DirectID and Smoothpay partner to stabilise income for gig workers

Smoothpay will use DirectID’s Open Banking platform to help provide a stable monthly income to freelancers, contractors, and small business owners.

Providing people with a reliable income through Open Banking

Smoothpay is designed to eliminate the uncertainty of a volatile salary, giving people the reliable income they need to do the flexible work they love. By using Open Banking to understand real-time and historical income, Smoothpay can provide a level of certainty to gig economy earners, ensuring they have access to a consistent source of income.

Officials from Smoothpay said that reliable income analysis is at the heart of Smoothpay, but so too is a smooth and trustworthy customer experience. They wanted their customers to find out their Smoothpay within a minute or so of signing up, and they’ve managed to achieve this seamlessly by integrating DirectID into the app.

DirectID provides historical earnings analysis for Smoothpay

DirectID’s Open Banking-supported income verification tool is used to understand the income of freelancers and small business owners. After a user goes through the 30-second connect journey, Smoothpay can quickly interpret up to 12 months of customer earnings. They can then be onboarded to the service and start to receive their ‘Smoothpay immediately.

DirectID’s representatives said that when they first found out about Smoothpay, they understood the role Open Banking could play in helping freelancers earn a stable income. Their mission has always been to promote financial inclusion – that means helping people access the products they need and helping the providers to provide them. The world of work has transformed in recent years, and this is an opportunity to use Open Banking to support those without a traditional salary for the first time.