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The Most Data-Minimalistic Earned Wage Access Solution

Minimizing employee data collection is critical for employers considering an Earned Wage Access (EWA) solution.
April 3, 2024

Data privacy is a leading concern for individuals and employers in today's digital age. With high-profile breaches, identity theft, and growing cyber threats, safeguarding sensitive information is essential for building trust and mitigating risk.

For employers considering an Earned Wage Access (EWA) solution, minimizing employee data collection is critical. The more personal and financial details housed in a system, the greater the potential exposure and liability if that data falls into the wrong hands.

Rain stands apart from the crowd as the most data-minimalistic and secure EWA platform on the market.

Rethinking Data Collection for Earned Wage Access

Rain has evaluated the types of employee information required to facilitate accurate, on-demand wage access and payments. We asked ourselves: What data is essential for calculating earned wage balances and distributing those funds?

The answer allowed Rain to reimagine the EWA process through an employee privacy lens. By stripping away non-essential data fields used by many competitors, Rain created an ultra-lean system for processing early wage transfers.

Rain needs only the following core data points to keep earned wage balances updated:

  • First name
  • Last name
  • Email and/or phone number
  • Wage rate
  • Timekeeping data
  • Employment status
  • Unique employee ID

That's it. Rain drastically reduces privacy and compliance exposure for employers and employees by taking a data-minimalistic approach. Unlike other EWA providers that collect extensive personal and financial details like social security numbers, birthdays, bank account information, historical earnings records, or wage garnishment data.

Prioritizing Trust Through Secure EWA

For employers, selecting an EWA provider is a decision that can significantly influence employee engagement, retention, and financial wellness. Employers should evaluate an EWA provider's commitment to data privacy, compliance, and overall reputation within the industry to ensure they are offering a secure EWA solution that supports their employees' financial wellness as well as their organization’s standards.

An employer must exercise utmost diligence when vetting an EWA provider's data privacy, security, and compliance practices. Does the EWA provider responsibly limit and safeguard the personal data it handles? Are information security practices and infrastructure robust enough to prevent breaches? 

By design, Rain's data-minimalistic model provides confidence that employee information is secured at every stage of the EWA process. Our privacy-first philosophy helps employers fulfill an obligation to provide benefits that prioritize the trust and protection of their people. With Rain, employers gain a modern financial empowerment solution that delivers powerful advantages without excessive data liabilities.

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