Pinwheel announced 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 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.