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.
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.
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