For workers who get paid monthly, it can be difficult to ensure that money lasts – and for building contractors it can be hard to ensure payment.
Etch is a new platform that will change the way employers and employees engage with payroll. It enables those who work in facilities management to pay workers and subcontractors by the second into an account that can be checked instantly by app and accessed with a card very similar to a debit card. Etch is raising £5 million to fund the new platform through a token sale.
Euros Evans, founder of Etch, explained why payroll needs to be improved: “Billions of people across the world live pay cheque to pay cheque, a situation that can lead to mounting debt, stress and poor health. The Etch solution enables employers to pay their employees in real time. If, for example, they don’t have any money at the beginning of the day, their morning’s work will mean they have enough money for lunch.
“We hope by people being paid as soon as they’ve earned it, we can reduce the need for payday loans and other such instruments to plug spending gaps, as well as improving peace of mind.
“We will use blockchain technology to unify payroll and remittance services to create a platform that not only benefits employees in their lives, but reduces business inefficiencies, saving them time and cost in payroll.
“The system makes things very easy for workers. Imagine that you start your shift at 8am. You ‘punch in’ using the app to let your employer know you’re working, and from that point money is paid into your account in a continuous stream.
“At 12.00 noon, you check the app again, which shows you your account balance. If it had been empty at the beginning of the day, you’d now have four hours’ pay in the account. Your employer would have already issued you with an Etch card, which you can use in any shop to buy your lunch.”
The Etch platform allows employers to pay workers and contractors second by second, their balance being visible through a smartphone app and accessible via a card which is similar in appearance to a credit or debit card.
