RIDGECREST, Calif. — AltaOne Federal Credit Union said it has launched an artificial intelligence-powered earned wage access program designed to give members access to wages they have already earned before payday, while also making a strategic investment in the fintech behind the platform.
According to a statement from AltaOne, the credit union has introduced AnyTimePay, an earned wage access solution developed by Veep Software that allows members to access earned income through the credit union as an alternative to payday loans, overdraft fees and other high-cost short-term borrowing options.
As part of the partnership, AltaOne also invested in Veep, saying the move reflects its commitment to expanding financial wellness tools for members and confidence in the company’s technology and long-term strategy.
Aimed at ‘Mismatch’
AltaOne said the service is intended to address the timing mismatch many consumers face when bills are due before their next paycheck arrives. The credit union said unexpected expenses, rent, utility bills and medical costs can force consumers to rely on costly alternatives when they have already earned income but cannot yet access it.
The credit union cited data from the Financial Health Network showing consumers spend more than $300 billion annually on alternative financial services. It also said median wage earners can pay as much as $200 per month in fees, penalties and interest tied to short-term financial products.
How Solution Works
AltaOne said AnyTimePay uses artificial intelligence to analyze member behavior and assess risk, helping prevent members from advancing more than appropriate while encouraging responsible use. The credit union said the platform is designed to improve cash-flow management, reduce financial stress and lessen reliance on payday lending and other expensive liquidity options.
“At AltaOne, we are always looking for innovative ways to strengthen the financial well-being of our members,” CEO Stephanie Sievers said in the statement. “Too often, financial stress is not about whether someone is responsible; it is about whether the timing of their income matches the timing of their obligations.”
Sievers said providing access to earned wages before payday can help members bridge temporary cash-flow gaps while avoiding costly borrowing alternatives.
“When we looked at the impact this solution could have on our members, we knew we wanted to do more than offer it,” she said. “We wanted a seat at the table to help support its future. That’s why we chose to invest in Veep.”
‘Forward-Thinking’
Veep CEO Drew Hyatt said AltaOne’s investment represents an endorsement of the company’s technology and mission.
“AltaOne is exactly the kind of forward-thinking financial institution we built AnyTimePay for,” Hyatt said in the statement. “Their commitment to improving member financial well-being, combined with their decision to invest in Veep, is a powerful endorsement of both our technology and our mission.”
AltaOne serves members in Kern, Inyo, Mono and northern San Bernardino counties in California.
