Digital banking provider Bankjoy has entered a strategic collaboration with Pinwheel in a bid to deliver access to the latter’s solution to banks and credit unions. Through this partnership, Bankjoy and Pinwheel intend to allow the former’s customers to integrate Pinwheel Prime, a digital deposit switching (DDS) solution, into the digital banking experiences for over 70 banks and credit unions across the US.

Bankjoy’s users can leverage Pinwheel Prime’s two-click deposit switch, with them being set to have the ability to transform a multi-step process into a fully integrated digital journey. Bankjoy and Pinwheel’s plans Following Pinwheel’s successful outcomes with applications like Cash App, which included an increase in direct deposits in the liquidity environment, Bankjoy intends to offer similar capabilities to credit unions and community banks. Additionally, the partnership is set to enable institutions to compete by delivering a simplified and efficient deposit switch option.

As part of their alliance, the two companies allow Bankjoy’s customers to implement Pinwheel Prime without putting additional pressure on their engineering teams. Both banks and credit unions leveraging the Bankjoy platform are set to be able to enhance their account opening flow, thus supporting account activation and acquisition ROI. In addition to minimising difficulties, by digitising the direct deposit switching process, financial institutions can leverage real-time insights into their customers’ income, thus improving their relationship and retention. Furthermore, representatives from Bankjoy underlined that the company is committed to enhancing its end-to-end platform and, via collaborations like this one, it works towards equipping its clients to improve and expand their operations in the deposit market.

Also, Pinwheel’s officials stated that the partnership with Bankjoy is set to further facilitate a convenient and efficient direct deposit experience for consumers, while also allowing clients to switch direct deposit settings to a wider set of users. .