Deliver earned wage access faster with Pinwheel Earnings Stream
copy gray iconlinkedin graytwitter grey

Deliver earned wage access faster with Pinwheel Earnings Stream

June 30, 2022

There’s never been a better time to offer earned wage access (EWA). Traditionally, consumers receive pay on a standard cadence (e.g. bi-weekly or monthly), and for many, the amount of time they wait to get paid for completed work can present financial challenges.

Also known as on-demand pay, EWA is the process of offering a real-time paycheck to consumers. This allows consumers to complete a shift of work and get paid the same day. EWA is in high demand, and rightly so: 69% of workers live paycheck to paycheck and the traditional pay cycle leaves 87% of people in an ongoing state of financial stress.

The past three years saw a 3x increase in wages withdrawn before payday, and more than half of EWA users began tapping into earned wages within the last 12 months. Consumers have started to seek help from financial institutions to bridge the gap between time worked and payday, with an estimated 77% expressing interest in EWA if offered by their financial institution.

This trend has been building for some time, which is hardly surprising considering earned wage access gives consumers more freedom and agency over their finances, reduces reliance on high interest products like payday advances, and limits overdraft fees. Additionally, gaining immediate access to wages helps consumers pay bills on time and keep themselves out of debt. Since Pinwheel’s mission is to create a fairer financial system, we build products for our customers to help pursue that mission.

Consumer demand for EWA products is at an all-time high, though it may cost hundreds of thousands of dollars in research, development and design to build one. Pinwheel can help every financial services provider that needs a plan to implement earned wage access immediately, to ensure that their consumers benefit from a service that is poised to rapidly become market-standard.

Outdated methods drag earned wage access down

Despite its growing prevalence, earned wage access is not necessarily an easy service to offer. Financial service providers that opt for a hands-on approach will likely face scalability challenges. The sheer number of employer partnerships needed to substantiate a marketable EWA product is daunting, and the time it would take to build those partnerships with individual employers is unrealistic.

Financial service providers seeking a more cost-effective and easily deployable solution are having trouble finding a direct-to-consumer EWA product that's both reliable and performative. Most packaged EWA products in the market today are built on incomplete or inaccurate consumer data, while some focus on individual employer relationships, leading to poor coverage of users. What’s more, gaps in data can limit the amount of wages withdrawn, further diminishing effectiveness. Pinwheel has built a product to bridge these gaps.

Effortlessly build an EWA product with Pinwheel Earnings Stream

Pinwheel Earnings Stream provides the necessary data and intelligence to reliably offer earned wage access (EWA) at scale. Our product does the heavy lifting by surfacing a packaged endpoint leveraging advanced machine learning and modeling techniques to assess and derive net pay for work completed during the current pay period. This is especially important for earned wage access since payroll systems don’t inherently surface net earned wages in real time.

Pinwheel Earnings Stream uses our unique connectivity to over 1,600 payroll providers (covering 80% of US workers) and over 20 time & attendance platforms (T&A) (covering 25M US workers) to provide an accurate and up to date calculation of how much a given worker has earned and real-time projection of future earnings, which helps to reduce the risk of computing wages incorrectly.

We are the only provider in the market that

  • connects to both payroll platforms and T&A systems, covering the most number of hourly employees
  • can offer a real view into actual earned wages based on if the user clocked in and out of their shift
  • has experience supporting an EWA solution at scale
  • combines all of this with Direct Deposit Switching to receive repayments

Our fully validated and packaged earnings stream product gives customers the unique opportunity to bring an EWA product to market efficiently. Enabling financial freedom can help to increase customer lifetime value, profitability and improve sentiment towards your business. Combined with our leading direct deposit switching solution and Pinwheel’s secure authentication paradigm, we help customers capture a larger and sticker share of wallet. But the possibilities with Pinwheel Earnings Stream are endless - stay tuned for more information on next generation use cases that can be unlocked!

Want to join the waitlist?

If you’re ready to offer consumers earned wage access with Pinwheel Earnings Stream, contact us today to join the waitlist!

Always stay up to date

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
View our Privacy Policy   ➔

Up next

How alternative credit data can benefit lenders

How alternative credit data can benefit lenders

Read more  ➔
Tech Spotlight: Implementing your first feature flag

Tech Spotlight: Implementing your first feature flag

Read more  ➔
Pinwheel Welcomes New Advisor, Ethan Yeh, to Advance Pinwheel’s Data Science Strategy

Pinwheel Welcomes New Advisor, Ethan Yeh, to Advance Pinwheel’s Data Science Strategy

Read more  ➔
Tech spotlight: Securing access control across internal services

Tech spotlight: Securing access control across internal services

Read more  ➔
The anatomy and potential of payroll data: Transforming complex data into insights

The anatomy and potential of payroll data: Transforming complex data into insights

Read more  ➔
Beyond the credit score: Propelling consumer finance into the future with income data

Beyond the credit score: Propelling consumer finance into the future with income data

Read more  ➔
Ayokunle (Ayo) Omojola joins Pinwheel’s Board of Directors

Ayokunle (Ayo) Omojola joins Pinwheel’s Board of Directors

Read more  ➔
Conquering conversion: Engineering practices developed to help customers

Conquering conversion: Engineering practices developed to help customers

Read more  ➔
Driving Customer Delight: From implementation and beyond

Driving Customer Delight: From implementation and beyond

Read more  ➔
Pinwheel Supports Open Finance Data Security Standard

Pinwheel Supports Open Finance Data Security Standard

Read more  ➔
How we design Pinwheel to solve real customer problems

How we design Pinwheel to solve real customer problems

Read more  ➔
What is consumer-permissioned data and what are its benefits?

What is consumer-permissioned data and what are its benefits?

Read more  ➔
How payroll data connectivity can help financial service providers in tumultuous market conditions

How payroll data connectivity can help financial service providers in tumultuous market conditions

Read more  ➔
Pinwheel now supports document uploads to supplement payroll data

Pinwheel now supports document uploads to supplement payroll data

Read more  ➔
Brian Karimi-Pashaki joins Pinwheel as Partnerships Lead

Brian Karimi-Pashaki joins Pinwheel as Partnerships Lead

Read more  ➔
Optimizing for conversion with smarter employer mappings

Optimizing for conversion with smarter employer mappings

Read more  ➔
What are super apps and how will they impact financial services?

What are super apps and how will they impact financial services?

Read more  ➔
Increase conversions and maximize share of wallet with Pinwheel's new UX update

Increase conversions and maximize share of wallet with Pinwheel's new UX update

Read more  ➔
Pinwheel announces support for taxes

Pinwheel announces support for taxes

Read more  ➔
Ryan Nier Joins Pinwheel as the Company’s first General Counsel

Ryan Nier Joins Pinwheel as the Company’s first General Counsel

Read more  ➔
The future of enabling earned wage access

The future of enabling earned wage access

Read more  ➔
Deliver earned wage access faster with Pinwheel Earnings Stream

Deliver earned wage access faster with Pinwheel Earnings Stream

Pinwheel Earnings Stream provides the necessary data and intelligence to reliably offer earned wage access (EWA) at scale.

Read more  ➔
Digital transformation in banking in 2022: What it means, trends & examples

Digital transformation in banking in 2022: What it means, trends & examples

Read more  ➔
June product release: Expanded connectivity to employers, a custom experience with Link API and more

June product release: Expanded connectivity to employers, a custom experience with Link API and more

Read more  ➔
Pinwheelie Spotlight: LaRena Iocco, Software Engineer

Pinwheelie Spotlight: LaRena Iocco, Software Engineer

Read more  ➔
Build fully custom experiences with Pinwheel’s Link API

Build fully custom experiences with Pinwheel’s Link API

Read more  ➔
Pinwheel expands connectivity to 1.5M employers

Pinwheel expands connectivity to 1.5M employers

Read more  ➔
Robert Reynolds joins Pinwheel as Head of Product

Robert Reynolds joins Pinwheel as Head of Product

Read more  ➔
Pinwheel obtains highest security certification in the industry

Pinwheel obtains highest security certification in the industry

Read more  ➔
Lauren Crossett becomes Pinwheel’s first Chief Revenue Officer

Lauren Crossett becomes Pinwheel’s first Chief Revenue Officer

Read more  ➔
Everything you should know about the role of APIs in banking

Everything you should know about the role of APIs in banking

Read more  ➔
Open finance: What is it and how does it impact financial services?

Open finance: What is it and how does it impact financial services?

Read more  ➔
How automated direct deposit switching benefits traditional banks

How automated direct deposit switching benefits traditional banks

Read more  ➔
Pinwheel Secure: Authentication optimized for market-leading conversion

Pinwheel Secure: Authentication optimized for market-leading conversion

Read more  ➔
Pinwheelie Spotlight: Elena Churilova, Software Engineer, Integrations

Pinwheelie Spotlight: Elena Churilova, Software Engineer, Integrations

Read more  ➔
May product release: Localization and downloadable pay stubs

May product release: Localization and downloadable pay stubs

Read more  ➔
How a payroll API can level up lenders and renters

How a payroll API can level up lenders and renters

Read more  ➔
The power of payroll APIs in consumer finance

The power of payroll APIs in consumer finance

Read more  ➔
Data Talks: Pinwheel’s Fortune 1000 coverage and top employer trends

Data Talks: Pinwheel’s Fortune 1000 coverage and top employer trends

Read more  ➔
April product release: Enabling connectivity to time and attendance data for 25M US workers

April product release: Enabling connectivity to time and attendance data for 25M US workers

Read more  ➔
Tech spotlight: Increasing engineering momentum at a systems level

Tech spotlight: Increasing engineering momentum at a systems level

Read more  ➔
How crypto exchanges can turn direct deposits into a fiat onramp

How crypto exchanges can turn direct deposits into a fiat onramp

Read more  ➔
March product release: Time and attendance coverage and Pinwheel's new online home

March product release: Time and attendance coverage and Pinwheel's new online home

Read more  ➔
Pinwheelie spotlight: Arianna Gelwicks, Tech Recruiting

Pinwheelie spotlight: Arianna Gelwicks, Tech Recruiting

Read more  ➔
What is payroll data and how it benefits proptech companies

What is payroll data and how it benefits proptech companies

Read more  ➔
Earned wage access: What is it and why does it matter?

Earned wage access: What is it and why does it matter?

Read more  ➔
How fintech APIs are transforming financial services

How fintech APIs are transforming financial services

Read more  ➔
Webinar: Unleash growth with income and payroll APIs

Webinar: Unleash growth with income and payroll APIs

Read more  ➔
February product release: Updated Link UX and data quality

February product release: Updated Link UX and data quality

Read more  ➔
Why a direct deposit switching API is a must-have for banks and neobanks

Why a direct deposit switching API is a must-have for banks and neobanks

Read more  ➔
Tech spotlight: Floating footer with React functional components

Tech spotlight: Floating footer with React functional components

Read more  ➔
Pinwheelie spotlight: Hale Ahangi, People Operations Lead

Pinwheelie spotlight: Hale Ahangi, People Operations Lead

Read more  ➔
Shift from a vicious to virtuous cycle: The foundation for a fairer financial system

Shift from a vicious to virtuous cycle: The foundation for a fairer financial system

Read more  ➔
January product release: Recurring access to income & employment

January product release: Recurring access to income & employment

Read more  ➔
Pinwheel’s Series B and our path towards a fairer financial future

Pinwheel’s Series B and our path towards a fairer financial future

We're excited to share that we have raised a $50M Series B funding round led by GGV Capital with participation from many others.

Read more  ➔
Pinwheelie spotlight: Devin DeCaro-Brown, Product Manager

Pinwheelie spotlight: Devin DeCaro-Brown, Product Manager

Read more  ➔
Tech spotlight: How to implement async requests in your Python code

Tech spotlight: How to implement async requests in your Python code

Read more  ➔
2021 recap and product update: An amazing year for Pinwheel

2021 recap and product update: An amazing year for Pinwheel

Read more  ➔
Charles Tsang joins Pinwheel as Head of Marketing

Charles Tsang joins Pinwheel as Head of Marketing

Read more  ➔
Pinwheelie spotlight: Octavio Roscioli, Senior Software Engineer

Pinwheelie spotlight: Octavio Roscioli, Senior Software Engineer

Read more  ➔
November product release: Beta launch of income & employment monitoring

November product release: Beta launch of income & employment monitoring

Read more  ➔
How can payroll data help with one’s financial picture?

How can payroll data help with one’s financial picture?

Read more  ➔
Pinwheelie spotlight: Caroline Lo, Software Engineer

Pinwheelie spotlight: Caroline Lo, Software Engineer

Read more  ➔
2021 company onsite: Bringing Pinwheelies together

2021 company onsite: Bringing Pinwheelies together

Read more  ➔
October product release: Beta launch of direct deposit allocation monitoring

October product release: Beta launch of direct deposit allocation monitoring

Read more  ➔
Why payroll data access is inevitable on your product roadmap

Why payroll data access is inevitable on your product roadmap

Read more  ➔
Security spotlight: SOC 2 compliance

Security spotlight: SOC 2 compliance

Read more  ➔
Jeff Hudesman joins Pinwheel as Chief Information Security Officer

Jeff Hudesman joins Pinwheel as Chief Information Security Officer

Read more  ➔
Welcoming John Whitfield, VP of Engineering

Welcoming John Whitfield, VP of Engineering

Read more  ➔
Announcing Pinwheel’s FCRA Compliance

Announcing Pinwheel’s FCRA Compliance

Read more  ➔
Pinwheel's statement on Section 1033

Pinwheel's statement on Section 1033

Read more  ➔
Pinwheel raises $20M Series A

Pinwheel raises $20M Series A

Read more  ➔
If I were a fintech founder

If I were a fintech founder

Read more  ➔
Pinwheelie spotlight: Phil Jen, Director of Product

Pinwheelie spotlight: Phil Jen, Director of Product

Read more  ➔
Celebrating women's history month with Sasha Pilch

Celebrating women's history month with Sasha Pilch

Read more  ➔
Tech spotlight: How we re-launched our API docs

Tech spotlight: How we re-launched our API docs

Read more  ➔
Why I chose Pinwheel: Payroll APIs as the next frontier

Why I chose Pinwheel: Payroll APIs as the next frontier

Read more  ➔
Lunch and learn with Nik Milanović

Lunch and learn with Nik Milanović

Read more  ➔
Pinwheelie spotlight: David Daudelin, Senior Front End Engineer

Pinwheelie spotlight: David Daudelin, Senior Front End Engineer

Read more  ➔
The missing link

The missing link

Read more  ➔
Introducing Pinwheel, the API for payroll

Introducing Pinwheel, the API for payroll

Read more  ➔