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Key Terms & Sponsor FAQs

Updated

Key Terms

Finch Connect 

An online modal, accessed via a customized link, that Plan Sponsors go through to authenticate a secure connection to their Payroll Provider System.

Sponsor Authentication

The steps that a plan sponsor goes through to create a secure connection to their Payroll Provider. This is done in Finch Connect. When complete, a connection is created that gives the TPA access to data in the payroll provider, through Finch. The process includes:

  • Review of Finch terms of service and privacy statements (links included for those that would like additional informations
  • Review of the types of data that will be accessed
  • Selection of Payroll Provider
  • Provide admin credentials (secure transfer and storage)

Connection

When a plan sponsor has successfully authenticated so that Finch and the TPA can access their data from the payroll provider, we call that a connection. Each connection has a unique connection_id.

Disconnect

In the case in which the TPA no longer needs access to data for a plan sponsor (including not needing data in future years), they can disconnect a connection. That connection can not be reconnected, but a new connection could be made in the future for the same plan sponsor and payroll provider.

Re-authentication

There are several scenarios in which the authentication to access the data from the provider no longer works. In these cases, the plan sponsor must re-authenticate the connection in order for new data to be accessed. To do this, send them a link for Finch Connect.

Payroll Provider

The company that stores and manages the payroll data. Other terms used include Provider, HRIS.

PensionPro Tenant Id

If you use PensionPro, this is found in PensionPro. Finch uses the tenant id when we send the files to PensionPro to identify who to send them to. To find your Tenant Id in PensionPro, go to Maintenance > Firms & Locations > Firms to find you tenant id. You can send it to any Finch representative you have been working with such as the implementation engineer.

 

Plan Sponsor FAQs

Questions from Plan Sponsors

What is Finch?

Finch is a unified platform for payroll integrations.

Put simply, Finch is like a highway for census and payroll data. They quickly and securely transport the data stored in your payroll system to TPAs and recordkeepers. 

Finch exists to help companies streamline administrative processes for employers. They do not sell your data, nor will they share your data with any other 3rd party. That’s why over 40,000 businesses and 5M+ employers trust Finch with their data.

For more information, check out Finch's how it works brochure or visit Finch's security page.

 

Why connect my payroll data to another platform (such as Finch)?

Payroll systems house data that can be used to power other apps and services, such as data on employee count, employment status, income history, benefits enrollment, and more. Finch will specify what data the platform is requesting so that you can make an informed decision about what data you would like to share.

 

Are certain roles/permissions required to assign access to Finch?

Yes, it’s best to have the person that controls access to your payroll system manage the authentication process in order to mitigate any extra steps to collect census data.

 

Why do I need to authenticate using an admin account?

Finch may require specific permissions to access the scope of data being requested from the platform. In order to consent to sharing certain types of data, admin privileges are required.

 

Why do I need to share my payroll credentials in Finch Connect and how will they be used?

Please see our article for plan sponsor, Does Finch have access to my credentials?

 

Will [TPA/Record Keeeper company name] or Finch be able to make any changes in our payroll system?

No. Not without your explicit permission. 

 

Will I need to authenticate multiple times?

For many providers, authentication is a one-time process. Even for annual audits, Finch will not disconnect the token but instead prevent new data pulls after 30 days. This is possible through the setup of a third-party admin during authentication which is available for many, but not every provider. If third-party admins are not supported by the payroll system sponsors may need to re-authenticate occasionally.

 

What are the benefits of using a Finch integration?

Streamline your upcoming audits!

  • Convenience -- Just authorize data once. Remove operational overhead associated with pulling and reformatting reports. We’ll handle the census collection for you, and can optionally take on data mapping as well. This will save several hours of your time identifying and exporting the right data out of your system.
  • Speed -- We will dramatically reduce turnaround time for an audit so you can focus on running your business
  • Accuracy -- Having data straight from the payroll system will reduce costly errors that inevitably arise from manual data review

Payroll Setup Questions

Does the payroll company need to set up a special file for Finch? If so, are there options for bonuses, commissions, etc.?

There is no action required from the payroll companies to set up a special file feed for Finch. When Finch returns the data, they’ll gather all pay types exactly as they appear on a paystub, and return them in our standardized format. The only time a payroll company may be involved directly in client onboarding is if the employer uses a payroll system that requires help from a support representative to set up a third-party administrator or to request an API key.

 

What Payroll Providers are supported?

Through Finch, we currently support approximately 50 payroll providers for Retirement use cases (TPA & Recordkeeping). This includes 95% of the top 20 providers by marketshare: ADP Run, ADP Workforce Now, Gusto, Intuit Quickbooks, iSolved, Insperity, Justworks, Paychex, PrismHR, Paychex, Paycom, Paylocity, Paycor, UKG, Square, Trinet, Zenefits, and more

 

Data Privacy & Security

How does Finch store data?

Finch utilizes best-in-class encryption protocols and compliance standards to keep your data safe. The Finch infrastructure enforces the use of TLS 1.2 to encrypt data in transit, and AES 256-bit encryption for data at rest. Data is backed up across our data stores each day, and all backups are also encrypted. Finch may also employ strict data retention policies and data is erased from the system when a connection is deactivated. Finch is SOC 2 and CCPA compliant and seeks to protect personal data from unauthorized access, use and disclosure with physical, technical, organizational and administrative security measures based on the type of data and how it is being processed. SOC 2 is an independent audit report which details information and assurance regarding Finch’s controls.

 

Does Finch sell data?

Finch does not sell identifiable or anonymized employer or employee data.

 

What data will Finch have access to?

Finch prompts plan sponsors to review and consent to share specific types of data requested for the connection. Finch also discloses data privacy practices before any connection is established, so you know how your data is transferred and stored. Finch Connect includes the privacy practices and review and consent as part of the sponsor authentication process.

 

Why do TPAs, Record Keeper, and other businesses use Finch?

Without Finch, TPAs must ask plan sponsors to use manual data uploads to update company and employee data in their system. With Finch, TPAs can offer a better user experience by reducing manual tasks for plan sponsors and the TPA team members. By creating a connection directly to the payroll provider, data is available sooner, data entry errors are reduced, and both teams save time by eliminated manual processes.