AltaOne Federal Credit Union in Ridgecrest, Calif., has invested in Veep Software.
As part of the investment, the companies launched AnyTimePay, an earned wage access platform that lets members access wages they have earned before payday. The amount of the investment wasn’t disclosed.
“At AltaOne, we are always looking for innovative ways to strengthen the financial well-being of our members,” Stephanie Sievers, AltaOne’s CEO, said in a statement. “Too often, financial stress is not about whether someone is responsible; it is about whether the timing of their income matches the timing of their obligations. A bill may be due today, while a paycheck arrives several days later. AnyTimePay helps members bridge that gap responsibly by giving them access to wages they have already earned.”
AnyTimePay uses artificial intelligence to analyze member behavior and assess risk, helping prevent members from accessing more earned wages than they can responsibly manage.