Truework, Plaid, Team on Consumer Lending Tool

Employment and income verification solution Truework has partnered with Plaid to expand its consumer loan offering, Plaid Payroll Income.

In an announcement on its website Friday, May 27, Truework said the partnership involves integrating the Plaid tool into Truework Credentials, allowing applicants to share their income and employment information directly in loan applications. on line.

“We created Plaid Income to provide a more inclusive credit system for everyone,” said Paul Williamson, chief revenue officer for the company. “Partners like Truework share our consumer-centric vision to give them control of their own financial data. Combined with their digital approach to income verification, we are excited that Plaid Payroll is now integrated with Truework platforms.

Learn more: VGS Plaid Taps for Tokenization Services

By adding Plaid Income, lenders gain broader coverage through additional user-authorized data, Truework said.

Based in San Francisco, Truework’s platform allows lenders to verify income and employment with a built-in module that allows them to convert users at the time of application, saving them the hassle of researching and manually upload documents.

Lenders can also allow users to connect directly to 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 Very Good Security (VGS) to provide tokenization services.

“Tokenization can help protect personally identifiable information (PII) and sensitive data from exposure and use for malicious purposes,” VGS said in a press release. “VGS will provide PII tokenization and financial data backup services for Plaid customers. This will help ensure end-to-end data security for Plaid customers by seamlessly integrating VGS services alongside Plaid APIs.

The company also recently joined forces with data privacy platform Skyflow to help developers build apps with data privacy infrastructure.

Read more: Skyflow, Plaid Partner on Data Protection and Privacy for FinTechs

The partnership enables Skyflow to offer predefined logins to Plaid products and a predefined vault path for Plaid customers, which assures developers and users that data accessed through Plaid will be stored securely.

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