Truework, Plaid, Team to Expand Consumer Lending Tool

Employment and income verification solution Truework has teamed up with Plaid to expand its consumer lending 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, letting applicants share their income and employment information directly within online loan applications.

“We built Plaid Income to provide a more inclusive credit system for all,” said Paul Williamson, the company’s head of revenue. “Partners like Truework share our consumer-first vision to empower them with control of their own financial data. Combined with their digital approach to income verification, we’re excited that Plaid Payroll is now integrated into the Truework platforms.”

Learn more: Plaid Taps VGS for Tokenization Services

By adding Plaid Income, lenders receive broader coverage via additional user-permissioned data, Truework said.

Based in San Francisco, Truework’s platform allows lenders to verify income and employment with an embedded module that lets them convert users at the time of application, saving the trouble of manually searching for and downloading documents.

Lenders can also allow users to log directly onto 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 being exposed and used for nefarious purposes,” VGS said in a news release. “VGS will provide tokenization of PII and financial data vaulting 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 applications with data privacy infrastructure.

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

The partnership lets Skyflow offer pre-built connections to Plaid’s products and a predefined vault path for Plaid clients, which assures developers and users that the data accessed via Plaid is going to be securely stored.