Teamworks Announces a Digital Banking Solution
Teamworks, the leading technology provider for collegiate athletic departments, announced it will launch Teamworks Wallet this summer. Teamworks Wallet (“Wallet”) is a digital banking solution built specifically for athletic departments and student-athletes. Trusted by over 700 NCAA institutions and 1,000 elite sports organizations worldwide, Teamworks is uniquely positioned to deliver a centralized destination for student-athletes to receive, store, and spend their money.
“The NIL landscape continues to evolve rapidly. Last week, we announced that, in collaboration with the NCAA (link to press release), we are developing innovative NIL services for all Division I institutions,” said Zach Maurides, CEO of Teamworks. “Our top priority remains empowering student-athletes. That’s why we’re launching Wallet – to give them more control over their finances.”
One Destination for NIL Payments to Student-Athletes
Today, student-athletes receive funds from various sources – resulting in fragmented payment receipts, lengthy processing times, and a decentralized payment system. At launch, Wallet will integrate with Teamworks Influencer (formerly INFLCR) to streamline NIL payments, offering student-athletes immediate fund transfers without processing fees. Additionally, Wallet gives athletes the option to automatically set aside a percentage of NIL payments into a separate tax savings account, helping them financially prepare for tax obligations.
“Over the past two years, we have partnered with over 270 Influencer schools to drive NIL opportunities for student-athletes. The consistent feedback has been that it takes too long for athletes to receive their NIL funds, specifically from collectives, and payment processing fees eat away at their net earnings,” said Kevin Barefoot, VP of Business Development. “The introduction of Teamworks Wallet solves this challenge, providing an immediate solution to a highly recognized pain point.”
Taking Action
Current partners with Influencer Exchange have access to this digital banking solution at no additional cost. We are actively taking a waitlist for collectives and schools interested in learning more about how Wallet can streamline how their student-athletes receive funds. Want to learn more about how Wallet impacts you as a collective, athletic department, or student-athlete? Learn more here.
The Evolution of Wallet
In addition to NIL payments, Wallet aims to address other challenges experienced by student-athletes to centralize payments into one place. Next to release will be per diem payments, a solution built to eliminate the administrative headache of managing cash or pre-paid cards and, instead, seamlessly transfer funds directly into a student-athlete’s Wallet account.
