Finch Unveils Universal Compatibility to Extend Payroll Connectivity to All TPAs and Recordkeepers

SAN FRANCISCO--(BUSINESS WIRE)--Nov 13, 2024--

Finch, the #1 Unified API for Employment Systems, announces new product features aimed at the Retirement industry that enable end-to-end data connectivity for recordkeepers and third-party administrators (TPAs). These new features include universal system compatibility, making Finch’s industry-leading network of API payroll integrations available to any recordkeeper or TPA.

In a survey Finch conducted last month, employers reported retirement systems were the #1 most difficult system to integrate with their payroll provider. Nearly 80% of employers reported they share census and pay data with their retirement provider via file exchange, email, phone/video call, or messaging platforms, but only 11% reported using an API-based integration. At the same time, recordkeepers are increasingly looking to improve their access to sponsor data — a 2024 SPARK Institute survey found 93% of recordkeepers consider payroll integrations important.

With its new universally compatible features, Finch offers an easy, affordable solution that allows retirement providers to integrate with their sponsors’ payroll systems to reduce administrative bottlenecks, improve data accuracy, reduce overhead, and provide a better experience for plan sponsors.

Finch already leads the industry with the largest payroll provider network on the market covering 80% of US employers, automated data refresh, and deduction management powered by 360° payroll integrations. Finch’s secure, scalable API infrastructure is SOC2 and HIPAA compliant, allowing recordkeepers and TPAs to manage payroll data with confidence and scale effortlessly, and is used by 40+ leading retirement service providers, including Nova 401(k) Associates, Ameritas, ePlan (Paychex), Human Interest, and Betterment.

• Universal recordkeeping and TPA system support — Finch is now compatible with any recordkeeping or TPA software, including PensionPro, ASC Retirement Plan Software, FIS Relius, and SS&C Technologies. Finch now supports customizable file formats, allowing recordkeepers and TPAs to access the benefits of Finch’s unified API without development work. The custom files with standardized data can be delivered as a CSV file to an SFTP server location automatically with each pay run.
• Enhanced sponsor onboarding experience — With Finch Connect, the built-in onboarding tool, sponsors can connect their payroll provider to any retirement system in minutes and map data like deductions codes and pay statement classifications to meet the specific needs of their retirement plans. Through our Dashboard, plan administrators can easily track the status of each connected sponsor and ensure data is flowing seamlessly.
• Expanded field support — Finch now supports additional fields: Rehire Date and Pay Group/Division. These data points empower recordkeepers and TPAs to deliver more precise retirement account management and better service to their clients.

“Our new solutions are a game-changer for TPAs and recordkeepers,” said Jeremy Zhang, CEO of Finch. “For too long, the retirement industry has been bogged down by inefficient, manual payroll processes that can lead to delays, errors, and increased operational costs. With our automated solutions, we’re empowering TPAs and recordkeepers to streamline their operations, deliver faster service to clients, and focus on what they do best — helping people secure their financial futures.”

About Finch: Finch is the leading unified API platform for seamless HRIS and payroll integrations. The platform helps HR, Retirement, and Benefits companies easily access and manage data from employment systems of record, simplifying tasks like employer onboarding, benefits enrollment, HR automation, and compliance audits. Trusted by apps like Carta and Secureframe, Finch enables secure data connectivity for 40,000+ employers. As the world moves toward standardized, interconnected data systems, Finch’s is building the infrastructure for a secure, connected, and programmable employment ecosystem for all. Learn more at tryfinch.com or contact Kiera Blessing at kiera@tryfinch.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20241113551258/en/

CONTACT: Kiera Blessing

kiera@tryfinch.com.

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: BANKING ACCOUNTING PROFESSIONAL SERVICES PERSONAL FINANCE DATA MANAGEMENT TECHNOLOGY ASSET MANAGEMENT SMALL BUSINESS OTHER PROFESSIONAL SERVICES HUMAN RESOURCES FINANCE CONSULTING

SOURCE: Finch

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