Nine25 has developed a world-first Pay Stream® platform that helps its users spend safely and save, automating bill payments for its customers. The brainchild of Leigh Dunsford, who co-founded Waddle, Nine25, uses consent-based access to employment data to help workers save and spend responsibly, offering an innovative first-of-its-kind product.
"We're not just rewriting how Australia's workforce receives and manages earned income; we've built a platform that enables a seamless instant digital payments experience," says Dunsford. What Nine25 has done is align a user's bills and expenses with their real-time earnings. "Pay Stream®" is a first-of-its-kind technology that integrates directly with your payroll system, HR platform, or time and attendance system," says Dunsford.
Nine25 powers its streaming technology with integrations built into various payroll platforms, starting with leading cloud-based provider KeyPay. The innovation enables instant, secure verification of income and employment, then grants employees access to stream their money as they earn it with a direct deposit and instant digital payments experience that manages their bills and finances in one app.
The integration between Nine25 and KeyPay's platform provides digital workforce payments, real-time payroll, automated bill savings and management all in one app, a service that no other financial services or technology platform is currently doing. Nine25 actively matches bills and expenses to income; to help its customers proactively get control of their finances and spend responsibly.
"Nine25 has developed this first-to-market SaaS model to disrupt every other model today. Customers are not charged interest or late fees and have predictable cost access to the platform, which includes the real-time income and a virtual banking experience without being a bank. Costs can also be picked up by employers wanting to advertise the benefit or wishing to push instant 24/7 payments to workers of any kind," says Dunsford.
Continuous consent-based access to payroll data is the single source of truth for a person's employment status and income. Traditional credit providers look at stale, lagging income indicators via historical banking transactions, which has proven ineffective in determining someone's ability to repay in the future or to verify real-time employment information. Other providers rely on manual administrative processes to collect information from customers and employers. To activate the Nine25 service, employees simply verify employment in the app and then switch deposits to replenish their Nine25 account to receive a continuous stream of money each hour they’ve earned before scheduled pay runs. Nine25's business model is directly aligned to the success of its customers; the better they become at budgeting, on-time payments, saving and spending safely, the better the credit quality and successful the platform becomes.
"Open Banking came about to give consumers more control over their banking data and enable them to make better financial decisions using that data. Open Payroll Data will eventually become as powerful, provided other payroll providers follow KeyPay's example. We don't want the slow rollout of Open Banking to get repeated with Open Payroll Data. Nine25 is looking forward to growing the partnership with KeyPay to give every worker the ability to verify their employment and gain faster access to a range of financial services like Nine25," Dunsford says.
Nine25 has partnered with some of the nation's leading workforce technology companies, brands and charities to support employers and their workers across retail, restaurant, logistics, manufacturing, and healthcare industries. The disruptive fintech company believes consent-based access to employment data is the future, allowing employees to utilise their payroll data to take control of their finances and spend and save responsibly. Founder and CEO, Leigh Dunsford draws similarities between open banking and the use of open data access to HR and payroll systems.
Backed by Equity Seed who invested $3.2 million in late 2021, Nine25 is pioneering real-time pay and financial independence and will be releasing over 50 integrations in the next 3 months covering an estimated 80% of the payroll and gig economy market. Through its integrations and partnerships, Nine25 aims to make its Salary Streaming technology available to 3 million users in the next 6 months. Once these partnerships are live, it will position Nine25 as the fastest growing Australian fintech with the largest customer acquisition growth in the marketplace.
Launching in Australia in 2012, KeyPay dramatically changed the payroll landscape by offering clients a fully flexible, customisable solution catering to the diverse business needs of Australian businesses. KeyPay is an all-in-one, cloud-based payroll system serving over 750 partners globally across Australia, New Zealand, the United Kingdom, Malaysia and Singapore.
KeyPay automates the flow of data from employees across rosters, timesheets, leave management, and reporting, providing full client visibility of the pay run at all times in a single, integrated platform. Earlier this year, KeyPay was acquired by Human resources platform Employment Hero who raised $181 million in June, putting it at a unicorn valuation in Australian dollars of $1.25 billion.