Pinwheel, the market-leading provider of income and employment data engineered for fintech innovation, partners with Plaid, the leading open finance network, to provide complementary payroll data services for its Income product. In addition, Pinwheel will become a Preferred Provider for direct deposit switching (DDS) services. As the Preferred Provider, Plaid will refer customers in need of direct deposit switching services to Pinwheel.
The most important part of a person’s financial life is their income. Whether a consumer earns a biweekly salary, irregular gig-work payments, unemployment benefits, or any type of income in between, they need to seamlessly connect their income accounts to their financial apps, especially as 90% of consumers want more control over their financial data.
Preferred Provider of Direct Deposit Switching (DDS):
Pinwheel connects to over 1,700 platforms covering 80% of US workers and over 1.5 million employers, and it’s the only payroll API that covers up to 100% of consumers who are paid via direct deposit. Pinwheel Deposit Switch enables every user to utilize the direct deposit switching user experience to drive maximum conversion through Pinwheel’s intelligent detection, regardless of how they receive their paycheck. Deposit-switching solutions must accommodate all income profile types to deliver maximum value. With the consumer’s permission, Pinwheel automatically offers the best switching options for each customer profile.
Direct deposit switching for every customer and scenario:
- Credential-less: Seamless switching enabled by direct partnerships with payroll companies.
- Login-based: Credential-based logins with over 1,700 payroll service providers and gig platforms.
- Form-based: Enhanced pre-filled forms with sharing guidance and customizations.
Consumers can also use their payroll credentials to log in via the Pinwheel flow and update their deposit settings via the Automated option.
Pinwheel Deposit Switch offers deep insights through allocation monitoring so banks and fintechs can better understand customers’ financial pictures and provide products that best meet their needs.
“The promise of digital finance means unlocking financial freedom and making it easy for consumers to access better financial services and, ultimately, better financial outcomes,” said Tamara Romanek, Head of Partnerships of Plaid. “We selected Pinwheel as our Preferred Provider for direct deposit switching referrals so that our customers can better support the needs of their customers and leverage different tools in our partner network that enhance their product experiences.”
Additional provider of Income and Employment for underwriting use cases:
Pinwheel is now also helping to provide additional consumer-permissioned payroll data for its Income product, which enables lenders to verify their borrowers’ income through pay stubs, bank statements, and payroll data. Pinwheel offers the industry’s highest level of connectivity and is the only provider in the space that applies advanced analytics and intelligence to make sense of the data for banks and fintechs.
SOURCE: PRNewswire