A new wave of FinTechs is revolutionizing the use of payroll data to extend credit and manage repayments on behalf of clients. For example, lenders can request applicants to log into their payroll provider through Truv, granting them access to payroll records. This allows lenders to assess an applicant’s earning potential and employment history. In some cases, with the applicant’s consent, financial services companies can collect payments directly from payroll via a payroll split API, ensuring creditors are paid before the paycheck even reaches the applicant’s bank account.  

When it comes to identity verification, FinTechs like Chirp and Plaid are leveraging bank verification tools to authenticate applicants using personal information stored in their bank accounts.  

Beyond verification, firms like Pave and Prism are pushing cash flow underwriting to the next level. By analyzing banking transaction data, they help lenders generate credit bureau-quality scores and risk assessments, offering deeper insights into a borrower’s ability to repay.  

These leading-edge companies in our FinTech Marketplace are setting new standards in banking and payroll verification. Explore their innovations and see how they’re shaping the future of financial services.

1. Chirp Digital

Chirp Digital is a fintech company specializing in providing innovative solutions for financial institutions. Their services focus on enhancing customer engagement and streamlining digital banking experiences. By leveraging advanced technologies, Chirp Digital aims to help banks and credit unions adapt to the evolving digital landscape, ensuring they meet the modern demands of their customers. For more information, please click here.

2. Plaid

Plaid is a financial technology company that enables applications to connect with users' bank accounts, fostering a more seamless financial ecosystem. Their platform provides developers with the tools to create innovative financial services by accessing and analyzing transaction data, verifying account balances, and facilitating payments. Plaid's mission is to democratize financial services through technology, making it easier for consumers to manage their finances. For more information, please click here.

3. Finicity (MasterCard)

Finicity, a Mastercard company, offers open banking solutions that provide real-time access to financial data. Their platform empowers consumers to control and share their financial information securely with third-party applications, enhancing financial transparency and innovation. Finicity's services are designed to support a range of financial activities, including lending, payments, and personal financial management. For more information, please click here.

4. Sophtron 

Sophtron delivers automation solutions for financial data aggregation and processing. Their technology simplifies the collection of financial data from various sources, enabling businesses to streamline operations and reduce manual intervention. By providing reliable and efficient data aggregation services, Sophtron aims to enhance the accuracy and speed of financial processes. For more information, please click here.

5. Rollee 

Rollee specializes in employment and income verification services. Their platform aggregates data from multiple sources to provide accurate and up-to-date employment information, assisting businesses in making informed decisions. Rollee's services are particularly valuable for lenders, landlords, and employers seeking to verify applicant information efficiently. For more information, please click here.

6. EdgeScore

EdgeScore offers credit scoring solutions that leverage alternative data sources to assess creditworthiness. By utilizing non-traditional metrics, EdgeScore aims to provide a more comprehensive view of an individual's financial health, enabling lenders to make better-informed lending decisions and potentially extending credit to underserved populations. For more information, please click here.

7. Accelitas 

Accelitas delivers AI-powered predictive analytics and alternative data solutions to help lenders make smarter decisions. Their services include bank account validation, lead screening, and credit scoring, all designed to operate in real-time. Accelitas aims to assist businesses in accessing millions of creditworthy borrowers that traditional scoring models might miss, thereby expanding their customer base and reducing risk. For more information, please click here.

8. Pinwheel 

Pinwheel provides payroll data connectivity solutions that enable financial institutions to offer personalized services to their customers. Their products include tools for direct deposit switching, bill switching, and income verification. By integrating with Pinwheel, banks can accelerate customer activation and grow lifetime value through frictionless, personalized experiences. For more information, please click here.

9. Truv

Truv is a platform that facilitates income and employment verification, asset verification, and direct deposit switching. Their unified platform is designed to help organizations make confident decisions by providing access to accurate financial data. Truv's services cater to various sectors, including mortgage lending, consumer lending, and tenant screening, aiming to streamline processes and enhance user experiences. For more information, please click here.

10. Bankuity

Bankuity offers Advanced Banking Verification (ABV™) technology that transforms static consumer data into actionable insights. Their platform helps creditors, such as lenders and landlords, to maximize customer volume, increase on-time payments, and boost collections yield. By decoding and augmenting consumer bureau and bank data, Bankuity aims to drive profitability and improve decision-making across various financial engagements. For more information, please click here.

11. Flinks

Flinks is a financial data aggregator that enables businesses to connect their applications with users' financial accounts. Their platform facilitates access to bank account data, credit reports, and other financial information, empowering companies to offer personalized financial services and products. By prioritizing security and user consent, Flinks ensures that data sharing aligns with regulatory standards and consumer expectations. For more information, please click here.

12. DecisionLogic 

DecisionLogic provides real-time bank verification services, allowing businesses to instantly verify a customer's account information and transaction history. This service aids in assessing credit risk, reducing fraud, and expediting the decision-making process for lenders and other financial institutions. By offering immediate insights into a customer's financial behavior, DecisionLogic enhances the efficiency and accuracy of financial evaluations. For more information, please click here.

13. Nova Credit's Cash Atlas 

Nova Credit's Cash Atlas is a financial technology solution designed to provide insights into consumers' cash flow and financial behaviors. By analyzing transaction data, Cash Atlas helps businesses assess creditworthiness, especially for individuals with limited or no traditional credit history. This approach enables lenders to make more informed decisions and extend credit to a broader range of consumers. For more information, please click here.

14. Prism Data

Prism Data offers a platform that transforms consumer transaction data into actionable insights for businesses. By analyzing spending patterns, income streams, and financial behaviors, Prism Data enables companies to better understand their customers and tailor their products or services accordingly. This data-driven approach supports more personalized and effective financial solutions. For more information, please click here.

15. Quiltt 

Quiltt is a fintech platform that allows businesses to integrate various financial data sources and services into their applications. By providing a unified API, Quiltt simplifies the process of connecting to banking, investment, and other financial data, enabling companies to build comprehensive financial tools for their users. This integration facilitates enhanced user experiences and streamlined financial management solutions. For more information, please click here.

16. ValidiFI

ValidiFI specializes in predictive bank account and payment intelligence solutions. Their platform offers services such as compliance assurance, account validation, fraud detection, and credit risk assessment. By leveraging a unique database of bank account data and payment attributes, ValidiFI provides real-time accuracy and confidence to businesses, enhancing their ability to make informed decisions and reduce risk. For more information, please click here.

17. Truework

Truework is an income and employment verification platform that simplifies the verification process for businesses. By connecting various verification methods into a single platform, Truework enables companies to customize their verification processes, ensuring maximum coverage and speed. This approach enhances efficiency in sectors like mortgage lending and tenant screening, allowing for faster approvals and reduced manual work. For more information, please click here.

18. Kora Enterprise

Kora Enterprise provides next-generation infrastructure for banks, focusing on banking digitalization and AI-driven lending solutions. Their services include white-labeled mobile banking platforms and AI-powered lending engines that analyze transaction-level cash flow data. By offering these tools, Kora aims to help financial institutions enhance their services, improve credit decision accuracy, and introduce new features efficiently. For more information, please click here.

We celebrate these 18 Opening Banking, Payroll Verification and Analytics members of our FinTech Marketplace as part of our FinTech 200 announcement. It’s always free to join our marketplace. Please reach out to us and we will get you listed.

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