Employment and income verification solution Truework has teamed up with Plaid to grow its consumer lending offering, Plaid Payroll Income.
In an announcement on its website Friday (May 27), Truework said their bond involves integrating the Plaid tool into Truework Credentials, letting applicants share their income and employment information directly within online loan applications.
\”We built Plaid Income to supply a more inclusive credit system for those,\” said Paul Williamson, the business's head of revenue. \”Partners like Truework share our consumer-first vision to empower them with charge of their own financial data. Combined with their digital approach to income verification, we're excited that Plaid Payroll has become built-into the Truework platforms.\”
Learn more: Plaid Taps VGS for Tokenization Services
By adding Plaid Income, lenders receive broader coverage via additional user-permissioned data, Truework said.
Based in Bay area, Truework's platform allows lenders to ensure income and employment with an embedded module that allows them to convert users at the time of application, saving the problem of manually trying to find and downloading documents.
Lenders may also allow users to log directly onto their employer or payroll provider with Truework Credentials. With Plaid Income as part of this process, verification becomes even faster, Truework said.
Earlier this month, Plaid launched an expanded partnership with data privacy provider Excellent Security (VGS) to provide tokenization services.
\”Tokenization might help protect your personal data (PII) and sensitive data from exposure and used for nefarious purposes,\” VGS said inside a news release. \”VGS will provide tokenization of PII and financial data vaulting services for Plaid customers. This helps ensure end-to-end data security for Plaid customers by seamlessly integrating VGS services alongside Plaid APIs.\”
The company also recently teamed up with data privacy platform Skyflow to assist developers build applications with data privacy infrastructure.
Read more: Skyflow, Plaid Partner on Data Protection and Privacy for FinTechs
The partnership lets Skyflow offer pre-built connections to Plaid's products along with a predefined vault path for Plaid clients, which assures developers and users that the data accessed via Plaid will probably be securely stored.