- Pinwheel is integrating its technology into digital banking solution Lumin Digital.
- Under the partnership, Lumin will leverage Pinwheel’s Prime and Verify tools that will offer a deposit switching solution and verified income and employment information, respectively.
- Lumin expects the move will improve both account activation and acquisition ROI for its financial services clients.
Payroll data connectivity platform Pinwheel announced today it is integrating its technology into digital banking solution Lumin Digital.
Pinwheel will help Lumin bring its financial institution clients frictionless account activation technology. By adding Pinwheel’s deposit-switching solutions, Lumin expects it will improve both account activation and acquisition ROI.
“This partnership provides our customers options for deposit switching solutions and is paramount to helping them achieve their goals,” said Lumin Chief Product Officer Sean Weadock. “Pinwheel is advancing their market in terms of ease, coverage, and security.”
Under the partnership, Lumin will leverage Pinwheel Prime and Verify. Pinwheel Prime is Pinwheel’s two-click deposit switching solution, which digitizes the direct deposit switching process to provide real-time insights into customers’ income. This increased visibility into customer data helps financial institutions form deeper relationships and increase the customer lifetime value.
Pinwheel’s Verify product allows financial institutions to improve their underwriting processes by accessing their customers’ verified income and employment information. Because Pinwheel is a Consumer Reporting Agency (CRA), financial institutions can legally use the income and employment data for credit decisioning.
“Between traditional financial institutions and neobanks, consumers have many choices, so we want to help banks and credit unions make their deposit switching process for customers as easy as possible,” said Pinwheel Partnerships Lead Brian Karimi-Pashaki. “In a recent survey, we discovered that 72% of consumers say they would be more likely to make a bank their prime bank if it offered Pinwheel Prime at acquisition, which is reason enough to want to get our technology into the hands of as many financial institutions as possible.”
New York-based Pinwheel was founded in 2018 and in addition to its Prime and Verify products also offers Earnings Stream, an early wage access tool; Taxes, a tool to help retrieve and assess customers’ tax forms; Digital, which offers third party companies digital payroll connectivity solutions; and Smart Branch, a tool to deliver Pinwheel’s digital payroll data connectivity solutions in-branch. Pinwheel helps third party apps connect to over 1.5 million employers using over 1,800 platforms, which cover up to 100% of U.S. workers paid via direct deposit. With more than $77 million in funding, the company counts Block, Citizens Bank, Acorns, Credit Karma, and others among its clients.
Founded in 2016, California-based Lumin has integration, referral, and reseller partnerships with multiple, major financial services players, including Larky, Constant, Glia, Envestnet, Paymentus, Jack Henry, Atomic, BioCatch, and others.
Photo by Skye Studios on Unsplash