Financial data platform MX announced in a Friday (Sept. 24) press release that it is pairing up with payroll connectivity API firm Pinwheel to help FinTech customers switch direct deposits and expedite income verification.
The MX and Pinwheel partnership expands coverage of income verification, improves underwriting models for better lending decisions and provides better financial guidance for 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,” Pinwheel Co-founder and CEO Kurtis Lin said in the announcement.
“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,” he said.
MX’s financial data platform allows organizations to verify accounts for Automated Clearing House (ACH) and real-time payments (RTP) with enhanced customer transaction data. The combination of MX and Pinwheel adds data fields including income, employment, pay stubs, identity, time and attendance to identify clients with high value, find cross-selling opportunities and power earned wage access.
“We all know that a leading indicator of a user’s lifetime value is the direct deposit,” MX Executive Vice President of Partnerships Don Parker said in the announcement. “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.”
Pinwheel’s real-time, direct-from-source employment data can be used by employers for verification and to help them make better credit decisions. Pinwheel recently debuted a Credit Reporting Agency (CRA) entity so clients can use its data for underwriting while remaining Fair Credit Reporting Act (FCRA) compliant.
MX’s bank transaction data allows lenders to flag high-risk activity, including non-sufficient funds (NSFs) and existing loan repayments.
MX recently paired with integrated money movement offering Payveris to allow organizations to offer digital payment and money movement services to their customers and through the Payveris MoveMoney platform and suite of open applications programming interfaces (APIs), software development kit (SDK) widgets and single sign-on (SSO) products, according to a joint announcement.