NEW YORK (PRWEB) June 29, 2021
Better Financial, a Public Benefit Corporation on a mission to fight unexpected financial shocks faced by everyday Americans, is announcing the upcoming launch of Payroll-Linked Cash Advances to help fight income and expense shocks. Better Financial members will benefit from instant approval and access to funds when they need it most, thanks to real-time access to income & employment data from Argyle, the leading user-consent-based platform for employment data. Beyond that, Better Financial members can take advantage of automated direct-deposit switches, powered by Argyle, reducing processing time from weeks and eliminating slow, tedious paperwork.
According to the Pew Research Center, 60% of Americans have faced a financial shock in the past 12 months. These can range from a trip to a hospital, a paycut or an unforeseen car or home repair. Better Financial’s Community Safety Net™ loyalty program leverages a combination of insurance, lending, savings and payments related interventions to reduce the severity of shocks and cushion against their financial impact. It is funded through the innovative use of swipe fees (“interchange”) generated from members’ spending on their Better Financial Visa® Debit cards.
“We started Better after my personal traumatic experience dealing with unpaid medical debt which ruined my credit score making me ineligible for credit cards & traditional loans,” said Better Financial's Co-Founder, Saumik Tiwari. “Payroll-Linked Cash Advances offer a unique approach to underwriting Americans like me who are denied access to the credit system due to no fault of their own, without any credit checks based on real-time visibility into their everyday income.”
“It’s an exciting time to be a fintech because of the different API tools that are opening up access to previously siloed data. One of those holy grails is payroll data,” said Kaushik Tiwari, CEO & Co-Founder of Better Financial. “Not only does Argyle give us real-time visibility into individuals’ historical employment information and up-to-date income, it allows our members to instantly switch direct deposit into their Better Banking Account directly within our mobile app. This is a critical KPI for a challenger bank like us, and Argyle not only makes it seamless but also a fun experience for our members.”
Argyle offers the broadest network of employers and payroll platforms on the market, including labor segments such as independent, federal and gig workers not covered by other services. The company democratizes access to employment data, and its mission is to help workers achieve financial goals while minimizing risk for lenders. Businesses use Argyle to access their users’ employment and income data – with the user’s permission, unlike legacy vendors – to more accurately verify income, employment, and cash-on-hand and to assess credit-worthiness. This increases opportunities for consumers and businesses to successfully engage, benefitting both. Argyle’s employment data platform meets SOC 2 Type II requirements, the most comprehensive certification within the Systems and Organization Controls (SOC) protocol.
“Unlocking access to employment data levels the playing field for people of diverse working backgrounds, including gig workers, freelancers, independent contractors, and shift-based employees who make up the majority of the U.S. working population," said Billy Marsden, COO and co-founder, Argyle. "We're pleased to be working with Better Financial to open up more financial services for workers with varied backgrounds and contribute to building a more inclusive financial system."
About Better Financial:
Better Financial is a Public Benefit Corporation on a mission to fight unexpected financial shocks faced by everyday Americans. For more information, visit https://betterbanking.app/.
Better Financial is a financial technology company and is not a bank. Cash Advances are offered by Better Financial. Banking services provided by Blue Ridge Bank, N.A.; Member FDIC. The Better Financial Visa® Debit Card is issued by Blue Ridge Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
About Blue Ridge Bank:
Blue Ridge Bank, N.A., is the wholly-owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina. Visit mybrb.com to learn more.