DirectID, the global credit & risk platform, have announced a partnership with Smoothpay, the fintech startup that transforms irregular income into a stable pay check. Smoothpay will use DirectID’s open banking platform to help provide a stable monthly income to freelancers, contractors, and small business owners.
Smoothpay is designed to eliminate the uncertainty of a volatile salary, giving people the reliable income they need to do the flexible work they love. By using open banking to understand real-time and historical income, Smoothpay can provide a level of certainty to gig economy earners, ensuring they have access to a consistent source of income.
Henry Oakes, Founder of Smoothpay, said:
Reliable income analysis is at the heart of Smoothpay, but so too is a smooth (ahem) and trustworthy customer experience. We wanted our customers to find out their Smoothpay within a minute or so of signing up - and we've managed to achieve this with minimal fuss by integrating DirectID into the app.
DirectID's open banking-powered income verification tool is used to understand the income of freelancers and small business owners. After a user goes through the 30-second connect journey, Smoothpay can quickly interpret up to 12 months of customer earnings. They can then be onboarded to the service and start to receive their “Smoothpay” immediately.
Clare McCaffery, Chief Commercial Officer, DirectID, said:
When I first heard about Smoothpay, I instantly understood the role open banking could play in helping freelancers earn a stable income. Our mission has always been to promote financial inclusion – that means to help people access the products they need, and help the providers to provide them. The world of work has transformed in recent years, and this is an incredible opportunity to use open banking to support those without a traditional salary for the first time.
DirectID is the global credit & risk platform for risk managers. The UK-based fintech provides open banking data and predictive models for smarter credit & risk decisions. With DirectID, decision makers can access real-time data to optimize credit risk decisioning. DirectID’s advanced insights for affordability, income verification, financial distress, and more, are available through one simple connection.
DirectID is an early pioneer in open banking and powers some of the world’s largest and most innovative brands. The company’s CEO & Founder, James Varga, lobbied the government for PSD2 and DirectID built the first ever AISP connection. DirectID now has the most comprehensive coverage of any provider in the market.
Smoothpay is a fintech startup that transforms irregular income into a stable paycheck. Designed for freelancers, contractors, and small business owners, Smoothpay eliminates the uncertainty of a volatile income, customers can do the flexible work they love with stable income to rely on. Smoothpay is founded by serial entrepreneur Henry Oakes and ex-Revolut operator Katie Jones.