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Pinwheel powers Pay by Paycheck for Perpay
Perpay’s mission is to make paychecks work harder for the people who earn them. They build simple, inclusive financial products that increase access to spending power and improve credit worthiness for underserved consumers. With millions of members, the company offers a growing suite of products - including an ecommerce marketplace, a credit card, and a standalone credit building product - that allow users to make purchases and repay them through automatic payments from their paycheck. This model helps users avoid missed payments and build healthy financial habits. To further support financial wellness, Perpay also offers Perpay+, a program that helps customers improve their credit score by reporting their marketplace trade line and positive payment history to all three major credit bureaus.
To help customers access and build credit while managing repayment risk, Perpay needed to ensure that paycheck-linked repayments were as seamless as possible. But its initial approach had limitations. Connecting to payroll systems was largely a manual and unfamiliar process, often requiring significant customer effort and support team intervention.
Worse, Perpay had to delay product shipment until a qualifying direct deposit hit the account—typically on the next payday—so it could verify the paycheck routing was updated correctly. While effective at reducing risk, this added friction to the user experience and made it difficult to scale operations or provide fast, reliable service.
Additionally, Perpay did not have visibility into payroll data. Perpay had no way to verify that a user has payment history from their employer or is actively being paid. These blind spots made it difficult to manage long-term repayment risks, ultimately increasing the likelihood of defaults.To overcome these constraints and grow more efficiently, Perpay needed a way to automate payroll connectivity, verify income and employment instantly, and confirm deposit updates in real time.
Enter Pinwheel.
With Pinwheel, Perpay embedded secure, seamless payroll connectivity into its payment setup flow. Now, customers can easily connect their payroll account and authorize paycheck-linked repayment in just a few clicks—no more manual setup or wait time.
Pinwheel’s platform not only enables Perpay customers to take action instantly, but also provides Perpay with instant confirmation of the users’ income and employment, and that their paycheck routing has been successfully updated. This allows Perpay to ship products immediately, giving customers a faster and more satisfying shopping experience without compromising risk controls.
Ready to help your financial institution see similar results? Book a meeting.
Perpay’s mission is to make paychecks work harder for the people who earn them. They build simple, inclusive financial products that increase access to spending power and improve credit worthiness for underserved consumers. With millions of members, the company offers a growing suite of products - including an ecommerce marketplace, a credit card, and a standalone credit building product - that allow users to make purchases and repay them through automatic payments from their paycheck. This model helps users avoid missed payments and build healthy financial habits. To further support financial wellness, Perpay also offers Perpay+, a program that helps customers improve their credit score by reporting their marketplace trade line and positive payment history to all three major credit bureaus.
To help customers access and build credit while managing repayment risk, Perpay needed to ensure that paycheck-linked repayments were as seamless as possible. But its initial approach had limitations. Connecting to payroll systems was largely a manual and unfamiliar process, often requiring significant customer effort and support team intervention.
Worse, Perpay had to delay product shipment until a qualifying direct deposit hit the account—typically on the next payday—so it could verify the paycheck routing was updated correctly. While effective at reducing risk, this added friction to the user experience and made it difficult to scale operations or provide fast, reliable service.
Additionally, Perpay did not have visibility into payroll data. Perpay had no way to verify that a user has payment history from their employer or is actively being paid. These blind spots made it difficult to manage long-term repayment risks, ultimately increasing the likelihood of defaults.To overcome these constraints and grow more efficiently, Perpay needed a way to automate payroll connectivity, verify income and employment instantly, and confirm deposit updates in real time.
Enter Pinwheel.
With Pinwheel, Perpay embedded secure, seamless payroll connectivity into its payment setup flow. Now, customers can easily connect their payroll account and authorize paycheck-linked repayment in just a few clicks—no more manual setup or wait time.
Pinwheel’s platform not only enables Perpay customers to take action instantly, but also provides Perpay with instant confirmation of the users’ income and employment, and that their paycheck routing has been successfully updated. This allows Perpay to ship products immediately, giving customers a faster and more satisfying shopping experience without compromising risk controls.
By partnering with Pinwheel, Perpay streamlined the customer experience and unlocked meaningful business impact:
Ready to help your financial institution see similar results? Book a meeting.
Pinwheel’s product suite delivers the modern infrastructure that turns Pay by Paycheck from a promising idea into a proven growth strategy. By connecting directly to payroll systems, we help lenders lower default risk and reduce cost-to-serve - without sacrificing customer experience.
As consumer credit delinquencies climb and net interest margins compress, lenders face a dual challenge: driving revenue growth while protecting portfolio performance and profitability. Against this backdrop, Pay by Paycheck has emerged as a timely, powerful solution to control risk while delivering real benefits to borrowers.
In April 2025, as part of its ongoing commitment to reducing friction for customers, Varo piloted Pinwheel’s most advanced Deposit Switch experience: PreMatch. This cutting-edge solution leverages information already provided during account opening to proactively identify users’ payroll accounts. By doing so, PreMatch enables users to bypass the provider search and login steps, eliminating two of the biggest drop-off points in the traditional flow and resulting in a dramatically simplified direct deposit switching experience.
We’re thrilled to share that Jaimeson Rice has been promoted to be the next Chief Executive Officer of Pinwheel. Jaimeson is succeeding our Co-Founder Kurtis Lin, who is transitioning to a new role as Executive Chairman of the Pinwheel Board of Directors after nearly 8 years leading the company as our founding CEO.
Earlier this year we entered a partnership with TurboTax, aimed at making taxes a little less taxing. By integrating Pinwheel’s technology, we enabled new TurboTax customers to automatically import their prior year’s tax information into their new TurboTax return.
Pinwheel and Narmi first announced their partnership in July 2024, making Pinwheel’s industry-leading deposit switching solution easily available to Narmi platform customers.
In a recent webinar hosted by The Consumer Bankers Association, Pinwheel CEO, Kurtis Lin sat down with Emily Gessner, EVP, Head of Consumer Digital at KeyBank, and Sara Pultman, FVP of Digital Deposit Strategy at Berkshire Bank, to unpack what “primacy” really means in today’s digitally driven landscape—and how banks need to rethink customer engagement to achieve it.
The recent determination by the Consumer Financial Protection Bureau (CFPB) that its own open banking rule under Section 1033 of the Dodd-Frank Act is unlawful and should be set aside sent waves through fintech and financial services circles.
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In today's competitive financial landscape, delivering exceptional digital experiences is paramount for institutions aiming to enhance customer engagement and drive growth. However, it’s tough to differentiate from the “sea of sameness” across digital financial experiences.
We are thrilled to announce that Paychex, a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has joined the Pinwheel PreMatch network.
A leading credit union has a long-standing commitment to delivering personalized financial solutions that empower their ~400k members to achieve their unique financial goals.In 2024, they embarked on a digital experience upgrade aimed at providing members more financial control and a more convenient banking experience.
A leading consumer financial institution offers a suite of personalized banking, lending, and wealth management services to help both individuals and families achieve their financial goals. In 2024, they sought to enhance the value of their premium product with a differentiated digital experience.
From breaking down barriers to new account activation, to launching new customers through our expanding partnership network, we’re proud to highlight some of the major milestones that have kept Pinwheel at the forefront of innovation in financial technology.
Lumin Digital platform customer, Citadel Credit Union, has launched their Direct Deposit Manager product, enabled by Pinwheel Deposit Switch.
We are thrilled to welcome another Jack Henry Banno platform customer, Security Bank of Kansas City (SBKC), to the Pinwheel family.
"We’re excited to partner with MoneyLion to deliver a more seamless and effective direct deposit switching experience,” said Kurtis Lin, CEO & Co-Founder of Pinwheel.
Direct deposits and primary bills are not competing priorities—banks need them both to achieve primacy, and capturing them early on in the customer lifecycle is key. The Pinwheel Switch Kit is a game-changing solution that enables users to switch their deposits and bill payments during onboarding.
From groundbreaking product developments to new partnerships, 2024 has been a banner year for Pinwheel, our partners, and our customers.
n an era dominated by digital innovation, physical branches remain relevant—and even essential. While many national financial institutions are doubling down on digital channels and closing branches, 60% of new accounts are still being opened in person. This underscores a critical competitive differentiator for credit unions, who maintain a unique home town advantage.
Pinwheel Pulse is where we share recent highlights on our journey to building solutions that drive primacy and unlock the potential of payroll connectivity.
A new and powerful tool for banks to leverage in their battle for primacy.
We began beta testing our groundbreaking new solution for authorizing payroll accounts in Q1 2024. And we’re thrilled to share that the industry’s only 100% credential-less solution that automatically identifies users’ payroll accounts is living up to the hype.
Pinwheel Prime’s intelligent waterfall covers 100% of U.S. payroll scenarios and delivers 30% more successful conversions than any other provider in the industry.
Neo-banks like Cash App and Chime have mastered the art of digital onboarding, leveraging automated direct deposit features as a key driver of customer acquisition and long-term engagement. By investing in payroll integrations that deliver a seamless direct deposit enrollment option during onboarding, these fintech giants have grown their actively funded user base at hyper speeds.
Nassau Financial’s mission is to improve the financial well-being of each member in the communities we serve, reflecting the credit union philosophy of "People helping people."
Implementation of the Pinwheel Prematch feature took Perpay only 3 weeks, after which they saw an immediate performance uplift. For Perpay customers eligible for PreMatch, they saw a 2.19x increase to switch success rate, and an 11% overall switch conversion improvement.
In the ever-evolving landscape of banking and fintech, winning the primary banking relationship has never been more difficult. In our recent white paper, Primacy in personalized banking: a moving target, we reveal new consumer insights that emphasize the importance of offering seamless digital experiences to win and keep customers.
Learn about changes to consumer behavior that have affected financial institutions' ability to achieve and defend primacy.
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Discover what consumers believe is needed for bank account primacy, and what really motivates them to switch.
With most banks focusing investments on digital and reducing branch networks, 60% of new accounts are still being opened in branch. For decades, bank branches have been a cornerstone of everyday life in America’s cities and towns. But these days, branches are getting harder and harder to come by. By the end of 2023, the number of bank branches in the U.S.
Are credit scores missing the point?Despite the lip service in banking pledging fairness and equity, systemic issues can allow discrimination in extending credit to surface in unexpected ways. One glaring example is the industry’s struggle to underwrite those who have non-traditional career histories or those who make their living through self employment or the gig economy. Whether they need to produce two years’ worth of tax returns or a specific credit score, many financially secure Americans still struggle to present the “right” paperwork. As a result, banks cannot deliver an optimal experience for:
A conversation with Chris Powell, EVP & Head of Deposits, Citizens Bank and Kurtis Lin, Co-Founder & CEO, Pinwheel. Last month, Pinwheel hosted a webinar with the Consumer Bankers Association to explore our latest research on The Power of Primacy conducted in partnership with The Digital Banking Report. In a discussion moderated by Pinwheel CMO, Crystal Gopman, Chris Powell, EVP and Head of Deposits at Citizens Bank and Pinwheel CEO, Kurtis Lin, delved deep into the challenges banks are facing today as they compete for share of wealth with the modern consumer.
The next time you’re browsing on your phone, add this idea to your cart: Does your bank need to engage customers less like an overworked teller and more like Amazon?In a climate of exploding technology and regulatory scrutiny, the BAI Banking Outlook: 2024 Trends survey identified the customer digital experience as a top priority for this year, citing technology integration and intuitive platforms as the pathways to engagement that’s personal, frictionless – and even somewhat fun. But as you know, fraud mitigation and other protocols can introduce drag and result in user drop-off. “Somewhat unfairly, customers measure their bank’s digital delivery of services against the practices of world-class online retailers,” the survey concludes.
Ensuring Digital Security in the rapidly evolving digital world, the importance of security cannot be overstated. As the Chief Information Security Officer at Pinwheel, I'm at the forefront of our battle against digital threats. Our mission is clear: to safeguard our clients' data with the most robust security measures available. This dedication is embodied in our two flagship products: Pinwheel Core and Pinwheel Prime.
Are your new customer acquisition goals higher than ever in 2024? Yes? Then, you’re on trend. Late last year, the BAI surveyed 102 financial services organizations to gain insights for the coming year. The findings of the study, the BAI 2024 Banking Outlook, placed customer acquisition in the top two priorities—just behind deposit growth—for bankers. Coming in third? You can probably guess. Enhanced digital banking experiences. And we’re here for it.
The report highlights a significant disconnect between banks' customer acquisition strategies and consumer behavior. While banks continue to invest heavily in account opening incentives, such as cash bonuses and promotional offers, these efforts often fall short of their intended goal. To the dismay of banks, although they spend high acquisition costs to attract new customers, many of these accounts remain dormant.
My january piece on the offer wars got me thinking: what actually motivates consumers to switch banks? Are rich account opening incentives turning heads, or is our industry missing the mark? To answer this question, we partnered with Savanta research to understand the inner dialogue of a consumer contemplating a new banking relationship.
Pinwheel was founded to unlock powerful income data for financial institutions, so that they can better serve their users with more personalized products, driving long term relationships that are proven to deliver better financial outcomes. Introducing the Dashboard Activity Page for Real-Time Engagement Insights.
We are thrilled to announce Pinwheel's new strategic partnership with Jack Henry, a leading financial technology company, which gives their customers a fast path to implementation for the industry's top performing Direct Deposit Switching solution. This collaboration is set to revolutionize the digital direct deposit setup experience for accountholders at community and regional financial institutions.
Banks rival top brands like Coke and P&G as the highest spending advertisers in the world. And bank marketing teams - channeling their best Cardi B energy - literally make money move with hundreds of millions of dollars at their disposal to hit annual growth goals. While the accounts keep rolling in, there’s a frantic scramble as institutions fumble in their attempts to convert active customers and meaningful engagement through aggressive, unsustainable offers.
As the Chief Revenue Officer at Pinwheel, I speak to executives from the world’s top banks every day and I see first hand how rapidly the financial services industry is changing. With approximately 94% of the U.S. population holding bank accounts and a staggering 13 million new accounts opened in 2022, the competitive quest for primacy, or being the primary account for a customer, is more intense than ever. That’s why digital advertising spend is on track to close out 2023 by surpassing $30 billion.
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Learn about how Smart Branch enables a new generation of integrated omnichannel campaigns.
Deposit Switch 2.0 allows every US worker to update their direct deposit settings regardless of where their direct deposit comes from.
Before integrating a payroll connectivity API, you should evaluate it based on coverage, conversion, implementation, security, and compliance.
A 12-page guide to leveraging earned wage access (EWA) to incentivize direct deposit switching.
Pinwheel Earnings Stream provides the necessary data and intelligence to reliably offer earned wage access (EWA) at scale.
