It’s been a busy start to fall here at Pinwheel. In addition to making headlines with our partnership with MX to make it easier for more people than ever before to securely switch direct deposits or verify their income - our product and engineering team has been working hard to continue to deploy new capabilities and enhance our payroll API platform. With this in mind, we’ve got two exciting updates this month.
First off, let’s start with what a direct deposit allocation (DDA) is. Traditional payroll platforms enable their end-users to split their paycheck into different accounts - aka allocations. This provides end-users with a lot of benefits, especially if they have multiple accounts they use to manage their spending, investments, and more.
DDA monitoring provides an ongoing, real-time look into an end-user’s allocations. This insight can enable customers to craft deeper, and more engaging experiences for their end-users. For example, digital banks can gain competitive insight into their users’ direct deposit allocations and provide incentives to win greater share of wallet. In addition, a continuous view into their users’ direct deposit allocations enables fintechs to de-risk lending products.
Although this product is in beta today, we think it’ll add a lot of value for customers and we’re excited to see what they can build.
With respect to our ongoing commitment to expand on our best-in-class payroll data coverage, we’ve recently increased the number of employer to payroll provider mappings by almost 10,000. We know how important these are to the overall user experience, as it provides another means for a user to find their payroll provider. Initial results show that these mappings have generated a 5% increase in engagement across the user flow.
Continuously growing our employer to payroll mapping database is a critical element in how we deliver the most value to our clients for key use cases such as direct deposit switching or income & employment verification. Adding more mappings is just the beginning, as we look to build a more robust Employer framework in the coming months.