Pinwheel and Plaid unite to redefine direct deposit switching

Today, Pinwheel, the leading force in income and employment data tailored for FinTech innovation, joins hands with Plaid, a pioneer in the open finance network, to forge a groundbreaking partnership.

The collaboration between Pinwheel and Plaid aims to provide enhanced payroll data services for Plaid’s Income product. Further solidifying their partnership, Pinwheel will now be the Preferred Provider for Plaid’s direct deposit switching (DDS) services. This means that Plaid will direct customers requiring DDS services towards Pinwheel.

Pinwheel is at the forefront of powering contemporary tools and services that cater to individual income and employment needs. Their technology offers connections to over 1,700 platforms, encompassing 80% of US workers and over 1.5m employers. Their unique offering, Pinwheel Deposit Switch, boasts a coverage of up to 100% of consumers receiving payments via direct deposit. On the other hand, Plaid, with its robust open finance network, provides a platform where consumers can seamlessly integrate their income accounts with financial applications. This is crucial as a majority of consumers, about 90%, demand greater autonomy over their financial data.

Being Plaid’s Preferred Provider, Pinwheel’s Deposit Switch will enable users to experience an optimum direct deposit switching user interface. This interface is designed to promote high conversion rates through Pinwheel’s intelligent detection system, ensuring that every user, regardless of their paycheck receiving method, is accommodated.

The switch can be tailored for every customer and scenario, including, Credential-less switches through direct partnerships with payroll firms, login-based switches with over 1,700 payroll service providers and gig platforms, and form-based switches with advanced pre-filled forms.

Consumers also have the flexibility to use their payroll credentials with the Pinwheel flow, allowing them to update their deposit settings seamlessly.

Moreover, the Pinwheel Deposit Switch furnishes deep insights through allocation monitoring. This, in turn, offers banks and FinTechs a clearer understanding of their customers’ financial status, enabling them to design and offer products best suited to their customers’ needs.

Partnerships Lead of Pinwheel, Brian Karimi-Pashaki, expressed, “FinTech has come so far in the past decade, and we’re now staring down the next era of great innovation, one that will be built atop real-time income and employment data.

“Plaid fostered the fintech ecosystem we know today, and we’re proud to embark on this partnership that closely aligns with our mission to create a fairer financial system and will help power new and improved underwriting processes for mortgages, auto, and personal loans.

“Income is arguably the most important part of someone’s financial picture, and we’re just scratching the surface of how unlocking this missing data can create more positive outcomes for consumers and financial institutions alike.”

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