We’re excited to announce our new benefits product, Savings Exchange. Savings Exchange is strategically designed to assist employers in supporting their employees’ financial wellness goals in alignment with the new SECURE Act 2.0 laws. This addition joins our two flagship products, PTO Exchange and LPA Exchange and will be accessible on our recently released mobile app.
Savings Exchange will be initially released to a select group of customers and prospects on October 31, 2024, with a broader rollout scheduled for the end of November. Operating on the robust BNFT platform, Savings Exchange will seamlessly integrate with BNFT’s existing payroll, 401(k), and benefit administration partners.
We're on a mission to build the largest and most comprehensive benefit ecosystem for both employers and employees. For the last 11 years, we’ve led the way in convertible PTO space, setting the standard for flexible benefit offerings. We’re continuing to enhance the benefits ecosystem for employers and employees alike with a seamlessly integrated platform, with more exchanges to come.
“As we engaged with our customers, we listened to their strong desire to support employees throughout their life stages,” says Rob Whalen, Co-founder and CEO of BNFT. “We identified a significant need for employees to be able to convert their unused PTO or allocate a portion of their pay into a Savings Exchange, enabling them to save for their future. Many of our 300,000 platform users have benefits like PTO, LSAs, LPAs, and FSAs that go underutilized. Repurposing those benefit dollars for future needs is incredibly advantageous. With so many employees unable to handle a $500 emergency expense, optimizing every benefit dollar to best support them is crucial to establishing a fair and equitable workforce.”
We believe that modern companies must rethink their total rewards strategies, moving beyond traditional approaches to meet employees’ evolving needs. Our comprehensive suite of products empowers companies to design cost-efficient benefit solutions tailored to support employees through various life stages, boosting engagement and reducing turnover. To date, we’ve successfully decreased turnover by an average of 54% across all industries.
We’ve already partnered with hundreds of companies across various sectors, including notable names like Dayton Children’s Hospital, Fairway Mortgage, and Makeready Hotels. The platform has facilitated the exchange of over 1.5 million hours of PTO, translating to $75 million. With trusted integration partners such as ADP, UKG, Businessolver, NFP, and Transamerica, BNFT is the go-to platform for innovative benefit solutions.
Published on Sep 26, 2024 by Rob Whalen
