November Product Release Notes: Beta Launch of Income & Employment Monitoring and More

Pinwheel Team
Friday, November 19, 2021
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This month, we beta launched Income & Employment Monitoring and continued to enhance our coverage.

A lot has happened over the past month - from the amazing meetings we had with customers and partners at Money 2020 to our highly successful company onsite to help us build connectivity, customer centricity, and team excellence.  But it’s not all about team building and trips to Las Vegas.  We’ve also been working hard to expand on our recurring access features and continue to improve our platform’s coverage.  

Beta Launching Income and Employment Monitoring

In October, we were excited to announce the beta launch of Direct Deposit Allocation Monitoring.  This month, we build on this progress with the beta launch of Income and Employment Monitoring.  These beta launches represent our platform’s growing suite of recurring access capabilities.  

As a reminder, recurring access provides customers continuous access to payroll accounts.  In the case of Income and Employment, this enables customers to get alerted to changes in an end-user’s employment status or if their compensation has changed. 

Our customers have always told us that real time alerting would be extremely powerful and would allow them to build the next generation of flexible lending products. We’re excited to see this come to life and more excited for the benefit to end-users in the form of earned wage access tools, personalized loans, and driverless money solutions.

Coverage Update

This past month, we’ve enabled connectivity to several gig and eCommerce platforms like Shipt, Shopify, and Stripe to improve our coverage.  These additions build upon our existing coverage of “non-traditional” income sources in categories like gig (e.g., Uber, Lyft, Instacart, etc) and creator (eg. Etsy). 

Given the recent growth in the number of Americans who work as creators and gig workers, connectivity to these platforms is becoming increasingly important.  For example, there are estimated to be at least 55 million people in the United States (34% of the workforce) who are gig workers based on recent analysis from the International Labor Organization.  

Pinwheel is evolving with the future of work. As the definition of employment changes, enabling access to these sources provides the broadest and most comprehensive view of an end-user’s income. 

Want To Work With Us?

Interested in test driving our beta recurring access products? Chat with us here. And as always check out how our APIs can power use cases from Direct Deposit Switching, Income & Employment Verification, Paycheck Linked Lending, and more.

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