At Method, we are focused on building APIs that allow fintechs to easily interact with their user’s consumer debt. First, we launched Method Payments, our debt-agnostic payments layer, which allowed our partners to seamlessly push money to their user’s debts.
Next, Method Data reimagined linking debt accounts by retrieving all debt accounts using just a user’s phone number. Our partners were able to onboard thousands of users instantly, transforming their user experience and driving a meaningful lift in user conversion.
Method Data was powered by credit bureau data, giving us a complete view of a user’s debts. However, the data was usually stale, delayed, and lacked necessary data points such as interest rate, due dates, etc. Because of this, our partners had to build work arounds and brittle simulations to infer those critical data points.
To get real-time data such as payoff amounts, interest rate, and statement balances, we needed to push our capabilities. For the past few weeks, we’ve worked tirelessly with our financial institution and credit partners to rethink how we can enable a real-time data experience, while maintaining the simplicity of our Method Data API.
Introducing Method’s Sync API
Method Sync is the first API that allows you to retrieve user’s debt information in real time, with just their phone number. Our unique integrations with financial institutions and lenders enable us to immediately access:
- Balances: Account balance, payoff amount, last payment amount, remaining statement balance
- Dates: Due date, disbursement date, last payment date
- Descriptive details: Account status, loan type, credit card program (Chase Sapphire Preferred, Reserve), etc.
- Interest rate: Current APR and interest type
How it works
- The user authenticates using their phone number with our embeddable Method Auth.
- Method Data retrieves all liabilities for your end-user (student loans, credit cards, etc.)
- Method Sync retrieves real-time data from the financial institutions for all of the supported liabilities.
- All of a user's debts are immediately accessible and payable using Method Payments.
- Re-engineer the refinance experience: APR for each credit line and up-to-date payoff amount opens up the possibility to put refinancing on autopilot, saving users thousands of dollars on interest charges. The user can complete a refinance transaction, end-to-end, in under a minute, from accepting personalized lending offers to executing disbursement.
- Enable accurate payments within your app: With up-to-date payment amounts and due dates, users can initiate payments or set recurring payments from without any underpayment or late payment penalties.
- Validate account status in real time: Reduce human error and fraud risk by validating a tradeline in real-time with the financial institution or lender.
We have been testing Method Sync with our existing partners and are excited to roll it out to all. The possibilities are endless and we are excited to see what you will build! 🚀