In essence, by leveraging the Banno Digital Toolkit, Pinwheel embedded its technology into the digital experiences provided by community and regional financial institutions. Access to Jack Henry's API and frameworks allowed for seamless integration, contributing to Jack Henry's ecosystem.
Pinwheel's DDS product stands out due to its coverage, covering 100% of the US workforce according to the official press release. This includes full-time employees, gig workers, and individuals receiving unemployment benefits or SSI payments. The next-generation DDS product leverages a payroll partner network, including providers such as OneSource Virtual, to instantly identify and authenticate US workers' payroll records within the bank account application workflow. This process eliminates the need for consumers to enter credentials, improving customer journey efficiency.
Pinwheel's collaboration with Jack Henry enables existing Banno customers to integrate and activate Pinwheel's DDS solution to their digital suite rapidly. In the official press release, representatives from Pinwheel emphasised the importance of accessibility in their collaboration with Jack Henry, allowing their direct deposit solution to reach a wider population of community and regional financial institutions. Officials also talked about Pinwheel's aim to contribute to a fairer and more innovative financial future through strategic partnerships.
Pinwheel's collaboration with Banno aims to help financial institutions of all sizes improve customer service by providing a smooth, integrated direct deposit experience.
Pinwheel helps banks streamline direct deposit switching. The company partners with various payroll providers and is able to authenticate consumers instantly without the need for credentials. Several fintechs and financial institutions leverage Pinwheel's platform for direct deposit switching, earned wage access, income and employment verification, and the development of innovative new products. Pinwheel has received USD 77 million in funding from investors such as GGV, Coatue, and First Round Capital.
In August 2023, Pinwheel partnered with Plaid for direct deposit services in a bid to expand its solutions based on income products and fintech innovation.
The partnership marked Pinwheel as the go-to provider for direct deposit switching (DDS) services within Plaid's Partner Network. Following the move, Pinwheel contributed consumer-permission payroll data to enhance Plaid's Income product. In essence, the collaboration aimed to support a new generation of personalised income and employment tools and services.
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