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Unlocking The Potential In Payroll Data

PYMNTS

The payroll industry has undergone an immense amount of FinTech innovation in recent years. From digitizing and automating workflows, to embracing new avenues to connect professionals to wages, to considering alternative models beyond the bi-weekly pay period, payroll is in the midst of an evolution.

Payroll 116
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Paychex Launches Alternative Lending Product

Finovate

Paychex Funding Solutions supports B2B companies by providing capital based on customer creditworthiness to help them cover payroll, vendor payments, and growth needs. Payroll, benefits, and HR company Paychex announced its expansion into small business lending. Applicants do not need to be a Paychex payroll client to qualify.

Product 59
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Truework Intelligence Brings New Data Methods and Predictive Modeling to Mortgage Lenders

Finovate

The collaboration is designed to give mortgage lenders better and more reliable access to the verification of income and employment data they need to accelerate and enhance underwriting while keeping costs low. Users of Truework’s technology include eight of the top ten lenders in the US by origination volume.

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These 75 embedded insurance companies are transforming digital distribution

CB Insights

using payroll provider data for pay-as-you-go workers comp), improve underwriting accuracy (e.g. For consumers, these products can provide faster, more convenient, and more accessible insurance options. For insurers, embedded insurance can enable more product personalization (e.g. reducing customer channels).

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What Banks Still Don’t Know About Getting The SBA’s $350B To SMBs

PYMNTS

But the devil is always in the details — in this case around verifying firm’s payroll numbers, whether loans have to be approved and how exactly firms can prove they are eligible for the loan forgiveness built into the program. That’s pretty much the underwriting piece. Points of Clarification. has ever seen or offered.

Payroll 99
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Investors Back B2B Startups With An Eye On SMB Finance

PYMNTS

Some startups focused on data aggregation to expand underwriting capabilities, while others operate platforms to facilitate financing. Human resources and payroll technology startup Humi announced an $11 million funding round this week, according to BetaKit reports. Utility account aggregation company Urjanet secured $14.65

B2B 115
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FinTechs Help Banks Ease The PPP Lending Pain

PYMNTS

Below, PYMNTS looks at the FinTechs that are collaborating with SMBs and banks to ease friction of the PPP lending process, whether by digitizing applications, supporting underwriting, or streamlining data collection. SmartLenders then provides that information to lenders, while also enabling underwriting to expedite the process.

FinTech 98