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Blend partners with Astra

Tuesday 6 August 2024 11:33 CET | News

Blend has partnered with Astra to enhance the digital onboarding experience for consumers looking to quickly fund their new deposit account. 

 

As per the press release, the most common challenge that consumers face when trying to fund their deposit accounts in one go is the limited options and convenience of funding methods. ACH transfers have long been the standard for account funding, but with the rise of digital payments, banks and credit unions are now offering debit card funding as an easier and more user-friendly option. 


Using debit cards for funding removes the need to input routing and account numbers required by ACH transfers, resulting in a faster and smoother account setup process. This allows consumers to activate and use their new accounts in just one session. 

Blend has partnered with Astra to enhance the digital onboarding experience for consumers looking to quickly and seamlessly fund their new deposit account.

Moreover, consumers with limited funds are more likely to overdraw their accounts with ACH transfers, which can lead to additional fees. Debit cards mitigate this risk by restricting transactions to the available balance. Additionally, debit card transactions generally provide immediate or near-immediate access to funds, whereas ACH transfers can take several days to complete. 

More accounts funded faster for financial institutions 

By integrating Astra’s Card to Account payment solution directly within Blend’s Deposit Account application flow, Blend customers are able to drive digital engagement beyond just the initial application capture, helping to reduce abandonment rates and increase the speed it takes for consumers to complete an application. And for internal support teams, that means less manual outreach and follow-ups to get accounts fully funded, and more time deepening customer relationships. 

Benefits of card funding 

  • Accelerated Onboarding: allow new accounts to be funded sooner by removing friction in the application process; 

  • More Activated Accounts: convert consumer interest into more activated accounts by offering multiple account funding options; 

  • Reduced Abandonment: reduce the likelihood of consumers abandoning the process by driving digital engagement beyond just the application capture; 

  • Smoother Application Experience: consumers report a smoother application experience with user-friendly funding options like debit cards; 

  • Less Manual Intervention: support teams spend less time doing manual outreach and follow-ups to get accounts fully funded when consumers have multiple funding options to choose from. 


Source: Link


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Keywords: partnership, digital onboarding, debit card, financial institutions
Categories: Banking & Fintech
Companies: Astra
Countries: World
This article is part of category

Banking & Fintech

Astra

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