Pinwheel has partnered with Plaid for direct deposit services, adding to the list of solutions based on income products and fintech innovation. The partnership marks Pinwheel as the go-to provider for direct deposit switching (DDS) services within Plaid's Partner Network.

Following the move, Pinwheel is contributing consumer-permissioned payroll data to enhance Plaid's Income product. This collaboration aims to support a new generation of personalised income and employment tools and services. As the partners see it, the cornerstone of an individual's financial landscape is their income.

Regardless of the source of income – regular salaries, gig payments, or other forms – the seamless integration of income accounts into financial applications is crucial. This collaboration holds particular importance, as a substantial percentage of consumers express a desire for more control over their financial data, the companies say. Pinwheel is bridging connections to over 1,700 platforms.

Importantly, it is the sole payroll API covering up to 100% of individuals receiving direct deposits. Through its Pinwheel Deposit Switch, a user-friendly solution for direct deposit switching, the company maximises conversion rates through intelligent detection, accommodating diverse income profile types. With user consent, Pinwheel provides optimal switching options tailored to each customer's profile.

Direct deposit switching options encompass: Credential-less: Streamlined transitions facilitated by direct partnerships with payroll providers. Login-based: Utilising credentials with over 1,700 payroll service providers and gig platforms. Form-based: Enhanced forms with pre-filled details, sharing guidance, and customisation features. Consumers can also utilise their payroll credentials to log in via Pinwheel's interface and adjust deposit settings using the Automated option. The Pinwheel Deposit Switch offers insights through allocation monitoring, empowering financial institutions to better comprehend customers' financial situations and offer well-suited products.

In addition to direct deposit switching, Pinwheel is also contributing consumer-permissioned payroll data to Plaid's Income product. This allows lenders to verify borrowers' income, using pay stubs, bank statements, and payroll data. Pinwheel's wide-reaching connectivity and advanced analytics application could differentiate it within the industry, offering data insights for banks and fintech entities.

About Pinwheel The company serves as an income and employment API provider, helping fintech companies and financial institutions to create innovative financial products. With access to consumer-permissioned income and employment accounts, along with actionable insights, Pinwheel facilitates customisation of tools and services. Pinwheel's security protocols enable connections to numerous platforms, covering a substantial portion of the US workforce and employers.

Fintech entities and financial institutions use Pinwheel for direct deposit switching, earned wage access, income and employment verification, and innovative product creation. As a Consumer Reporting Agency (CRA), the company offers FCRA-compliant income and employment data for active use in lending decisions. With substantial funding, Pinwheel is committed to creating a fairer financial landscape.

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