Paywallet LLC www.yourpaywallet.com, a payroll-linked verification and remittance ecosystem, announced it was selected to join the Mastercard global Start Path Open Banking program to leverage Mastercard’s open banking expertise and market insights. Paywallet is the only U.S.-based startup to be included in the first cohort.
Also Read: BBH Capital Partners Invests in Quest Technology Management
“We believe Paywallet provides unique functionality, and in a period of tightening credit, Paywallet enables sustainable financial arrangements helping to alleviate access to credit concerns for consumers and credit originators.”
During the three-month Start Path Open Banking program, Paywallet can uncover opportunities to innovate with Mastercard’s ecosystem to deliver and scale open banking solutions designed to meet diverse consumer financial needs.
Paywallet was chosen by Mastercard for its vision to accelerate open banking innovation that makes financial services more accessible to consumers. It’s about putting users in control of where and how their financial data is used to access services they want and need.
Paywallet is the only full life-cycle payroll-linked SaaS platform providing easy to integrate APIs for various lending use-cases. Paywallet places the borrower firmly and transparently in control of sharing their employment, financial and identity information for credit decision-making.
Lenders and other institutions can leverage Paywallet’s technology to verify employment, bank information and establish payroll-driven remittance instructions. This enables lenders to expand access to borrowers who rely on their verified source of income as proof of their ability to pay.
“We are honored and excited to join the Mastercard Start Path Open Banking program,” said DK Sharma, CEO of Paywallet. “We believe Paywallet provides unique functionality, and in a period of tightening credit, Paywallet enables sustainable financial arrangements helping to alleviate access to credit concerns for consumers and credit originators.”
Annually, more than $10 trillion of funds move through paychecks. Paywallet’s goal is to enable these funds as a secure payment option for any ongoing contractual obligation like leases, loans or buy now pay later (BNPL) transactions.
Mastercard Start Path is an award-winning startup engagement program within the Mastercard Developers portfolio. Mastercard Developers provide the services and tools fintech innovators need to iterate at each stage of their journey, transform bold ideas and achieve scale at pace to bring more people into the digital economy. Founded in 2014, Start Path has created more than 10,000 startup connections around the world and engaged 300+ startups globally.