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September 24, 2021 | 0 min read
Leading payroll experience vendor enables MX fintech customers and lenders to easily switch direct deposits, verify income, and power earned wage access
SILICON SLOPES, UT—September 24, 2021—MX, the financial data platform and leader in modern connectivity, today announced a partnership with Pinwheel, a leading payroll connectivity API company, to make it easy for fintech customers to securely switch direct deposits and speed up income verification. With MX and Pinwheel, organizations have expanded coverage of income verification, improved underwriting models for better lending decisions, and can provide better financial guidance for their customers.
“We’re excited to partner with MX because they’re the leader in the aggregation and account connectivity space that will allow us to supercharge our offering,” said Kurtis Lin, Cofounder and CEO of Pinwheel. “We cover over 100 million Americans already and with the expansive reach of MX, we believe that this will be a game-changing solution for customers everywhere.”
Powered by MX’s financial data platform, organizations can easily verify accounts for Automated Clearing House (ACH) and real-time payments (RTP) while also benefiting from industry-leading financial data enhancement for customer transactions. The combination of MX and Pinwheel gives organizations access to even more financial data fields, including income, employment, paystubs, identity, and time and attendance (shifts). The data can then be used to identify high-value customers, cross-sell opportunities, and power earned wage access (EWA).
“We all know that a leading indicator of a user’s lifetime value is the direct deposit,” said Don Parker, Executive Vice President of Partnerships, MX. “With Pinwheel, customers have the ability to set up direct deposits, or when necessary, a direct deposit transfer to remove friction, facilitate financial guidance and for better lending decisions.”
For lenders, Pinwheel’s real-time, direct-from-source employment data can be used for fast and accurate verification as well as better credit decisions. Pinwheel recently launched its Credit Reporting Agency (CRA) entity which allows clients to utilize its data for underwriting while remaining Fair Credit Reporting Act (FCRA) compliant. MX’s bank transaction data allows lenders to check for a higher-risk activity like non-sufficient funds (NSFs) or existing loan repayments. Together, Pinwheel and MX enable clients to get a truly holistic view of their clients or applicants in seconds.
MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more, follow us on Twitter @MX or visit www.mx.com.
Pinwheel is the market leading payroll API. With Pinwheel, startups and financial institutions alike can access the data and controls within payroll systems to update direct deposits, streamline income verification, improve underwriting, power earned wage access, and build innovative new products. Pinwheel connects to the majority of payroll and HRIS providers to enable market-leading fintechs, like Square Cash App, to easily access and update the payroll data of more than 100 million Americans. To learn more, visit www.pinwheelapi.com.