Branch, the leading workforce payments platform, today announced that it has been selected as winner of the “B2B Payments Innovation Award” in the 6th annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global FinTech market today.
Branch’s workforce payments platform delivers a suite of ‘breakthrough’ tools for workers, including the fast-growing independent contractor and freelance economy. Branch’s 1099 Contractor Payments tool allows platforms and companies that hire contractors to pay their workers instantly and push out payments any time, any day.
At no cost to the company or contractor, the 1099 Contractor Payments tool can instantly push funds into the Branch Wallet, a digital wallet that offers workers a free, fast, contactless solution to access payments. The Branch Wallet is backed by an FDIC-insured checking account with no overdraft or maintenance fees and connects easily to other accounts and applications. New users gain immediate access to a business Mastercard debit card as soon as they set up a Branch account along with cash flow management tools so that they can access their money without disruption and meet their timely expenses.
“Traditional payment methods such as ACH and paper checks are riddled with time constraints and costs — these tools are only available on weekday business hours and can take 3 to 5 days for contractors to receive their funds even after payment is initiated,” said James Johnson, Managing Director, FinTech Breakthrough. “Branch is built for today’s modern workforce, not only offering speed but also standardization of payment methods, rather than requiring companies to juggle disparate processes. We offer our sincere congratulations to Branch for being the winner or the 2022 ‘B2B Payments Innovation Award.’”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2022 FinTech Breakthrough Award program attracted more than 3,950 nominations from across the globe.
“We’re delighted by this recognition from FinTech Breakthrough. It aligns with our mission to build technology that helps millions of hard working Americans grow financially by solving the financial challenges they face everyday,” said Branch CEO Atif Siddiqi. “Whether it's the independent creator or drivers starting their own fleets, Branch empowers workers by providing fast, flexible payments technology that gives them the cash flow to build their businesses.”
Additionally, tax form generation and filing via Branch’s platform take the burden off companies’ and contractors’ shoulders by automating the 1099-NEC process from start to finish: from collecting information during onboarding to filing the appropriate forms with federal and state authorities come tax season.
Built for both W-2 and 1099 workforces, Branch’s offerings also include instant, digital payouts of tips, wages, and off-cycle payments; free earned wage access; zero-fee banking; and an accessible paycard alternative. By partnering with Branch, companies can automate processes, reduce payroll costs, support workers with free financial services, and significantly decrease logistical burdens and cash flow concerns.
Branch is the leading workforce payments platform that partners with businesses to accelerate payments and empower working Americans. Companies can make payments instantly and automate reporting through Branch’s digital wallet and optional debit card, creating a more streamlined, uniform payments experience. Workers that sign up with Branch can receive a zero-fee bank account, faster payments, rewards, and personal finance tools to help them manage their cash flow. Branch allows companies to reduce payroll costs, recruit and retain talent, support workers with free financial services, and remove logistical burdens and cash flow concerns. Branch has been honored with a Webby Award — Best Financial Services, Fintech Breakthrough Award, Gartner Eye on Innovation: Financial Services, Star Tribune’s Top Workplaces in Minnesota, and Great Place to Work Certification. To learn more about Branch, visit https://www.branchapp.com and follow us on Twitter, Facebook, and LinkedIn.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.