EWA infrastructure is commonly used in the US logistics industry to pay delivery drivers instantly once a delivery is successfully completed. According to the Center for Responsible Learning, the EWA market has nearly tripled from 2018 to 2020, growing from $3.2 billion to $9.5 billion[1]. ADVASA is expanding globally as EWA technology can reduce employee turnover costs—estimated to cost employers in the US and the UK $300 billion[2] annually—by providing employees with an incentive to stay at the company and complete more deliveries or shifts.
Despite substantial workplace innovation over the past few years, there has been a lack of innovation in payroll, particularly in Europe and the US, where employers often process payroll on a predetermined cycle. The typical 2-week payroll cycle can negatively affect workers who have their own bill payments that work on a different cycle. Businesses can now develop a payment protocol that enhances their workers' financial security and the company's corporate brand by distinguishing themselves as an advanced employer in their industry. In a poll conducted by EY 2020, 80% of participants[3] indicated that they would be open to using EWA for payment processes, which already has been widely implemented in US companies like Walmart, Uber, McDonald's, Burger King, Domino's, Chili's, and other large service providers.
With ADVASA's US-based partner IPwe, whose platform basis adopt on Casper blockchain technology, ADVASA will formally launch its ground-breaking EWA technology with the blockchain that is without sacrificing the essential components of usability, cost, decentralization, or security on the US market at Money2020. To boost the use of EWA technologies in the US and position ADVASA as a pioneer in payroll access technology, ADVASA has partnered with IPwe to make its essential EWA patent portfolio accessible for license to US companies. With streamlined payments that are quickly transferred into any bank account, card, or e-wallet at the summary of each workday or shift, ADVASA and IPwe predict that EWA will replace traditional payroll procedures because it provides employees with instant payroll access without affecting the employer's cash flow. EWA's further entrance to the US market will significantly lessen the burden on employees and improve employers' ability to attract top talent in a competitive labor market.
To meet the ADVASA and IPwe's President, Leann M. Pinto, at Money2020, please visit booth #3606.
Leann M. Pinto
Leann Pinto is an expert in patent monetization, having personally generated over $150 million in revenue during her tenure at IBM as a top decision-maker in IBM's patent business group, most recently acting as the Director of Patent Licensing. Leann's introduction to patents and monetization started in the pharmaceutical industry, where she represented both generic and brand pharma companies, including as a patent litigator achieving notable victories for numerous international brand pharma companies. Leann earned her undergraduate degree in pharmacy and later obtained a law degree. Before IBM, she held executive positions with startup pharma companies in business development and regulatory affairs. As IPwe President, she oversees growth of the company's operations and forging new enterprise partnerships.
ADVASA Co., Ltd.
ADVASA provides a payment service called "FUKUPE," an EWA platform that offers employees immediate access to their payroll with cashless receipts and settlements across any wallet, card, or bank account. Accordingly, ADVASA is further developing its EWA platform by utilizing blockchain technology that pays employees using cryptocurrencies, the subsequent development in financial inclusion, and workplace innovation.
ADVASA currently provides original equipment manufacturer services to financial institutions and licenses its EWA technology portfolio.
For Media Enquiries:
Itaru Inaho
inaho@advasa.co.jp
+81-3-6868-5538
[2] Resource: ONS, U.S. Labor Bureau; EY Analysis, 2020 |
[3] *3 Resource: On-Demand Pay: payroll that works for all; EY 2020 |
SOURCE ADVASA Co., Ltd.
