'We Want To Work With As Many Banks As Possible': The Next Steps For Earned Wage Access

During the recent Benzinga Fintech Deal Day and Awards event, Rob Nardelli, director of commercial banking at DailyPay, shared his insights on embedded finance’s current and future state.

Following his participation in a panel discussion, Nardelli elaborated on the importance of collaboration between fintech firms and traditional banks and provided a glimpse into what could be next for the industry.

The Role of Bank Partnerships

Nardelli emphasized that partnerships with banks are critical for companies looking to lead in payments. "When it comes to [progress], it takes time. In my opinion, you need to partner with banks if you want to be serious about being a true leader in payments," he said. DailyPay's current model integrates real-time payment technologies such as OCT and push-to-card rails to enable users to access wages immediately when needed.

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The company has also collaborated with financial institutions like PNC Bank, incorporating bank branding into DailyPay's fintech app. This has allowed the product to operate as a regulated bank solution while maintaining its core functionalities. "We were able to put our product with PNC's name on top of it… regulated as such," Nardelli explained, adding that the app is available through major app stores.

What Comes Next?

Nardelli hinted at the possibility of reversing the embedded finance model by directly integrating DailyPay's platform into banking solutions. "What if we embedded our DailyPay product in a banking solution? I'll leave it at that," he said. While he stopped short of offering specific details, the comment suggests that future developments could further align fintech solutions with traditional banking frameworks.

Industry Engagement and Goals

With industry leaders gathered at the event, Nardelli also reflected on the broader conversations taking place. He expressed a desire to collaborate with additional banks to expand earned wage access. "We are not exclusive. We want to work with as many banks as possible who are willing to join us on our journey," he said.

Nardelli's perspective underscores the evolving relationship between fintech companies and banks, driven by a shared goal to improve financial accessibility for users. By blending fintech solutions with traditional banking, companies like DailyPay continue to explore new ways to meet the needs of modern consumers while addressing regulatory and operational challenges.

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