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January product release: Recurring access to income & employment

Pinwheel Team

January 27, 2022

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How’s everyone doing with their resolutions? Start that new book? Join a gym? Finally nail down your mom’s lasagna recipe? We thought we’d check in since the folks here at Pinwheel have been quite busy tackling ours.

We closed out last year with our strongest momentum ever and we kept the same pace in January 2022. Most notably, we raised our $50M Series B round from leading investors whose continued support allows us to expand operations, grow our team, and deliver better products faster. This month’s product update is especially exciting since we have finished launching recurring access to all income and employment endpoints, allowing us to capture data across all facets of a consumer’s financial picture.

Completed launch of recurring access to income & employment endpoints

We’ve made a lot of headway building out recurring access for our products to give a more dynamic view of an end user's personal life and financial situation, most recently with income and employment monitoring. Enhancing recurring access for our customers is based on the idea that a consumer’s life — and therefore the circumstances that impact their financial situation — isn’t static. So, insight into that consumer shouldn’t be static either.

Today, we’re happy to build on this progress and announce the completed launch of recurring access to income and employment endpoints. These endpoints include:

  • Employment: Employment information about the user such as their employer's name, employment status, and start date.
  • Identity: Personally identifiable information about the user such as their full name, date of birth, and the last 4 digits of their SSN.
  • Income: Income information about the user such as their annual salary or hourly wage.
  • Paystubs: The user's most recent and historical paystub data. It includes gross pay, net pay, and more detailed information such as deductions and taxes.
  • Shifts: Ongoing and completed work performed by a user. It includes details about shift dates, timestamps, the type of work, and associated earnings.

With this completed launch, we now present a full stack of reliable, FCRA compliant income and employment data spanning all areas of an end user’s financial picture.

When users connect their payroll accounts, they opt in to share income and employment data with that application. Granting consumer permissioned access to our customers unlocks a wealth of historically unreachable data that now can be used to build new and exciting experiences more seamlessly.

We’re also powering new consumer use cases such as earned wage access (EWA). Consider EWA: most payroll systems leave consumers locked out of earned wages until their next paycheck, pushing them to predatory payday loans when unexpected bills hit. By leveraging Pinwheel's verified view into consumer earnings, pay period, employment, and other data, any financial institution can offer early access to these wages, regardless of the employer.

Integrating with the hundreds of thousands of employers in the US to access wage data for millions of workers would be an immense challenge. Instead, Pinwheel provides a single point of data aggregation for each of these workers, whether they have one job or ten. By bringing this benefit to every American worker, we get one step closer to a fairer financial system.

Want to partner with us?

If you're excited about things like earned wage access and building financial products and services to better serve your customers, chat with us today! And if you think you want to be part of the team powering first rate payroll connectivity, be sure to check out our open roles.