Finicity, a provider of real-time financial data access and insights, has announced the rollout of its Student Loan Account Verification product, which will simplify employer benefit repayment programmes, where employers are looking to contribute to or help repay employee’s student loans.
More companies are expanding their benefits programmes to include student loan repayment plans. Through the new solution, repayment platforms can use Finicity’s ACH endpoint to confirm accounts and routing numbers and make payments on behalf of employers for their employees. This adds an extra component of accuracy and security in the student loan repayment process, while also streamlining the process through a digital experience.
“Student loans have become a major concern for individuals and families, with three out of four graduates burdened by debt,” said Andy Sheehan, President and COO of Finicity. “We are excited to contribute to an emerging trend in employer contributions to student debt by delivering a solution that eases the process and increases efficiency.”
Student loans have become a major concern for individuals and families, with three out of four graduates burdened by debt
Several repayment platforms are already utilising the new solution with their employer-paid student loan contribution programmes including Vault.
“Companies are rapidly evolving their benefit offering to meet the needs of the modern workforce,” says Matt Beecher, Vault’s CEO. “We chose Finicity to enhance our user experience within our student loan repayment benefit because of the technology’s superior coverage and capabilities.”
Student Loan Account Verification will leverage Finicity Connect, an embeddable web application, which enables an intuitive experience for employees and is easily integrated into the repayment platforms. Repayment platforms can present the white-labeled Finicity application to individual employees to identify the correct student loan processor for their account and connect to it. Finicity’s solution will then validate the payment details, including the amount and specific payment number.