Payroll and HR software partners
The account type embedded finance forgot.
Embedded payments and embedded banking put deposits and cards inside business software. Retirement never made it — because the account that must be opened, in the employee’s own name, was never available as an API. MyFreeIRA makes it one.
A payroll or HR platform integrates once. Its employer customers switch the benefit on; their eligible employees are invited, verify once with an Investor Passport, and open an IRA in their own name; the platform transmits the authorised deductions with each payroll cycle and receives the state of every contribution back. The employer never endorses a provider or an investment, never holds the money, and never sees an employee’s account.
How the integration works
Enrol the employer
The partner passes the employer’s eligibility rules and payroll capability; no employee data is required to start.
Invite employees
Invitations go out under the partner’s brand or ours; nothing is opened until the employee acts.
Open in the employee’s name
Identity, eligibility and signatures are captured once — an Investor Passport — and the account is the employee’s from the first contribution.
Transmit deductions
Each cycle, the platform sends the authorised deductions; each contribution moves Submitted → Accepted → Posted → Settled → Reconciled, and the partner sees exactly that.
Handle exceptions
A deduction that cannot be applied — a closed account, a limit reached, a returned item — comes back as a named exception, never as silence.
What the partner owns, and what we own
| The partner platform owns | MyFreeIRA owns |
|---|---|
| Employer onboarding inside the product | The accounts, in the employee’s name |
| Payroll deduction and transmission | Custody, investments, statements, tax reporting |
| Employee experience inside the product (optional) | The Investor Passport and identity verification |
| Contribution status display | The ERISA boundary: no employer endorsement, no employer compensation, no employer access to accounts |
What the employer never does
- Choose the provider or the investments for employees
- Receive compensation for the arrangement
- Hold or touch the money after transmission
- See an employee’s account, balance or investments
See footnote 1
Where this stands
The partner integration is described as designed. Partner conversations are open; account opening is not available before the charter, and no payroll platform is named as live until it is. Start the conversation →
Footnotes
- Custody will be provided by Institutional Trust Company through Investor Services. Institutional Trust Company is seeking a South Dakota non-depository trust charter, is not chartered, and is not accepting accounts. Account opening is not available. ↩