is working to solve some of the major issues related to payroll and human resources faced by modern companies.

The Problems Facing the Trillion-Dollar Work Economy

In today’s work economy, each employer centrally stores its own work and payment histories, each educational institution its own academic records. On top of this, individuals maintain their own employment and academic records, both online and on paper. With so many disconnected data points, living on equally disconnected systems, these critical records are easily manipulated, almost impossible to audit for authenticity, and difficult to access for parties within the work economy that depend on them the most – for example, recruiters and lenders.

The centralized technology systems that make up the backbone of the today’s working world have made it possible to create and store data, but these overly complex, costly, and unreliable systems have done little to build trust in it. As a result, the work economy has become a messy web of fragmented providers and untrustworthy, disconnected data sources. A tangle of employment, academic and payment histories that is designed to resolve.

The Fragmented Segments of the Working World


Employers today are forced to rely on user-supplied, unverified information of CVs and LinkedIn profiles, and do their best to verify claims made through laborious, time-consuming and costly manual and third-party vetting processes.

With no way to categorically verify an individual’s work and academic history, candidates can easily fabricate and exaggerate their credentials – embellished employment, forged diplomas, falsified qualifications. Research shows one in four resumes contain misleading claims about academic credentials and 37 percent of employers have hired the wrong person due to falsified qualifications, costing companies between $25,000 and $190,000 per hire, as well as up to 52 days in lost time.


In an era where a worker can be hired in an instant and complete the job in hours, slow traditional payroll cycles are unable to keep pace. The working world has become on-demand and task-based, yet workers are subject to an outdated payroll process that’s out of sync with how we now work. Workers can be left without earnings for jobs completed weeks or even months earlier, and employers still rely on laborious, time-consuming payroll processing that’s susceptible to payroll system and bank delays.

The antiquated payroll cycle model is particularly ineffective for independent, on-demand and hourly workers who make up a significant – and ever-growing – percentage of the workforce. For example, in the U.S. alone, there are 53 million independent workers and 78 million hourly wage employees.


Accessing capital is a lengthy process that is controlled by large banks and lenders that dictate the rules for borrowing and investing. With an individual’s payment history spread across countless third-party systems, these institutions rely on the single credit scores provided by a handful of centralized credit bureaus to determine whether an individual qualifies for a loan and, if so, at what interest rate.

 This current credit score system is weighed down by data inaccuracy, unresolved disputes, and lack of data oversight. In short, without the transparency of a verified, trusted payment record, assessing an individual’s financial position and issuing loans is a troublesome and risky job for lenders, and limits opportunities for capital for consumers. As a result, tens of millions of people in the U.S. alone are left with poor or no credit -- many of whom possess a good payment history and are in good standing -- which locks them out of lending opportunities or forces them to turn to risky, high-interest payday loans.

If you have any further questions, please feel free to ask. We love to hear from you:






Did this answer your question?