Pinwheel Announces Earnings Stream to Provide Real-time Consumer Earnings Data with Persistent Connectivity to Payroll and Time and Attendance (T&A) Platforms

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Sep 27, 2022, 11:00 ET

With Earnings Stream, fintechs and financial institutions can seamlessly support new products, such as enabling cash flow underwriting and simplifying earned wage access (EWA), to alleviate the financial stress of traditional underwriting and traditional pay periods, ultimately creating a fairer financial system. Pinwheel's up-leveled insights – projected earnings or accrued earnings – are powered by consumer-permissioned, real-time data connectivity.

NEW YORK, Sept. 27, 2022 /PRNewswire/ -- Today, Pinwheel, the market-leading provider of income and employment data engineered for next-generation fintech innovation, announced the launch of Pinwheel Earnings Stream. Pinwheel's latest product provides an unprecedented level of persistent, up-to-date historical, current, and projected income data.

For banks or fintechs to create net-new financial products tailored to a consumer's unique income and employment status, they would need to retrieve data from thousands of payroll providers and dozens of T&A platforms. This is further complicated by the subsequent need to analyze and make sense of the data retrieved. Pinwheel is the only provider that eliminates these barriers by connecting to these sources and packaging up the necessary information into a single API endpoint. Using advanced machine learning and real paystubs data, Pinwheel can derive net earned wages for any work completed so that accrued (earned but not received wages) and projected earnings (gross pay minus taxes and contributions) amounts are always reliable and accurate.

Compared to current market offerings, Earnings Stream takes income data a step further by applying robust analytics and intelligence to help customers make sense of the data. For example, converting this information into projected earnings is one of the most common next steps after accessing this type of data, so Pinwheel automatically handles this for its customers. Pinwheel plans to continue expanding its already unprecedented level of connectivity to over 1,600 payroll providers (covering 80% of US workers) and the top 40 T&A platforms. With this, fintechs and financial institutions can leverage Pinwheel's added layer of analytics to bolster their EWA strategy and answer the overwhelming consumer demand for EWA.

Earnings Stream is mutually beneficial for consumers as well as banks and fintechs, and is most effective for increasing customer lifetime value and reducing acquisition costs when paired with Pinwheel's Deposit Switch product, as EWA offerings encourage customers to move their direct deposit. The powerful combination of these two products allows banks and fintechs to create experiences that present opportunities for long-term customer relationships, while also offering services that promote better consumer financial habits.

Based on consumer demand, EWA is the most immediate use case for Earnings Stream, but having access to accrued and projected earnings will open up infinite possibilities for innovation, including financial wellness tools, educational services, cash flow underwriting, and so much more.

"We developed Earnings Stream to support our customers' strategies to answer the consumer demand for EWA services, while they have long wanted to offer these products, it's been nearly impossible to execute at scale throughout the fintech industry at large," said Kurtis Lin, co-founder and CEO of Pinwheel. "EWA is a unique product because it benefits all parties. Consumers are excited about meaningful liquidity, financial institutions are happy to acquire customers, and employers are pleased to see their workers have less financial stress. We firmly believe the introduction of Earnings Stream is the first step in helping to fast-track so many needed changes to the finance industry, such as minimizing the prominence of predatory loans or high-interest credit cards. I'm proud of our team for developing what we believe will be one of the fintech industry's keys to building truly impactful EWA products. Many of our customers are working on exciting use cases that we're excited to see hit the market soon."

"Earnings Stream was built so our customers can best help their customers, especially amid this time of economic uncertainty," said Robert Reynolds, Head of Product of Pinwheel. "We're excited to offer a new medium that will allow banks and fintechs to deliver critical financial tools to consumers, while also encouraging customer relationship growth. By building products that have eliminated direct deposit switching friction, consumers can more easily use these services and banks and fintechs can establish longer-term customer relationships."

Pinwheel Earnings Stream Provides:

Accrued Earnings: This amount represents wages earned thus far in the current pay period, supported by our real-time shift and paystub data provided by our market-leading connectivity to over 1600 payroll platforms and over 40 T&A platforms.
Projected Earnings: Projected earnings at the end of the current pay period, with projected pay dates included. This amount is based on comprehensive paystubs data and historical pay information.
Pay dates: We also provide projected pay dates of end users

By removing the need to build and maintain these connections on a use-case-by-use-case basis, EWA is set to be a mainstream alternative to payday loans or high-interest credit cards, contributing to almost 90% of people living in a constant state of financial stress. The launch of Earnings Stream will help usher in the next generation of financial products, and as a result, amazing new consumer products will be available soon. To learn more visit: https://www.pinwheelapi.com/products/earnings-stream

About Pinwheel: Pinwheel is the market-leading income and employment API. With Pinwheel, fintechs and financial institutions are empowered to build the next generation of financial products that will help create a fairer financial system. Pinwheel provides access to consumer-permissioned income & employment accounts and actionable insights that help them make sense of the data they need to tailor their tools and services for consumers. Pinwheel's platform has enterprise-grade security protocols to power connections to over 1,600 platforms (covering 80% of US workers), over 40 time & attendance (T&A) platforms, and over 1.5 million employers. From that point of connectivity, leading fintechs and financial institutions (such as Block, formerly Square) leverage us to power direct deposit switching, earned wage access, income & employment verification, and build innovative new products. Pinwheel is also a Consumer Reporting Agency (CRA), making the company the only provider in the space offering Fair Credit Reporting Act (FCRA)-compliant income and employment data that lenders can use actively in decisioning. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue, First Round Capital, and more.

SOURCE Pinwheel