BNFT Unveils Savings Exchange As Part Of Comprehensive Employee Benefits Ecosystem

Pioneer in Employee Benefits Industry Expands Offerings to Support Financial Wellness and SECURE Act 2.0 Compliance

SEATTLE--(BUSINESS WIRE)--#benefits--BNFT (formerly PTO, Inc.), the trailblazer transforming the employee benefits landscape, proudly announces the launch of its new product, Savings Exchange. This launch follows closely after the company's recent rebranding and the introduction of its mobile app.

BNFT is on a mission to build the largest and most comprehensive benefit ecosystem for both employers and employees. This ecosystem includes the flagship PTO Exchange and LPA Exchange, and will now be enhanced by Savings Exchange. This latest addition is strategically designed to assist employers in supporting their employees' financial wellness goals in alignment with the new SECURE Act 2.0 laws.

“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.”

For over 11 years, BNFT has led the way in the convertible PTO space, setting the standard for flexible benefit offerings. The company continues to enhance the benefits ecosystem for employers and employees alike with its seamlessly integrated platform, with more exchanges to follow soon.

Modern companies must rethink their total rewards strategies, moving beyond traditional approaches to meet employees' evolving needs. BNFT’s 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, BNFT has successfully decreased turnover by an average of 54% across all industries.

BNFT partners 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.

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.

ABOUT BNFT

BNFT is a comprehensive benefits platform for employees to unlock the full flexibility and value of their total rewards while providing HR teams with a low-cost and easy-to-use tool. PTO Exchange and LPA Exchange are powered by BNFT, which brings innovative solutions via one platform. Companies will have the flexibility to design cost-effective benefits while also empowering their employees to choose the benefits that support them through their transitions. BNFT is SOC 2-certified and trusted by Fairway Mortgage, Howard Brown Health, Agile Defense, UCare, Praxis Engineering, STRATACACHE, and others.

Contacts

Kristen Grossi
talkTECH
Kristen@talktechcomm.com