Finch

Today's employment landscape is fragmented and complex. However, the future promises greater connectivity and integration among top players in HR tech, benefits, and fintech. The Finch team is thrilled to announce the launch of our inaugural Open Employment Ecosystem Market Map. This map features 225 companies across 15 categories and offers a comprehensive view of the open employment ecosystem. "Companies today use many applications to manage their workforce, leaving critical employee data scattered across systems of record and point solutions. While companies continue to choose best-of-breed tools for their specific needs, the lack of connectivity between these systems is a huge challenge—especially to and from payroll systems," said Alex Tran, Manager Director at General Catalyst. ?"The vision of an Open Employment Ecosystem where data flows seamlessly is the primary reason we backed the Finch team, and we’re thrilled to see the first version of their market map feature other General Catalyst portfolio companies such as Awardco, Factorial, Gusto and Thatch." Whether you’re an employment application, payroll provider, investor, or just curious, check out our detailed map here: https://lnkd.in/e6RyTyUm ?#HRtech #HR

Are you tired of building expensive, one-off API integrations? APIs offer a powerful solution for seamless data exchange in the HR tech world, promising employers a more efficient and automated experience. However, despite their potential, APIs present a significant barrier to entry for many businesses. The API challenge: ?? ??????????????????????????: The HR and payroll market is highly fragmented, with over 6,000 different systems, each with its own unique API (if they offer one at all). ?? ?????????????? ????????????: 99% of payroll systems don't offer a public API, often gating access behind partnerships or exclusive agreements. ?? ???????? ???? ??????????????????????????????: Even when APIs are available, they often lack standardization, requiring custom integrations for each individual system. ?? Building these one-to-one integrations are expensive (with an average cost of $187k+ per build) and incredibly time-consuming and repetitive. It diverts valuable resources away from your core business and can quickly become unsustainable. The reality is that supporting every single API in the market is simply not feasible for most businesses. ?? This is where unified APIs, like Finch, come into play. By providing a single integration point to access data from hundreds of HRIS and payroll systems, unified APIs break down the barriers to entry and unlock the true potential of seamless data integration.

Employers today demand integrated, seamless experiences from their vendors. They want automation to save time, reduce errors, and take administrative tasks off their plates. But for retirement plan administrators and benefits providers, meeting these expectations often means tackling the inefficiencies of manual processes head-on—especially when it comes to managing payroll deductions. ?? The solution? Automated payroll deduction systems powered by API integrations. With payroll integrations, benefits providers, recordkeepers, and TPAs can: ? Automatically sync deduction changes with payroll systems. ? Eliminate the manual steps typically required of employers. ? Scale operations while staying compliant. This approach doesn’t just make life easier for your customers—it streamlines your internal operations too. Learn how to build an automated payroll deduction system to manage deduction changes within an employer's payroll system — no manual entry required. https://lnkd.in/eSn-fF4W

Over 40,000 employers have successfully shared access to their HRIS or payroll data through Finch. And while the need for re-authentication isn’t frequent, it is sometimes necessary to keep a connection active. We’re excited to introduce a simplified flow for these users that reduces the number of steps required to re-authenticate. ?? What’s new: There are now fewer steps required of employers who need to re-authenticate their connection. Here’s how it works: ?? When a connection requires re-authentication, it will be flagged in our API and Dashboard. ?? Any Finch user can then generate a new link for the employer to re-authenticate. Rather than starting from the beginning of the Finch Connect process, the employer will be sent directly to the sign-in page for their provider, skipping any prior steps they’d already completed. ?? All they need to do is sign in with their credentials, API key, or other authentication method to re-establish their connection. Just like the initial connection experience, you can monitor the stages of re-authentication in the Dashboard.

A few things we pride ourselves on at CandorIQ: ?? Great partnerships ?? A smarter, not harder approach ?? Efficiencies that make sense financially (for us and our clients) All three of those things tie directly into why we've partnered with Finch since our earliest days. They're good at what they do, our clients need access to the tools they allow us to tap into, and it's a partnership that's saved us time and money in ways we can pass along directly to our customers. ?? Learn more about why we work with Finch and some of the ways it's helped us accelerate our platform by reading their case study (link in the comments??).

At Finch, we understand that not all players in the employment data ecosystem are at the same stage of tech maturity. Many established providers, especially those with legacy systems, are not yet equipped to build and maintain APIs. That's where our partnership model comes in. We collaborate with these providers to facilitate their transition to API-driven connectivity. This can involve: ? ?????? ????????????????????????: Helping partners conceptualize and structure their API architecture, guiding them through the process of releasing APIs. ? ???????????? ???????????? ??????????????????????: Connecting to existing SFTP/EDI file feeds and transforming them into the standardized Finch API format. Our goal is to meet our partners where they are, providing the necessary support and expertise to gradually shift the entire industry towards API-based data exchange. Integration partnerships, like those we cultivate at Finch, are mutually beneficial for both businesses involved. They accelerate growth, expand market reach, reduce churn, and enhance brand awareness through cross-promotion efforts. ?? By working together, we can create a more interconnected and efficient employment data ecosystem, where all players, regardless of their technological starting point, can benefit from the advantages of API-driven connectivity.

Thanks for the partnership and the coverage Jeremy Zhang Ansel Parikh

Case studies are among the most challenging pieces of content to write — but that's what makes them fun. Seeing this story come to life was a blast because it so perfectly illustrates the fundamental mission of what we're doing at Finch. Instead of spending time and money building integrations, CandorIQ is 100% focused on their differentiated product that solves a very real problem for employers (including the launch of a brand new product line and 7+ new features just in the last year!). That's exactly the sort of innovation Finch is here to enable ?? p.s. — Case studies are 1,000x more fun to work on when you've got a great team to collaborate with. Thank you to Emma Biskupiak and Haris Ikram for being amazing partners on this project, and to Amy Miller and Jason Thibault for being the Marketing dream team. ??

The reality is that SFTP integrations are holding you back from growth. Even with a well-oiled operational process, SFTP's limitations become apparent when it comes to onboarding new employers. ?????? ???????? ???????????????????? ??????????????????: Due to the lack of standardization, each SFTP integration is essentially unique. This translates to a lengthy onboarding process, often involving months of back-and-forth between your team, the employer, and the payroll system. Add to that the hefty implementation fees charged by providers, and the costs quickly add up. And any updates or changes to the integration require restarting the entire process, creating further delays and frustration. ?????? ?????????? ?????????????? ????????: Recognizing these challenges, forward-thinking payroll providers like Gusto and Quickbooks have abandoned SFTP integrations in favor of APIs. APIs offer a more streamlined and scalable approach, enabling faster onboarding, real-time data syncing, and reduced manual effort. ?????? ???????????????????? ???? ????????: ?? Faster onboarding ?? Reduced costs ?? Improved scalability ?? Enhanced customer experience If you're serious about scaling your business and delivering a seamless onboarding experience, it's time to move beyond SFTP and embrace the power of APIs.

Building a successful HR tech platform requires more than just a great idea. It demands seamless access to critical HR and payroll data, often locked away in disparate systems. That's where strategic integrations can make all the difference. CandorIQ’s co-founders knew from the beginning they’d need HRIS and payroll integrations to power real-time insights, so they started looking for an outsourced solution from the beginning. By partnering with Finch, CandorIQ gained access to our industry-leading network of 200+ HRIS and payroll providers, eliminating the need for costly in-house development. The results: ? An estimated $500K saved annually in engineering expenses. ? Faster time-to-market: Integrations are launched more quickly, accelerating product development. ? Increased scalability: CandorIQ can seamlessly connect with a wide range of HRIS and payroll systems, expanding their reach and potential customer base. In the words of Haris Ikram, Co-Founder of CandorIQ, "Finch helps us to close more customers, and do it faster. There are some deals that wouldn’t close if we didn’t have those integrations." Read the full case study to learn more about how CandorIQ is leveraging Finch's unified API to drive innovation in HR tech: https://lnkd.in/eyeSSqZX