Technology from Finicity to integrate into repayment platforms for accurate, secure authentication and payment
SALT LAKE CITY, Utah – August 13, 2019 – Finicity, a leading provider of real-time financial data access and insights, announced today the rollout of its Student Loan Account Verification product, which will simplify employer benefit repayment programs, where employers are looking to contribute to or help repay employee’s student loans.
More companies are expanding their benefits programs to include student loan repayment plans. Through the new solution, repayment platforms can use Finicity’s ACH endpoint to confirm accounts and routing numbers and make payments on behalf of employers for their employees. This adds an extra component of accuracy and security in the student loan repayment process, while also streamlining the process through a digital experience.
“Student loans have become a major concern for individuals and families, with 3 out of 4 graduates burdened by debt,” said Andy Sheehan, President and COO of Finicity. “We are excited to contribute to an emerging trend in employer contributions to student debt by delivering a solution that eases the process and increases efficiency.”
Several repayment platforms are already utilizing the new solution with their employer-paid student loan contribution programs including Vault.
“Companies are rapidly evolving their benefit offering to meet the needs of the modern workforce,” says Matt Beecher, Vault’s CEO. “We chose Finicity to enhance our user experience within our student loan repayment benefit because of the technology’s superior coverage and capabilities.”
Student Loan Account Verification will leverage Finicity Connect, an embeddable web application, which enables an intuitive experience for employees and is easily integrated into the repayment platforms. Repayment platforms can present the white-labeled Finicity application to individual employees to identify the correct student loan processor for their account and connect to it. Finicity’s solution will then validate the payment details, including the amount and specific payment number.
Finicity, known for strong coverage of financial institutions and data quality, has built out its connections to student loan lenders, refinancers, and servicers to provide exceptional student loan account coverage.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
About Finicity:Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive FinTech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 and 2019 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.