Innovative Products for Greater Financial Freedom and Putting Data Back in the Hands of Consumers- Truv

The Silicon Review

Consumers need control over their data for various reasons, including privacy concerns, security risks, transparency, and informed decision-making. Having access to their data enables them to make better decisions about their finances and achieve greater financial freedom. It also allows them to protect themselves from privacy and security risks. In addition, consumers have a right to know how their data is being collected, used, and shared by businesses.

Without control over their data, consumers may be subjected to targeted advertising, discrimination, and even identity theft. By having control over their data, consumers can ensure that they are only sharing what is necessary and that their personal information is not being misused. Furthermore, empowering consumers with control over their data can encourage businesses to adopt more ethical data practices, leading to improved trust and relationships between consumers and businesses. Ultimately, giving consumers control over their data can have positive impacts on both individual consumers and society as a whole.

Truv is a financial data platform with a mission to give consumers control over their data. Traditionally, consumer financial data has been siloed and inaccessible, leading to inaccurate credit scores and financial inequality. Truv's platform provides access to every consumer-permitted financial data source available, opening up financial opportunities for millions of Americans. The company has secured funding from top venture capital firms such as Kleiner Perkins and NYCA and has over 100 customers and a team of 68 members.

Truv's co-founders, Kirill Klokov and Ilya Chatsviorkin, experienced firsthand the struggles of the current financial system, leading them to create a platform that empowers consumers with their data. With over 12,800 unique integrations with payroll providers, employers, and gig platforms, Truv is just getting started in changing the way financial decisions are made.

Truv offers a range of innovative products that aim to put data back in the hands of consumers and promote financial freedom and equality. These products align with Truv's mission to empower individuals with control over their financial data and promote transparency in financial decisions.

Income and Employment Verification
Truv's Income and Employment Verification product aims to provide a streamlined, accurate, and consumer-focused solution for lenders to verify borrower income and employment information. This is done by connecting directly to the source for income and employment data, allowing lenders to access this data quickly and easily. The data is obtained with the consumer's consent, providing a more secure and transparent connection. With Truv's solution, lenders can make more informed lending decisions, while borrowers can have access to financial products that meet their unique needs.

Employment History Verification
Truv's Employment History Verification product offers a streamlined solution for employers to verify the employment history of potential hires. The product can gather employment data from various sources, including tax filings, social security earnings records, and other employer-provided data. With this data, Truv can provide a comprehensive employment history report that meets employer needs. Truv's solution is designed to be fast and efficient, giving employers the information they need to make informed hiring decisions.

Insurance Verification
Truv's Insurance Verification product is designed to provide insurers with real-time, accurate data to verify policyholders' insurance coverage. The product utilizes a secure API connection to insurers' databases, allowing for quick detection of any changes to policyholders' insurance coverage. This helps prevent fraudulent claims and reduces the risk of coverage gaps. By streamlining insurance verification, Truv helps insurers save time and reduce risk while also facilitating better communication with their policyholders.

Direct Deposit Switching
Truv's Direct Deposit Switching product is a unique offering that helps consumers switch their direct deposit from one account to another. This is particularly useful for people who have changed jobs, opened a new account, or want to switch to a new bank. Instead of having to contact each biller individually to change the direct deposit information, Truv's solution streamlines the process by doing it for the consumer. The user simply enters the necessary information, and Truv takes care of the rest. This saves consumers time and hassle and makes it easier to manage their finances.

Paycheck-Linked Loans
Truv's Paycheck-Linked Loans product is a groundbreaking solution that links loans to a consumer's paycheck. This product is designed to provide affordable credit to individuals who may not have access to traditional credit options. The loan amount is determined by the consumer's income, allowing for a more personalized approach to lending. Payments are automatically deducted from the consumer's paycheck, eliminating the need for manual payments and reducing the risk of missed payments. With Paycheck-Linked Loans, Truv aims to provide a new avenue for affordable credit that is accessible to more individuals.

Truv's products align with the company's mission to promote financial freedom and equality. By providing innovative solutions that put consumer data back in the hands of consumers, Truv is empowering individuals to take control of their financial lives. These solutions promote transparency, security, and efficiency in financial transactions, making it easier for both consumers and businesses to make informed decisions.

Truv collaborates with mortgage lenders, retail banks, screeners, and other industries to provide innovative financial solutions that streamline transactions and empower consumers. Working with mortgage lenders enables faster, more secure, and transparent loan applications, while collaborations with lenders promote financial equality by providing affordable credit. By working with retail banks, Truv offers solutions that facilitate easy money management for consumers, such as Direct Deposit switching and insurance verification.

Finally, Truv collaborates with screeners to improve the accuracy and efficiency of the employment screening process. Truv's cross-industry collaborations enable a comprehensive suite of products catered to each industry's unique needs while empowering consumers with greater control over their financial data.

Kirill Klokov, CEO