MX financial data platform was announced on Friday, September 24 Press release That it is partnering with payroll connectivity API company Pinwheel to help FinTech customers switch direct deposit and speed up revenue verification.
MX and Pinwheel partnership extends income verification coverage, improves underwriting models for better lending decisions, and provides better financial advice to clients.
“We are delighted to partner with MX as they are the leader in the account aggregation and connectivity space that will allow us to boost our offering”, co-founder and CEO of Pinwheel Kurtis Lin said in the ad.
“We already cover over 100 million Americans and with MX’s extended reach, we believe it will be a game-changing solution for customers around the world,” he said.
MX’s financial data platform enables organizations to verify accounts for automated clearing house (ACH) and real-time payments (RTP) with enhanced customer transaction data. The combination of MX and Pinwheel adds data fields including income, employment, pay stubs, identity, time and attendance to identify high value customers, find cross-sell opportunities and access earned wages.
“We all know that a leading indicator of a user’s lifetime value is direct deposit,” MX Executive Vice President of Partnerships Don Parker said in the ad. “With Pinwheel, customers have the flexibility to set up direct deposits or, if necessary, direct deposit transfer to eliminate friction, facilitate financial advice and make better lending decisions.”
Real-time employment data coming directly from Pinwheel’s source can be used by employers for verification purposes and to help them make better credit decisions. Pinwheel recently launched a Credit Reporting Agency (CRA) entity so that clients can use its data for underwriting while remaining compliant with the Fair Credit Reporting Act (FCRA).
MX’s banking transaction data allows lenders to report high-risk activity, including Insufficient Funds (NSF) and existing loan repayments.
Related: MX, Payveris partner on money movement services
MX recently partnered with the Payveris integrated money movement offering to enable organizations to offer digital payment and money movement services to their customers and through the Payveris MoveMoney platform and suite of ‘Open Application Programming Interfaces (APIs), SDK Widgets, and Single Sign-On. -on (SSO), according to a joint announcement.