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PayTech Awards USA
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PayTech Awards USA 2023 Winner: Method Financial

Method Financial has been named Winner of the Best Use of Tech in Payments category in the PayTech Awards USA 2023.

Method Financial

Method Financial empowers real-time data and payment access for consumer liabilities. Using a consumer’s PII (such as mobile number), Method can securely connect all of a user’s liabilities, retrieve comprehensive data, and enable payment access. Method’s industry-backed network allows lenders, fintechs, and financial institutions to build personalized lending and financial management experiences supported by comprehensive real-time credit data, evergreen connections and integrated payment rails. Through a single integration, Method powers access to liabilities held at over 15,000+ FIs in the US, covering 95% of all outstanding consumer debt.

METHOD PRODUCT SUITE

Method aims to empower consumers and help alleviate the debt burden by enabling simple, real-time and secure consumer liability data and payment access. Adoption of Method's APIs allows fintechs, lenders and other institutions to better serve customers and prospects, while simultaneously helping reduce operational and administrative costs.

Liabilities Connect API

Retrieve all of a user’s liabilities with comprehensive real-time credit data (APRs, payoff, due dates and more)

Select features and benefits:

● Frictionless Authentication: Using a user’s full name + phone number (PII), instantly connect all of a user’s liabilities - no credentials required. 

● Comprehensive Data: Method retrieves comprehensive data points in real-time directly from the sources of record (FIs) across all liability types. 

● Corresponding Asset Data: Retrieve corresponding asset details such as mortgage address, property value, automobile VIN, etc. 

● Continuous Data Feed: Method connects directly with the top 100 FIs across each liability type to provide continuous data updates on all connected liability accounts. Method automatically notifies when new liabilities appear.

Liability Payment API

Instantly push funds to any consumer liability with real-time payment confirmation.

Select features and benefits: 

● Expansive Coverage: Method supports real-time electronic payments to all types of liabilities, including student loans, mortgages, credit cards, auto loans, bills, etc. across 15,000+ FIs. 

● Simple User-Experience: All liabilities connected with Method’s Liabilities Connect API are instantly payable - no account number or payment addresses required. 

● End-to-End Payment Ops: Method’s full service API will manage a range of payment operations such as balance transfers, bill pay, round ups, structured payoffs, auto pay, etc. 

● Real-time payment confirmation: Method communicates in real-time with merchants allowing for instant payment validation and confirmation.

About Method Financial

Fueling Financial Wellness 

By simply entering PII into a Method-integrated financial platform, the consumer gets access to real-time account data such as balances, bill payment date, APRs etc. This allows the consumer to better manage payment due dates and to access more competitive consolidation and /or payoff opportunities. 

Financial Institutions gain a real-time snapshot of a consumer's expenses and liabilities, and can then make competitive debt consolidation offers, execute electronic bill payoff, and assist with direct and recurring digital bill pay using Method’s payments rails. 

Notable Stats

● Method integrates with technology platforms and has helped Credit Unions originate over $300M in funded loan volume across 50k+ members. 

● Method’s technology promotes better segmentation & targeting, improving cross-sell rates by up to 200% for Credit Unions. Read the Clutch Case Study

● In the first two months of partnering with Method, Chipper connected 10,000 users and processed forgiveness applications for $150 million in student loan debt. 

● In the first few months of going live, Gauss went from doing 25k / month in balance transfers to $800k / month in balance transfers within a year, and helped them accelerate their business 30x in 12 months. 

The Method team is also working closely with regulators and the CFPB regarding Dodd-Frank 1033 to ensure that the rulemaking currently underway provides consumers with a legal right to share access to the broadest possible span of their financial accounts, and that the rules also are inclusive of the Bureau's Small Business Regulatory Enforcement Fairness Act (SBREFA). 

Interested in learning more? Contact us at team@methodfi.com.