Payment routing platform Pinwheel has released a new immediate earned wage access (EWA) product that allows customers to pull funds outside of a typical paycheck cycle by scanning and analyzing their payment history.

Earnings Stream, which runs on APIs and connects to more than 1,600 payroll platforms, gathers large amounts of earnings and payment data from customers and provides lending profiles to its bank clients, Pinwheel co-founder and Chief Executive Kurtis Lin told Bank Automation News. He did not disclose which financial institutions partner with the company.

“What we really focused on was not only building the pipeline set that actually accesses the customer data, but then taking the data and actually making sense of it for you,” Lin said. “A lot of the work that we do is applying our data science and data engineering teams to look at the data structure, making sense of it, and packaging it in a way that allows our customers to not have to try to do all that work themselves.”

Currently in beta

The new EWA product, which is currently in beta, allows Pinwheel to focus on connecting fintechs with data sources to help bank customers be evaluated for lending opportunities including “mortgages, auto loans or credit cards,” according to a release.

Analyzing historical finance information can assist consumers with receiving funds faster by examining a person’s willingness to pay based on data that can be pulled from financial institutions through real-time connections, Lin told BAN.

Pinwheel is also a Consumer Reporting Agency (CRA) and provides consumer-permissioned income and employment data to its customers while ensuring that consumers have full protections available under Fair Reporting Credit Act, according to the company’s website.

“The reason we decided to lean into regulation here is because we know that this data as we continue to do more and more work to better build — not only Earning Stream — to really help our customers make better decisions around credit,” Lin told BAN.