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RoamHR Helps Bring Financial Wellness, Tax Planning to Gig Economy Workers

RoamHR, which demonstrated its technology at FinovateFall last year as Vaultz, is offering regional banks and credit unions a mobile platform that will help them better serve the more than 54 million independent workers across the U.S. The platform enables these smaller FIs to compete with their larger rivals, grow deposits by attracting new customers, and fortify their relationships with existing customers and members who are 1099 workers.

“Our company’s pedigree is in retail banking and financial services, and we have leveraged our experience and understanding of the business of banking to provide institutions with a thoughtfully designed platform to better support their strategic goals,” RoamHR founder and CEO Rick Gonzalez explained.

RoamHR makes it easy for independent workers to automatically track and estimate their annual income, and then set aside the necessary amounts required for quarterly tax filings. The open banking friendly technology supports a tax savings account specifically for this purpose that features continuous accounting capabilities to accommodate fluctuations in income as well as multiple revenue streams. Both of these circumstances are common for independent and so-called gig economy workers.

John Gill, Chief Operating Officer for Somerset Trust Company underscored this aspect of RoamHR and its value for a growing number of independent workers. “The income model for Americans is becoming increasingly complex and it is vital that we adapt to these market changes in order to ensure excellent service and experiences for our customers,” Gill said.

Founded in 2018 – as Vaultz – and headquartered in New Albany, Ohio, the company demonstrated its SMRTSVR solution at FinovateFall 2018. The technology, dubbed a “personal payroll for the self-employed worker,” helps independent workers manage their tax liabilities easily and accurately. The technology was highlighted by both Forbes and MarketWatch in their looks at “impressive” and “great” finance apps for people over 50.

RoamHR is available at both the Apple App Store and at Google Play. Users can try the technology for free for 30 days and, after that, continue to use the service for a tax deductible $4.99 a month.