Data, Member Exclusive

With income verification product, Plaid goes deeper into payroll data

  • Plaid launched Plaid Income, its income verification solution for lenders and consumers.
  • The product is the company’s second payroll data solution as it continues to expand into payroll related services.
close

Email a Friend

With income verification product, Plaid goes deeper into payroll data

Last week, Plaid launched its income verification beta product Plaid Income as an extension of its recent venture into payroll data. Earlier this year, the firm rolled out Deposit Switch which allows users to switch their direct deposits to a bank account of their choice by linking their payroll account. 

Plaid Income offers consumers the opportunity to verify their income and provide lenders with structured income, employment, tax data and source documents.

“With Income, lenders can process this data faster and give applicants immediate certainty,” said Plaid product lead, Kate Adamson. “As a result, lenders can make more informed risk decisions with high-integrity information, issue pre-approvals or approvals faster, quickly approve a more inclusive set of applicants, and spend fewer resources manually reviewing documents.”


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “With income verification product, Plaid goes deeper into payroll data”

Finance Everywhere, Member Exclusive

Embedded Briefing: What’s driving the embedded finance boom?

  • Bain & Company estimates that the embedded finance industry will swell up to $7 trillion in transactions by 2026, up from $2.6 trillion in 2021.
  • Payments, lending, and banking were found to be the key drivers of the embedded finance boom. In the future, embedded insurance, tax, and accounting are poised for significant growth.
Subboh Jaffery | October 04, 2022
Green Finance, Member Exclusive

Green Finance Briefing: An intro to environmental sustainability in banking

  • For banks and financial institutions, sustainability initiatives present opportunities as well as risks, according to a new report on the current landscape of environmental sustainability in banking.
  • Sustainability is a business conversation - climate change is bound to create a shift in resources, bringing with it a reallocation of capital away from the status quo.
Iulia Ciutina | September 30, 2022
Blockchain and Crypto, Member Exclusive

Bankchain Briefing: How crypto firm Blockdaemon is bucking the “crypto bro” trend

  • This week, we explore the current state of gender equality in the crypto industry, and what firms in the space can do to counter the long-standing “crypto bro” trend and make way for a more egalitarian future.
  • We also discuss the current state of crypto regulation in the US, and look at how the lack of regulatory clarity is impacting the growth of the industry.
Ismail Umar | September 29, 2022
Member Exclusive, Online Lenders

Lending Briefing: Debit cards are taking over

  • This year, debit cards have emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.
  • Younger generations are behind this switch – even though they're also getting credit cards, Millennials and Gen Zers prefer to pay with debit.
Iulia Ciutina | September 28, 2022
Member Exclusive

Why are regulators cracking down on bank-fintech partnerships?

  • A higher level of regulatory scrutiny is on the way for fintechs and the bank partners on which they rely.
  • Increased regulatory scrutiny could result in a safer and more resilient market to the benefit of consumers, says Brian Graham, partner at Klaros Group.
Lindi Miti | September 27, 2022
More Articles