Pinwheel Collaborates with Jack Henry to Streamline Access to the Industry's Top Performing Direct Deposit Switching Solution

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Jan 18, 2024, 09:00 ET

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 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.

SOURCE Pinwheel