PensionPro Partners with Finch for Seamless Data Collection
PensionPro, a renowned provider of workflow automation software for third-party administrators (TPAs), has joined forces with Finch, a unified API platform. This collaboration promises to enhance the way TPAs collect essential payroll and census data from employers' systems, marking a significant advancement in the industry.
Addressing Long-Standing Challenges in Data Management
For many years, accessing timely and accurate sponsor data has posed challenges for TPAs and recordkeepers. Traditionally, these organizations relied heavily on manual data entry or bulk file transfers. However, such methods are not only time-consuming but also costly and difficult to scale. With the evolution of retirement plans, particularly following recent legislative changes, there is an urgent need for efficient and reliable data collection methods.
Introducing Automated Solutions
The partnership between PensionPro and Finch aims to automate this collection process, providing a streamlined approach for onboarding and administrative functions for plan sponsors. With the Finch Connect feature, TPAs have the flexibility to either integrate directly into their platforms or share links that facilitate the connection between payroll systems and PensionPro.
Benefits of the Collaboration
Once the linkage is set, data such as payroll and census can be automatically migrated into PensionPro’s platform. Finch is distinguished in the industry for its API-first approach, which supports direct integrations with major payroll service providers like Gusto, Quickbooks, ADP, and Paychex. This feature helps to standardize data formats, eliminating the tedious task of manual data formatting.
Revolutionizing Administrative Workflows
Darren Conner, the Chief Operating Officer at PensionPro, expressed enthusiasm about this partnership, stating that accurate payroll data is vital for TPAs. The automated solution provided by Finch greatly enhances operational efficiency for PensionPro customers. He stated, "We are thrilled to partner with Finch to expand the connectivity options for TPAs and help transform their operational workflows." This is a significant step forward, reflecting the needs of a rapidly changing industry.
Insights from Finch's Leadership
Jeremy Zhang, co-founder and CEO of Finch, echoed these sentiments, emphasizing that this partnership provides a much-needed solution for the retirement industry. The inefficiencies caused by manual processes have hindered growth. He remarked that they are eager to collaborate with PensionPro to innovate and modernize the processes for TPAs, allowing them to concentrate on delivering exceptional service to their clients.
About PensionPro
PensionPro, part of AmericanTCS, has emerged as a solution for TPAs aiming to navigate the complexities of pension management and associated technologies since its inception in 2010. They specialize in developing software tailored for TPAs that assists in tracking clients, plans, contacts, and projects. Their software suite provides comprehensive tools for project management and profitability analysis, helping firms evaluate employee time and client fees effectively. Furthermore, their plan sponsor website integration simplifies the secure gathering of information and document delivery to clients and referral sources. With a cloud service model, PensionPro alleviates the need for cumbersome IT infrastructure.
About Finch
Finch is at the forefront of unified API platforms, enabling seamless integrations between HRIS and payroll systems. Their technology supports retirement and benefits firms to efficiently access and manage employment data, thereby streamlining tasks ranging from employer onboarding to benefit enrollments and compliance checks. Finch is trusted by innovative applications such as Human Interest, Carta, and Secureframe, connecting over 40,000 employers. With a commitment toward creating standardized and interconnected systems, Finch is building a secure and programmable employment ecosystem that benefits everyone involved in the industry.
Frequently Asked Questions
What is the main goal of the PensionPro and Finch partnership?
The main goal is to automate the collection of payroll and census data, making it more efficient for TPAs to manage sponsor information.
How does the Finch Connect feature work?
Finch Connect allows TPAs to embed a user-friendly interface into their platform or share a link for payroll system connections, facilitating automatic data transfers.
Who are the key players in this collaborative initiative?
The key players include PensionPro, represented by COO Darren Conner, and Finch, represented by co-founder Jeremy Zhang.
What benefits does this partnership bring to TPAs?
This partnership simplifies data management, drastically reduces manual work, and enhances accuracy in payroll data collection.
What is the significance of this collaboration for the retirement industry?
This collaboration represents a significant modernization of processes within the retirement industry, allowing TPAs to provide superior service to their plan sponsors.
