Choosing a Payroll API Provider Guide.
Reduce Risk through Paycheck-Linked Loans.
Reduce risk and default rates by setting up automatic loan payments from applicants’ paychecks.
You’ll be in good company
Automate Loan Repayment
from the Paycheck.
Automate Loan Repayment from the Paycheck.
-
Rising Default Rates.
Expected to rise from 2% in 2022 to 9% in 2024. -
Increased Risk.
Economic uncertainty creates greater variability and risk for lenders. -
Inconsistent Payment Options.
Loan payments can easily be forgotten and missed.
-
Increase Repayment Rates.
Combat increased risk and lower default rates through automatic payments. -
Approve More Loans.
Approve loans to lower credit applicants who previously would be declined. -
Establish Consistent, Automatic Payments.
Receive loan repayment directly from the source coming from the payroll provider.
Reduce Risk.
Gather the necessary income and employment details to approve loans to the applicants with the highest ability and willingness to repay.
Increase Efficiency.
Reduce the manual work necessary to track down customers when payments are missed or accounts go in default.
Reduce Default Rates.
Significantly decrease default rates by increasing repayment rates. Truv ensures that you receive a loan payment every single paycheck.
Reduce Costs.
No need to pay ACH and authentication expenses to pull money from the applicant’s bank account. Receive the money directly from their payroll provider pushed to you.
How Paycheck Linked Lending with Truv Works.
01.
Find Your Income Source.
Applicant is able to search through Truv’s database of 2.3M employers and 64 payroll providers to find their income source.
02.
Login with Credentials.
Applicant logs in to their employer system of payroll provider. Truv supports 43 unique single-sign on providers to provide login credentials that customers are familiar with.
03.
Income and Employment Data.
Truv returns over 200 unique income and employment data points for the lender to make an approval decision for the applicant.
04.
Confirm Auto Pay Distribution.
If approved, customer confirms their auto pay distribution based on the loan amount that’s pre-determined.
05.
Successful Verification and Auto Payment.
The applicant receives a successful connection screen and they’re informed that their automatic loan payment has been setup.
Why Partner with Truv.
Why Partner with Truv.
Unmatched Coverage.
- 12,800 integrations and 2.3M employers in Truv’s database.
- Automate loan repayment for 90% of the U.S. workforce.
- 10% higher coverage than the closest competitor.
95% API Integrations.
- Integrations that aren’t blocked by payroll providers.
- High data quality with high 90% fill rates.
- Login speeds of five seconds or less.
- The highest security of credentials.
Highest End-to-End Conversion Rates.
- Integrations with the top 43 single-sign on providers.
- 195k employers mapped to payroll providers.
- Credential-less login experience for certain payroll providers.
Security and Compliance to Put Your Mind at Ease.
- All data provided by Truv is FCRA complaint.
- SOC 2 Type II compliant.
Unmatched Coverage.
- 12,800 integrations and 2.3M employers in Truv’s database.
- Automate loan repayment for 90% of the U.S. workforce.
- 10% higher coverage than the closest competitor.
95% API Integrations.
- Integrations that aren’t blocked by payroll providers.
- High data quality with high 90% fill rates.
- Login speeds of five seconds or less.
- The highest security of credentials.
Highest End-to-End Conversion Rates.
- Integrations with the top 43 single-sign on providers.
- 195k employers mapped to payroll providers.
- Credential-less login experience for certain payroll providers.
Security and Compliance to Put Your Mind at Ease.
- All data provided by Truv is FCRA complaint.
- SOC 2 Type II compliant.
Why Partner with Truv.
Change the way you access
data to make more informed
decisions through a streamlined
verification process.
Change the way you access data to make more informed decisions through a streamlined verification process.
Market-Leading API Connections
95%
of integrations are API-based rather than screen scraping.
Amber Buker
Co-Founder & CEO at Totem
“From the moment I was introduced to
the team at Truv, their passion was
apparent. From a technical perspective,
the number of employer mappings Truv
has is significantly larger than that of
their competitors.”
“From the moment I was introduced to the team at Truv, their passion was apparent. From a technical perspective, the number of employer mappings Truv has is significantly larger than that of their competitors.”
Resources for Paycheck
Linked Loans.
Resources for Paycheck Linked Loans.
Related Use Cases.
Verification of Employment and Income.
Verify income and employment details for 90% of the U.S. workforce with 4+ data sources reducing risk, fraud, and verification costs.
Direct Deposit Switching.
Create a seamless experience to drive direct deposit growth and penetration, increase primary financial institution metrics, and cultivate more engaged customers.
Insurance Verification.
Quickly verify the status of a consumer’s auto or home insurance policy to further automate the loan approval and onboarding process.
Ready to
Get Started?
Ready to Get Started?
Talk to our team about driving growth for your organization or access the developer portal today.
