Community and regional financial institutions can offer
accountholders a seamless, near-instant digital direct deposit
setup experience with Pinwheel.
NEW
YORK, Jan. 18, 2024 /PRNewswire/
-- Pinwheel, the fintech helping banks win primacy by making
direct deposit switching easy, announced today that its
top-performing direct deposit switching (DDS) solution is now
accessible through the Jack Henry™ digital banking platform.
Pinwheel Collaborates with Jack Henry
Pinwheel leveraged the Banno Digital Toolkit™, the same set of
APIs the Banno Digital Platform™ is built on, to embed its
technology into the digital experiences offered by community and
regional financial institutions. Access to Jack Henry's API, design, and authenticated
frameworks has enabled Pinwheel to integrate directly into the
digital banking platform, providing a seamless banking experience.
This integration contributes to Jack
Henry's growing ecosystem of over 950 fintechs, providing
approximately 7,500 financial institutions with relevant financial
products and services for their account holders.
Pinwheel's next-generation DDS product is powered by our payroll
partner network and is unlike other industry offerings for several
reasons, but a few key differentiators paramount to its partnership
with Jack Henry start with
Pinwheel's market-leading coverage. Pinwheel's DDS is the only
product available that covers 100% of the US workforce, enabling
any US worker to move their direct deposit within seconds,
regardless of whether they're a full-time employee, a gig worker,
receiving unemployment benefits or SSI payments or some combination
of these options.
Additionally, Pinwheel is pioneering the creation of a payroll
partner network, including providers such as OneSource Virtual
(OSV), to bring an innovative next-generation Direct Deposit
Switching product to market that instantly identifies and
authenticates U.S. workers' payroll records within the bank account
application workflow. This frictionless process eliminates the need
for consumers to know and enter credentials (a barrier that is
responsible for 50% of the drop-off points along the customer
journey). Pinwheel customers, such as American Express, Cash App,
and Citizens, optimize their conversion, increase customer lifetime
value, and enjoy deposit growth. With this collaboration, existing
Banno customers can install and activate Pinwheel's DDS solution to
their digital suite within hours and begin unlocking these
benefits.
"Accessibility is a core value to Pinwheel, and one we carefully
considered when embarking on our collaboration with Jack Henry," said Brian Karimi-Pashaki,
Partnerships Lead of Pinwheel. "This collaboration with
Jack Henry allows our full-coverage
direct deposit solution to reach a broader population of community
and regional financial institutions, in turn, giving their
consumers greater agency and freedom to move their money to a
financial institution of their choice in mere seconds. Partnerships
with leading companies such as Jack
Henry allow us to continue working towards a fairer and more
innovative financial future."
Pinwheel is powering the next generation of finance and
prioritizes partnerships that foster innovative customer
experiences. "As financial institutions of every size intensify
their focus on digital banking to enhance customer service, our
collaboration with Banno empowers them to provide a smooth,
integrated direct deposit experience to their customers," added
Michael Cowart, Business Development
& Partnerships of Pinwheel.
About Jack Henry &
Associates, Inc.
Jack Henry™
(Nasdaq: JKHY) is a well-rounded
financial technology company that strengthens connections between
financial institutions and the people and businesses they serve. We
are an S&P 500 company that prioritizes openness,
collaboration, and user centricity – offering banks and credit
unions a vibrant ecosystem of internally developed modern
capabilities as well as the ability to integrate with
leading fintechs. For more than 47 years, Jack Henry has provided technology solutions to
enable clients to innovate faster, strategically differentiate, and
successfully compete while serving the evolving needs of
their accountholders. We empower approximately 7,500
clients with people-inspired innovation, personal service, and
insight-driven solutions that help reduce the barriers to financial
health. Additional information is available at
http://www.jackhenry.com
About Pinwheel
Pinwheel helps banks win primacy by
making switching direct deposits easy. Through exclusive and
first-of-its-kind partnerships with payroll providers, Pinwheel can
instantly authenticate consumers without credentials. This new
product provides best-in-class conversion, greater security, better
insights, and a seamless UX for switching direct deposits at the
world's leading financial institutions. Pinwheel's platform has
enterprise-grade security protocols to power connections to over
1,800 platforms (covering up to 100% of US workers paid via direct
deposit) and over 1.5 million employers. From that point of
connectivity, leading fintechs and financial institutions (such as
Block's Cash App, Citizens Bank, Acorns, Credit Karma, and more)
leverage us to power direct deposit switching, earned wage access,
income & employment verification, and build innovative new
products. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue,
First Round Capital, and more.
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SOURCE Pinwheel