December product release: 10% increase in conversion, enhanced security and access to pay frequency data
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December product release: 10% increase in conversion, enhanced security and access to pay frequency data

December 20, 2022

With the holiday season comes many things - gifts, eggnog, time spent with loved ones, and now, Pinwheel product news. In today’s product update, we share news on how we’ve improved conversion by 10%, continued testing creative ways to further increase conversion, added pay frequency to our API, accelerated work on enhancing security, and even launched a White Paper, Beyond the Credit Score: Propelling consumer finance into the future with income data.

Improving conversion by more than 10% with Link API

Pinwheel migrated the infrastructure that hosts our UI to a more modern API based solution which resulted in an immediate 10% increase in conversion. Our Link UI now has a more seamless and resilient method of communication with our backend. This helps to increase conversion and reliability in several ways:

  • Our frontend no longer relies on consistent, stable internet connections to function properly. This means customers won’t be automatically abandoned if they lose internet connection momentarily.
  • Idle sessions are no longer susceptible to arbitrary disconnects at the behest of the browser or OS settings (e.g. socket disconnects sometimes occur when backgrounding mobile apps).
  • Since we are now leveraging a stateless REST API we no longer have to explicitly disconnect sessions we may incorrectly deem idle (i.e. when users do not enter input for a set period of time).

Understanding how often users are paid with our pay frequency endpoint

We’ve just added a pay frequency endpoint for our Verify product! This new data gives insight into how often end users are paid, which is useful for understanding pay periods (e.g., bi-weekly, weekly, semi-monthly) and estimating future pay dates. Having access to this information is critical to enable use cases such as Earned Wage Access.

Removing barriers with account recovery pathing

Credentialing is one of the biggest barriers for successfully connecting to a payroll account. At Pinwheel we are working hard to remove all barriers for our customers so they can have the highest conversion possible. We are currently working through every platform one by one to fully integrate account recovery flows so users never have to leave the Pinwheel experience to recover their credentials. We’ve already implemented this in many of the top platforms, but we’re continuing to run a series of tests where we optimize the path for a user to recover their username or password, reducing friction and providing more contextual hints for how they might do so.

Enhancing the security of your Pinwheel implementation

We are excited to announce a new feature that will greatly enhance the security of your accounts: programmatic, zero-downtime key rotation.

Key rotation is an important security practice that involves regularly changing the keys that are used to access a sensitive service (the API provides PII) like Pinwheel. By regularly rotating your keys, you limit the damage an attacker can do with a compromised key. Furthermore, by having a key rotation policy already in place, you make it much easier to manually rotate keys quickly in the event you become aware of a compromised key.

Programmatic key rotation allows you to automate this process, saving time and effort in managing your keys manually. To this end we will be providing special API endpoints that allow you to create and revoke keys, and these can be used by scripts designed to automate this operation.

Zero-downtime key rotation simply means that you can make multiple keys active and ensure all your apps have migrated to a newly created key before revoking an old key.

Pinwheel is working hard when it comes to privacy and security and this new feature just proves it. To learn more about what we are doing to improve conversion and enhance security for our customers, contact us today. 

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