The Rt Hon Rishi Sunak MP
11 Downing Street
London SW1A 2AB
Friday, 17 April 2020
Dear Mr Sunak,
Our business and our industry can and want to help you right now.
We have the technology and solution to provide our nation with access to the money they are due now, in advance of their normal payroll or when their benefits, Furlough or COVID-19 relief payments are scheduled to be made.
We know the UK faces unprecedented social and economic disruption as a result of the COVID-19 pandemic. Right now, many workers have seen their incomes collapse and savings evaporate as countless otherwise productive members of society are unable to work, protecting their communities in mass self-isolation.
Liquidity is crucial.
We know you are making enormous sums available to support people and businesses; we must get those funds into their hands before it is too late.
People need access to their earnings, benefits and relief payments now to pay for urgent necessities and to help avoid getting into unmanageable debt. Whether they be citizens requiring access to Universal Credit, Statutory Sick Pay, Furlough payments, or other forms of emergency relief, the waiting times for such benefits are and will continue to cause hardship for those whose regular income has been disrupted. Many simply do not have the savings to wait.
It’s clear that the systems currently in place are struggling with the extraordinary situation and the unprecedented urgency and the scale of demand.
Our technology can fix this.
We just need the information – who is due what payment, when, how much and by whom (their employers or the State). It’s that simple.
Our business gives users access to money people have earned, on-demand. From a technology point of view, there is no real difference whether that is earned salary, benefits or other payments due. We can integrate with any pay and benefits systems to enable people to access the money they have a right to at the time they need it, smoothing out monthly income spikes and allowing them to manage their money more effectively. This will reduce strain on individuals, families, and the State’s financial systems making your COVID-19 relief funding more effective.
We have already removed all fees for our critical services, including the NHS, for 6 months and to everyone else for 3 months to support people and businesses through this pandemic. We are privileged to be in the position where we can work with you to do more.
Our solution can be operational in days, supporting the public in this time of crisis, our recovery and beyond.
The earnings on-demand industry is already smoothing income for over 250,000 UK employees. Our users responsibly access their earnings via our app to manage their finances and budget better. Our solution can be applied across the whole of society to provide the liquidity we need and ensure the funds committed by the Government reach the population in time to support people when they need it.
In this critical and unprecedented situation, society needs fast action. Hastee and other leading UK fintechs are ready to deliver. Faster, smarter, fairer.
Please, give people the opportunity to access their money, now, when they need it most.
James Herbert – CEO & Founder, Hastee.