App aims to prevent NHS staff taking payday loans
Patchwork, a company providing electronic staffing support to the NHS, has announced a partnership with technology firm Wagestream, allowing clinicians to track and access their earned wages without resorting to payday loans.
Patchwork already partnered with Allocate’s HealthMedics rostering service last year, and the latest move aims to further improve flexibility and empowerment to the NHS workforce.
Incorporating Wagestream into the Patchwork platform means clinicians can choose when and how often they get paid, keep track of their earnings in real time, and access budgeting tools.
Patchwork said the collaboration aims to bring greater financial empowerment and wellness to thousands of healthcare workers.
Patchwork is already used across 30 NHS hospitals by over 10,000 clinicians and the platform has facilitated a million shift hours since it was launched in 2016.
Wagestream means healthcare workers will be able to access their wages as soon as they’ve been earned and access financial education in real-time, providing additional support to a vital community of clinicians and staff.
Patchwork also hopes that this added feature encourages more clinicians to book shifts directly through their hospital bank, thereby saving the NHS millions in agency fees.
Wagestream charges users a fixed transaction fee of £1.75 per withdrawal, in exchange for instant access to their cash.
Patchwork was founded by two NHS doctors – Dr Anas Nader and Dr Jing Ouyang – and launched as a public-private partnership with Chelsea and Westminster NHS Trust.
Wagestream aims to solve the cash flow problems created by the pay cycle, and aims to cut back on the percentage of British people taking out ultra-high interest loans or using credit cards to pay unexpected bills.
It is registered with the Financial Conduct Authority and backed by Fair by Design – a collective of social impact charities, such as The Joseph Rowntree Foundation committed to improving the financial wellbeing of everyday people.
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