We recently sat down with Ian Wheeler, CEO of Income Group, to discuss how they are making payroll better for employers and employees. Since 2017, Income Group has been helping UK employers provide early wage access to their employees, and they are taking another step on that journey by introducing embedded savings accounts powered by Griffin into their IGsend platform.

Income Group's mission is simple: make pay better for both people and businesses. As Wheeler explains, this vision has remained constant since the company was founded, growing stronger through challenges like the Covid pandemic. Their focus has always been on strengthening the relationship between companies and their employees through positive financial engagement and experiences.

What sets Income Group apart in the early wage access industry is a thoughtful and responsible approach to financial wellbeing. Unlike traditional payday loans, they provide access to already-earned wages, limiting availability to 20-30% of net pay. This balance ensures employees have sufficient funds for their end-of-month obligations while still keeping the flexibility to receive some of their income when they need it. Income Group has also removed the charges to employees who want to access their earned wages, addressing a key criticism of some early wage access providers.

The addition of savings accounts is an important step in the next phase of growth for Income Group. Wheeler points out that most people juggle multiple bank accounts‍—‌one for their salary, another for bills, a third for disposable income, and often a fourth for international transactions. Through their partnership with Griffin, Income Group saw an opportunity to simplify this fragmented approach to money management.

Savings accounts in the IGsend app is more than just a new feature‍—‌it's part of a more holistic approach to encouraging employee financial wellbeing. IGsend now provides a seamless journey from payroll to savings, allowing employees to automatically put some of their salary away. This helps employees manage their immediate financial needs and build for their future.

Wheeler sees significant opportunities to make pay better. With only 10% of employers currently offering on-demand pay solutions, there's room for more growth. However, this depends on building trust and understanding among employers. Common concerns include controlling money availability, maintaining visibility over employee requests, and managing the associated costs of providing early wage access services.

To address these concerns, Income Group is choosing education. They're working to help employers understand the difference between their service and payday loans, demonstrating how early wage access and savings accounts can be a valuable employee benefit while maintaining appropriate controls and visibility.

Wheeler also emphasises how Griffin's ethos of being "the bank you can build on" aligns perfectly with Income Group's vision for the future of payroll services. Griffin's banking infrastructure has enabled Income Group to enhance their product with embedded savings accounts, with plans to incorporate more banking features in the near future.

On challenges, Wheeler notes that payroll professionals, HR teams, and finance departments often have different objectives and priorities. Success requires carefully balancing innovation with stability, introducing new features without disrupting essential payroll functions. Income Group's approach is to "normalise" innovations as quickly as possible, making them feel like natural extensions of existing payroll processes rather than dramatic transformations.

Looking to the future, Income Group has ambitious plans for 2025. Beyond their current offerings, they're developing solutions for currency exchange and international payments, responding to the needs of employees who want to send money to family or friends abroad. They're also working on innovative funding solutions to help more companies offer early wage access benefits to their employees.

As we concluded the conversation, Wheeler's enthusiasm for the future was clear. The combination of Income Group's deep understanding of payroll and employee needs with Griffin's modern banking infrastructure is creating new possibilities for how companies can support their employees' financial wellbeing. It's a partnership that's not just about making pay more flexible, but about fundamentally improving how people interact with their money.

The goal remains straightforward: make pay work better for employers and simpler for employees.